Davy Research

Transport & logistics

Transport & logistics

Ryanair replaces easyJet on our Conviction List

We are replacing easyJet with Ryanair in our Conviction List. EasyJet is up over 30% since inclusion, and we believe that earnings momentum in Ryanair is now superior. The Conviction List...

June 20 2018 | Barry Dixon | Sector Report | 6 pages

Taking stock mid-year

In the European airline space, we reiterate our preference for the low-cost carrier (LCC) names entering peak summer, adding Ryanair to our Conviction List and upgrading Wizz to...

June 20 2018 | Allan Smylie CFA , Stephen Furlong , Ross Harvey , Andrew Young CFA | Sector Report | 41 pages

Adding Grafton Group and Smurfit Kappa Group

We are adding Grafton Group and Smurfit Kappa Group (SKG) to the Davy Research Conviction List. Grafton is our top pick in the building distribution sector and continues to benefit...

June 12 2018 | Barry Dixon | Sector Report | 7 pages

Norwegian under the IAG umbrella is an exciting prospect

We are excited about the prospects of marrying IAG’s operational expertise and balance sheet/organisational capacity with Norwegian’s ambitious long haul, low-cost vision — although a...

April 12 2018 | Stephen Furlong , Ross Harvey , Allan Smylie CFA , Andrew Young CFA | Sector Report | 7 pages

Capacity creep in 2018

Despite a rising oil price, we now expect increased capacity growth on all routes in 2018 compared to broadly flat expectations in January. Specifically, we expect short-haul growth of...

March 29 2018 | Stephen Furlong , Ross Harvey | Sector Report | 8 pages

Boats, Boats, Boats

Irish Continental Group (ICG) remains one of the best managed transport companies in Europe with an enviable track record of best-in-class operating efficiency and excellent capital...

February 19 2018 | Stephen Furlong , Eoghan Reid , David McNamara | Company Report | 31 pages

Lowest cost producer + best balance sheet = business as usual

Ryanair has announced a new €750m share buyback, bringing total funds returned to shareholders since 2008 to over €6bn – testament to the cash generative nature of the model. The...

February 5 2018 | Stephen Furlong , Ross Harvey | Company Report | 6 pages

Super-connectors: analysing the growth and impact on the Middle Eastern carriers

The four super-connectors have constrained the European network’s opportunity to partake in key Asian and African growth markets. With growth of the former unexpectedly slowing to...

January 26 2018 | Stephen Furlong , Ross Harvey , Allan Smylie CFA , Eoghan Reid | Sector Report | 52 pages

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