Davy Research



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

Growth in balance sheet and additional efficiency measures to drive earnings growth

Bank of Ireland’s (BOI) investor day set out ambitious lending growth targets together with an acceleration of efficiency gains. While capital is somewhat lower as a consequence of...

June 14 2018 | Diarmaid Sheridan , Stephen Lyons | Company Report | 8 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

Solvency rebuild supports growth ambition

FBD’s turnaround story gathered pace markedly in 2017 through a much improved solvency position. Supported by a better underwriting performance, despite the slow pace of claims...

June 1 2018 | Stephen Lyons , Diarmaid Sheridan , Guest | Company Report | 25 pages

Forecast changes following sale of Westend Retail Park

Last Friday (May 25th), Green REIT announced the disposal of Westend Retail Park to DWS for €147.7m. We commented on this on Monday and today publish our new forecasts. As indicated,...

May 31 2018 | Colin Grant | Company Report | 6 pages

Investor day to address transformation and UK franchise

With the publication of its FY 2017 results, Bank of Ireland (BOI) set out its three strategic priorities. We expect further elaboration of these, supported by management’s key financial...

May 25 2018 | Diarmaid Sheridan , Stephen Lyons , Conall MacCoille , Guest | Company Report | 28 pages

Monthly update: mortgage outlook supported by strong growth and greater pricing discipline

Bank of Ireland (BOI) and Allied Irish Banks (AIB) both outperformed the wider European market in the last month, supported by strong Q1 updates; in contrast, PTSB was again a...

May 11 2018 | Conall MacCoille , Diarmaid Sheridan , Stephen Lyons | Sector Report | 23 pages

Keeping it in-House

While the underlying businesses of IFG have the potential to produce attractive earnings, legacy issues continue to cast a shadow over overall performance while the cost of the...

April 6 2018 | Diarmaid Sheridan , Stephen Lyons | Company Report | 10 pages

2018 to be a defining year as sales accelerate the NPL strategy

Like a climber ascending to the top of a mountain only to be met by the sight of yet another peak, PTSB continues to grapple with non-performing loan (NPL) headwinds. 2018 will,...

March 29 2018 | Stephen Lyons , Diarmaid Sheridan | Company Report | 26 pages

On track towards target delivery, supported by strong NPE reduction

AIB’s first set of annual results post its IPO delivered as expected, with a positive surprise on non-performing exposures (NPEs), and demonstrated progress towards its reiterated...

March 12 2018 | Stephen Lyons , Diarmaid Sheridan | Company Report | 17 pages

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