Davy Research



Operating profit 11% ahead of forecasts

In the wake of significant revenue growth in the last couple of years, Mincon is now seeing significant margin expansion. Underlying operating profit margin is up by more than 200bps...

August 13 2018 | Colin Sheridan CFA | Company Report | 5 pages

Upgrading 2019 forecasts by 6% on pricing and M&A; price target increased to 2500p

The latest upgrade to Mondi Group’s forecasts is unlikely to be the last. The demand environment is solid and positive pricing is driving higher margins. With supply constraints set to...

August 10 2018 | Barry Dixon , Flor O'Donoghue | Company Report | 6 pages

H1 results as flagged with no change to headline full year numbers expected

As expected, there is little by way of meaningful new information in Ibstock’s interim results. Headline forecast changes will be minimal. The group has a short-term headwind with the...

August 9 2018 | Flor O'Donoghue , Michael Mitchell | Company Report | 6 pages

Execution and expansion

Following an IPO that raised C$178m (gross) in June, IPL Plastics Inc. has now begun the next phase of its evolution. The IPO follows impressive operational, strategic and financial...

July 17 2018 | Flor O'Donoghue | Company Report | 64 pages

Europe price gains, US cement tariffs and upgraded estimates

We have upgraded our Buzzi Unicem (BZU) earnings forecasts to reflect improved price momentum in Europe and easing foreign exchange headwinds. We remain ‘Outperform’ (price target:...

July 5 2018 | Robert Gardiner | Company Report | 14 pages

Upgrading estimates for Lagan acquisition

We have upgraded our Breedon Group estimates to reflect the acquisition of the Lagan Group. The deal marks another astute step for the management team following the purchase of...

July 3 2018 | Robert Gardiner | Company Report | 10 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

Upgrading forecasts by 8% for FY 2018; increasing price target to 4200c

The fundamentals of the European packaging sector are in excellent shape. Smurfit Kappa Group (SKG) is the leading player in this market and therefore the most exposed to the...

June 6 2018 | Barry Dixon | Company Report | 10 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

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