Davy Research



Ryanair replaces easyJet on our Conviction List

We are replacing easyJet with Ryanair in our Conviction List. EasyJet is up over 30% since inclusion, and we believe that earnings momentum in Ryanair is now superior. The Conviction List...

June 20 2018 | Barry Dixon | Sector Report | 6 pages

Cash machine – how the road to 2021 sets CRH apart

It has been a busy two months at CRH. Recent strategic updates have been well received and the share price has rallied strongly. We see these initiatives as core to CRH’s DNA and a...

June 18 2018 | Robert Gardiner , Barry Dixon | Company Report | 30 pages

Capital Markets Day along expected lines – greater cash focus but no magic bullet

HeidelbergCement's Capital Markets Day (CMD) saw the launch of the group's "Vision 2020" strategy. The plan leans heavily on efficiency, vertical integration and improved cash generation...

June 13 2018 | Robert Gardiner | Company Report | 11 pages

Adding Grafton Group and Smurfit Kappa Group

We are adding Grafton Group and Smurfit Kappa Group (SKG) to the Davy Research Conviction List. Grafton is our top pick in the building distribution sector and continues to benefit...

June 12 2018 | Barry Dixon | Sector Report | 7 pages

Superior cash generation will drive shareholder value

Key to CRH’s announcement today is that it expects to generate unutilised financial capacity of €7bn over the next four years through its ongoing focus on operational efficiency and...

May 31 2018 | Robert Gardiner , Barry Dixon | Company Report | 6 pages

Capital allocation to sustain outperformance

The Grafton investment thesis is increasingly centred on capital allocation. Its recent track record in this regard is strong. It has deployed investment funds strategically and...

May 31 2018 | Michael Mitchell , Flor O'Donoghue | Company Report | 24 pages

Kingspan and Rockwool highlight that insulation is a hot category

Insulation has been and will remain an attractive growth category within the building materials sector. Kingspan and Rockwool offer direct and substantive exposure to this opportunity....

May 30 2018 | Flor O'Donoghue , Michael Mitchell | Company Report | 23 pages

Site visits demonstrate significant progress on ramp-up

Our examination of Cairn Homes’ progress on open sites shows that it is well on the way to achieving at least its current medium-term target of 1,300-1,400 units. Notwithstanding some...

April 17 2018 | Colin Sheridan CFA | Company Report | 17 pages

Ramp-up on course; Glenveagh Living to drive higher profits from 2021

We are adjusting our model to account for the significant land purchases that Glenveagh has made since last October’s IPO. To date, the company has delivered on expectations that...

April 17 2018 | Colin Sheridan CFA , Michael Mitchell | Company Report | 14 pages

Medium-term outlook confirms confidence in the future; upgrading near-term forecasts by 2%

Smurfit Kappa Group’s (SKG) medium-term outlook (MTO) reflects management’s confidence in the long-term growth prospects of this industry and its ability to capitalise on this growth....

February 19 2018 | Barry Dixon | Company Report | 13 pages

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