Davy Morning Equity Briefing
Feb 26, 2026
Howden Joinery
Reliable as always with new £100m share buyback announced
Howdens’ full year results are typically solid, especially considering the operating backdrop remained challenging. Once again, Howdens’ underlying level of cash generation excelled and this has prompted a further £100m share buyback. Outlook comments suggest there is likely to be little change to 2026 headline estimates at this juncture. For some time, we have believed Howdens’ rating and the general flatlining in profits (which should be temporary) represents a barrier to share price progression. Our instinct is that this should remain the case for a while longer.
Dole plc
Strong finish to FY25
Dole delivered FY25 adjusted EBITDA of c.$395m, coming in above its guidance and beating consensus forecasts. Modest progress was made on balance sheet improvements, with leverage reduced to 1.5x (FY23: 1.6x); management also initiated part of its Board-authorised $100m share buyback programme post year-end. Dole’s initial FY26 guidance calls for adjusted EBITDA to be ‘at least’ $400m (consensus: c.$408m, Davy: $422m). At first look, we envisage limited changes to our forecasts.
Malin Corporation
FY2025 results
Malin has announced its results for FY2025. Its latest estimate of its intrinsic equity value is €9.24/share, reflecting the value of its remaining investments and a significant cash balance. The stock trades on a 18% discount to this level. The company has also announced changes in management.
CVS Group
H1 2026 results
CVS had a trading statement in January, which provided some of its H1 results. Organic top line growth was 2.7% despite weak consumer spending in the UK. The company expects to achieve consensus EBITDA in FY2026. We will look to increase our estimates on interest and tax leading us to lower EPS forecasts.
Greencoat UK Wind
2026 set to build on solid 2025 performance
Greencoat UK Wind’s (UKW) FY25 results presentation shifts the focus from the nowfamiliar 2025 financials and towards the company’s forward strategy for 2026 and beyond. Despite a challenging backdrop through 2025, UKW continues to deliver solid cash generation, and management’s outlook for the coming years ahead appears confident in building on this performance. Valuation metrics are now at their most attractive levels in years, and with a 2026 dividend yielding >11%, we view the current share price as an appealing entry point.
