Davy Research

Transport & logistics

Transport & logistics

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

European logistics: what we learned through Q3

The European logistics names have modestly underperformed both the broader European market and the industrials sector through the last quarter’s trading. Much of this was driven...

Nov 24 2016 | Allan Smylie CFA , Stephen Furlong , Ross Harvey | Sector Report | 19 pages

Getting bigger and better; traffic and ancillary targets raised; new €550m buyback

With its H1 results, Ryanair has announced a further share buyback programme of up to €550m over the four-month period from November 2016 to February 2017 (this results in >€1bn for...

Nov 7 2016 | Stephen Furlong , Ross Harvey | Company Report | 3 pages

Thoughts post Q3 2016 results conference call

The core of the DSV investment thesis rests on the successful integration of UTi coupled with an attractive valuation in 2018 Today’s share price move (-3%) stands in contrast to...

Nov 1 2016 | Stephen Furlong , Allan Smylie CFA , Ross Harvey | Company Report | 1 page

Showing 1 - 10 of 11 stories