Davy Research



Drilling the point home: poised for 2017/2018 rally as mining cycle recovers

Many of the factors driving Mincon’s earnings are now pointing to the upside. Peers are flagging a very strong Q1, with positive trends in consumables. In addition, miners’ capex seems...

Mar 16 2017 | Colin Sheridan CFA | Company Report | 7 pages

Returns focus and cash performance driving upgrades

We have upgraded our CRH forecasts following the group’s strong trading and cash performance in 2016. The operational result was once again characterised by significant operating...

Mar 10 2017 | Robert Gardiner , Barry Dixon , Aidan Murphy | Company Report | 20 pages

Believe in Breedon; upgrade to ‘Outperform’

The unexpected resilience of the UK market through late 2016 drives our Breedon upgrade. We believe this resilience can continue and have adjusted upwards our FY2017 and FY2018...

Mar 6 2017 | Aidan Murphy , Robert Gardiner , Robert Gardiner | Company Report | 14 pages

FY results to seal another positive year, but it is financial discipline and cash flow that set CRH apart

We expect that 2016 results on March 1st will seal another positive year for CRH. The combination of opportunistic deals, synergy delivery and improved operational performance will likely...

Feb 23 2017 | Robert Gardiner , Barry Dixon | Company Report | 4 pages

Upward march continues; time to appreciate the expansion in returns despite the doubling of invested capital

Kingspan is well on the way to becoming what it says itself would be a “truly global business”. What is particularly striking is its success in managing growth. It has dramatically...

Feb 22 2017 | Flor O'Donoghue , Michael Mitchell | Company Report | 9 pages

2016 results to confirm more challenging operating environment

Howden will report 2016 results on February 23rd, providing the latest update on prospects for the broader UK building distribution and DIY sector in 2017. The group currently faces...

Feb 21 2017 | Michael Mitchell , Flor O'Donoghue | Company Report | 4 pages

New information confirms material step-up in building product inflation; prefer manufacturers over distributors

The risks facing the UK building distribution and DIY stocks are increasingly understood. If anything, we think there is a growing belief that the sector has now weathered any...

Feb 16 2017 | Flor O'Donoghue , Michael Mitchell | Sector Report | 18 pages

US strength drives upgrades with optionality elsewhere

We have upgraded our FY2017 and FY2018 forecasts for Buzzi Unicem (BZU) by 5% following the group’s trading update. We continue to expect the stock to outperform and raise our...

Feb 15 2017 | Robert Gardiner , Aidan Murphy | Company Report | 16 pages

Spotlight on Environmental division

Kingspan’s smallest reporting division, Environmental (3% of forecast group 2016 trading profits), is a transformed business. Such is its turnaround that management is now sufficiently...

Jan 23 2017 | Flor O'Donoghue , Michael Mitchell | Company Report | 13 pages

Another upgrade of 2017 forecasts backs up investment case

Recent revenue trends in its core UK business suggest encouraging momentum for Ibstock at the start of 2017. This is consistent with evidence elsewhere pointing to the good health of...

Jan 17 2017 | Flor O'Donoghue , Michael Mitchell | Company Report | 5 pages

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