Davy Morning Equity Briefing
Jan 22, 2026
Irish banks
Bankinter FY results; Revolut Irish mortgage plans
Bankinter continues to produce consistent growth, led by its mortgage offering. We await further details on its deposit offering, expected during 2026, but believe the impact will be manageable for incumbents – particularly in a market that continues to grow. Elsewhere, Revolut would not be drawn on launch dates for its mortgage product, indicating that this has been pushed further back in 2026.
Forterra plc
Solid 2025 delivery confirmed
In what was a difficult year for the UK construction sector, Forterra’s performance was highly creditable. Adjusted EBITDA rose significantly last year, albeit compared to what was a relatively poor result in 2024. Looking ahead, Forterra’s commentary is consistent with evidence elsewhere that suggests the UK construction market remains muted at present with a subdued near-term outlook.
Ingredients
Results preview by stock: 2026 modelled to be below algorithm growth
Results season for the Ingredients sector commences with Givaudan on January 29th. The story of 2025 was slowing top-line growth as we exited the year, which is likely to inform the early part of 2026. FX headwinds were a significant drag on reported growth. For 2026, we model organic growth of c.3% for all names with improving momentum expected in the second half. The operating environment is uncertain. For FY26, we model EBITDA growth as follows: Symrise +4.5%, Kerry Group +5.3%, Givaudan +2.8%, dsm-firmenich (core) +6.6% and Robertet +2.1%. See “Ingredients chartbook: decadal valuation reversal; model updates”, which also contains our updated Ingredients chartbook, for further detail.
Ingredients
Ingredients chartbook: decadal valuation reversal; model updates
2025 was characterised by slowing top-line growth, which led to a further sector de-rating. For 2026, we model organic growth of c.3% for all names with improving momentum expected in the second half and 2027. Valuations have undergone a decadal reversal, and we see limited valuation risk. While end market demand is tepid, the equity set-up is broadly favourable but requires a stabilisation in earnings momentum and pragmatic outlooks. Our stock preference is Givaudan and Kerry Group. Click here to download our latest Ingredients chartbook.
Harworth Group
Pushes back timeline on £1bn NDV target
Harworth Group no longer believes that it will meet its target of reaching an EPRA net disposal value (NDV) of £1bn by end- 2027. While the timeline has been pushed back, the company continues to see growth but at a slower pace than expected. The 2025 EPRA NDV was flat to marginally up versus H1, missing consensus forecasts.
