Davy Research

Transport & logistics

Transport & logistics

Entering the third phase; initiating coverage

AerCap is now embarking on the third phase of its corporate development. From its IPO in 2006 through to 2013, it increased its owned fleet by almost 75%. The 2014 ILFC deal was an...

Jun 27 2017 | Ross Harvey , Stephen Furlong | Company Report | 63 pages

Q1 results season confirms better pricing trends into the summer

Continued momentum is the key take-away from Q1 with pricing showing signs of improvement into the summer. Peak calendar Q3 will be key. Ryanair remains the structural winner, but all...

Jun 14 2017 | Stephen Furlong , Ross Harvey , Allan Smylie CFA | Sector Report | 11 pages

Costs continuing to deflate; measured FY 2018 outlook with €600m buyback announced

As has been the case for three consecutive fiscal years, Ryanair has concluded FY 2017 with lower ex-fuel unit costs and an enhanced competitive positioning. Net income of €1.316bn was...

May 30 2017 | Stephen Furlong , Ross Harvey | Company Report | 2 pages

What are we learning through Q1 2017?

Continued momentum is the key take-away from Q1 2017 reporting and into the second quarter. Volume growth across all key logistics markets looks robust and should feed through to...

May 16 2017 | Stephen Furlong , Allan Smylie CFA , Ross Harvey | Sector Report | 22 pages

The future of European parcels

E-commerce is one of the key structural growth drivers in the global logistics industry. It is leading to strong growth in both parcel and express markets. However, it is also...

Mar 16 2017 | Allan Smylie CFA , Stephen Furlong , Ross Harvey | Sector Report | 45 pages

Navigating a course to 2018 and beyond

We are upgrading our price target on Irish Continental Group (ICG) to 600p (20% upside) and reiterate our ‘Outperform’ rating. The backdrop of Brexit and rising fuel prices provides...

Feb 21 2017 | Stephen Furlong , Allan Smylie CFA | Company Report | 7 pages

Thoughts post Q4 2016 conference call

For 2017, we’re likely back to ‘business as usual’ for DSV: market share gains, high operational leverage, excellent cash generation and a resumption of buybacks. We think this is...

Feb 10 2017 | Allan Smylie CFA , Stephen Furlong , Ross Harvey | Company Report | 1 page

Cost outperformance in a weak revenue environment

Ryanair’s business model continues to outperform, notably on costs – with ex-fuel costs down 6% in Q3 and guidance of -4% for the full year (increased from -3%) – further widening...

Feb 6 2017 | Stephen Furlong , Ross Harvey | Company Report | 2 pages

An inflection point for yields

We are now more constructive on industry fundamentals for the first time in four years. Capacity growth trends in short-haul and key long-haul markets are improving. There are also...

Jan 27 2017 | Stephen Furlong , Ross Harvey , Allan Smylie CFA | Sector Report | 73 pages

Line your pockets!

Container liners are like airlines on steroids – there is massive gearing to a yield number that, let’s be honest, is practically impossible to forecast. So why bother looking at A.P. Møller...

Dec 8 2016 | Allan Smylie CFA , Ross Harvey , Stephen Furlong | Company Report | 61 pages

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