Davy Morning Equity Briefing

Nov 11, 2025

Forterra plc

Decent update as full year expectations maintained

Forterra has issued a solid trading update as full year guidance has been maintained. Compared to Ibstock, Forterra is having a much better year and there remains a credible medium-term roadmap to significantly higher earnings than current levels. However, a sustained pick-up in momentum continues to appear some time off, and we believe this delay will continue to weigh on the outlook for the equity.

Dole plc

Strong Q3 outcome; FY25 EBITDA guidance raised; $100m buyback authorised

Dole delivered a solid Q3 performance, with like-for-like (LFL) revenue growth up 8.2% and adjusted EBITDA of c.$81m coming in c.2% ahead of consensus. Given its resilient Q3-25 performance and positive momentum into the final quarter, Dole has raised its full year adjusted EBITDA to the upper end of its previously guided range of ‘$380m to $390m’, marking its third consecutive guidance upgrade in FY25. The Board has authorised up to $100m in the aggregate share repurchases. We believe this decision will be viewed favourably by the market, particularly given Dole’s improving balance sheet flexibility. We maintain our ‘Outperform’ rating and share price target of $21.5 (c.64% upside).

Greencoat UK Wind

Update on Renewables Obligation consultation

Greencoat UK Wind’s (UKW) update this morning on the UK government’s Renewables Obligation (RO) consultation was well anticipated by the market, with the estimated net asset value (NAV) impact broadly in line with expectations. In our view, the consultation and recent share price moves across the sector highlight the importance of stable and predictable government policy, which remains a key driver of investor confidence in listed renewables. We believe it will be important for policymakers to recognise this dynamic as part of the consultation process to ensure continued capital investment in the energy transition.

DCC

H1 results: FY guidance reiterated and material strategic progress

DCC has reported H1 results to September 30th that are in line with our expectations. The company has maintained its FY2026 outlook for good operating profit growth on a continuing basis. It made significant strategic progress in H1 and will shortly announce details of its £600m tender offer.