Davy Morning Equity Briefing
Jul 28, 2026
Irish banks
Q2 mortgage drawdowns and June approvals – strong double-digit growth
Mortgage market momentum remains particularly strong, with drawdowns growing slightly ahead of expectations. First-time buyers remain the key driver of activity, supported by a resilient mover purchase market and a marked recovery in remortgaging/top-up lending. Approvals data point to a healthy pipeline for drawdowns. We remain confident in our drawdown forecast and sustained growth in the mortgage market.
Forterra plc
H1 adjusted EBITDA better than expected as full year expectations are unchanged
Forterra’s H1 adjusted EBITDA fell 10% year-on-year to £27m, although the decline was not as severe as feared (£24-25m). Actions on costs have protected margins and, encouragingly, this has allowed Forterra to indicate that it will deliver a full year result in line with consensus expectations. The stock, like others in the UK building products category, has fallen out of favour with a decline of over 25% year to date. Our sense is that as long as the trading environment remains challenging, with the resultant lack of conviction in earnings estimates, the Forterra share price is likely to remain in the doldrums.
Greencore Group
Concerns addressed; value unrecognised
We are increasing our FY26 adjusted operating profit forecast by c.4% to c.£240m, partly reflecting stronger self-help-driven profit conversion across both underlying businesses. We retain our forecasts for £15m of in-year synergies in FY26 and £103m of run-rate synergies by FY29. In our view, the principal concerns that emerged following the interim results have now been addressed, while recent execution indicates that the group is in an incrementally stronger position. Despite this, the shares continue to trade at a discount to both historical levels and relevant peers, with limited value ascribed to the remaining synergy opportunity. We maintain our 360p price target (c.45% upside).
Malin Corporation
Update on contingent consideration receivable regarding Kymab
Malin has provided an update on its contingent consideration receivable regarding its former investee company, Kymab. Following a decision by Kymab’s owner, Sanofi, Malin will reduce the valuation of its remaining interest in Kymab to nil. This was 8% of Malin’s last reported net asset value (NAV) on February 23rd.
Uniphar
Interim trading statement
Uniphar’s trading statement for H1 2026 reflects strong operating performance. The outlook is positive on all divisions. The timing of going live on Greenogue II has been extended to reduce execution risk in Q4. Overall, we will be upgrading our FY2026 forecasts once again with no change to our other forecasts.
SSP Group plc
Q3 update: unchanged guidance will reassure
SSP Group (SSPG) has issued its Q3 trading update. Overall, trading has been resilient in Q3 with like-for-like (LFL) growth of 4%. Importantly, the company has reiterated its full year guidance on the preface that the operating environment remains stable. Growth was excellent in the UK, while North America slowed a little but LFLs remained positive. As anticipated, in APAC and EEME, LFLs were impacted by the conflict.
