Davy Research



Jumping over a high hurdle despite considerable input pressures

Forecast trading profit growth of 2% year-on-year for H1 is well below what Kingspan has achieved in recent times. However, this would still amount to an impressive outcome given a very...

Aug 15 2017 | Michael Mitchell , Flor O'Donoghue | Company Report | 8 pages

Sector Note - Results from Smurfit Kappa Group and Mondi likely to confirm demand and pricing strength

Smurfit Kappa Group and Mondi Group will report Q2/interim results in the first week of August. While profits for both companies are expected to be lower year-on-year (yoy), the...

Jul 26 2017 | Barry Dixon , Colin Sheridan CFA | Sector Report | 10 pages

Building up volume, cash and value; stock could be worth up to €1.82 in our scenarios

While Cairn Homes continues its substantial ramp-up of volumes into a recovering Irish housing market, we reflect on what the company are likely to do with a significant cash position...

Jun 27 2017 | Colin Sheridan CFA | Company Report | 12 pages

Ireland: Merchanting margins and country RONA can approach peak once again

Grafton’s current Irish prospects are frequently measured by (i) the pace of like-for-like (LFL) revenue growth and (ii) profitability compared to previous peak...

Jun 19 2017 | Michael Mitchell , Flor O'Donoghue | Company Report | 22 pages

Cash in as cement prices turn in Europe – upgrade to 'Outperform'

While not quite a fallen star, the halo has certainly slipped at HeidelbergCement (HEI). Two disappointing quarters have seen the stock struggle as doubts persist around synergies and...

Jun 16 2017 | Robert Gardiner | Company Report | 40 pages

Stick with the winner: updated price target of €37.5 gives 20% further upside

We are revising our Kingspan share price target from €32.5 to €37.5. Much has changed since the last significant adjustment to our price target in April 2016. The revision implies upside...

May 17 2017 | Flor O'Donoghue , Michael Mitchell | Company Report | 9 pages

A low key start to the year but significant upside to play for

Breedon Group (Breedon) has released a short trading statement ahead of its AGM today. The update is very much in line, both in terms of Q1 trading and management’s outlook for the...

Apr 25 2017 | Robert Gardiner | Company Report | 2 pages

Initiating coverage: cash generation, acquisition potential and margin expansion all provide cause for optimism

We are initiating on Ardagh Group with an ‘Outperform’ rating and a price target of $23.50, representing upside of 11% from current levels. While the group’s markets are relatively...

Apr 12 2017 | Flor O'Donoghue , Barry Dixon | Company Report | 70 pages

Feedback from Davy real estate site visit

Davy hosted its fourth annual real estate site visit in Ireland on April 5th and 6th. The general tone continues to be upbeat on the outlook for all sectors – residential has the...

Apr 11 2017 | Colin Grant , David Jennings , Colin Sheridan CFA | Sector Report | 6 pages

Boxing clever: forecast revisions reflect recent pricing momentum; further upside likely

The European packaging sector has not experienced such a confluence of positive factors for some time. Improving domestic and export demand, limited new capacity (for now), falling...

Mar 30 2017 | Barry Dixon , Colin Sheridan CFA | Sector Report | 17 pages

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