Transport & logistics

Meet your Transport & logistics Research team

Airlines - low-cost carriers

LCC summer preview: caution likely to prevail through earnings season

Since the last earnings season news flow has been difficult, with Brexit noise limiting UK consumer demand, rising fuel prices and MAX issues for Boeing operators. We expect that, while...

Airlines

Time to go long short(haul)

We think earnings momentum in the European airlines sector will inflect positively as we exit the winter trading season. Industry consolidation, reduced capacity growth and moderating...

Davy Conviction List

Q4 2018 a period to forget; sticking with our core names; adding Glenveagh Properties and ICG

While the Davy Research Conviction List had a disappointing final quarter in 2018, we believe that all the names on the list still merit inclusion and are significantly oversold. We are...

Year-end Document

Ireland’s call: investment opportunities in 2019

The 21% decline in the Irish equity market in 2018 was at odds with on-going strength in the economy. With economic growth expected to exceed 5% in 2019 (subject to an on-going fudge...

Hostelworld

Returning to growth

Growth has been an elusive feature of Hostelworld’s performance since its IPO, where impressive shareholder returns (€48m over three years) outshone investment in the platform. Its...

Aircraft leasing

A world of opportunity

We have performed an analysis on the health of aircraft leasing and the myriad of drivers behind its financial and growth outlooks. We find that significant delivery financing...

IAG

Premium financials, premium prospects – where is the premium multiple?

IAG is not a typical airline. Its network confers competitive benefits that translate into consistent yield outperformance while simultaneously allowing unit cost reductions. It has an...

Davy Conviction List

Removing Kingfisher and HeidelbergCement on earnings concerns

We are removing HeidelbergCement and Kingfisher from the Davy Research Conviction List. Both names had a disappointing performance in H1 due to challenging end-markets and associated...

Deutsche Post DHL Group

Q2 2018: Early days in PeP recovery

Deutsche Post DHL has delivered a broadly in line set of Q2 2018 results. Key, from our perspective, is that the near-term recovery trajectory in PeP looks achievable this year....

IAG

Q2 in line; guidance for operating profit increase maintained

Q2 operating profit was strong at €835m (€790m last year, consensus €837m, Davy €808m), including passenger unit revenue at constant currency up 2.3% and ex-fuel costs down 2%. ...