Davy Morning Equity Briefing
Apr 27, 2026
Greencoat UK Wind
Solid start supports positive 2026 cash generation outlook
With recent UK policy changes now confirmed and reflected in Greencoat UK Wind’s (UKW) Q1 net asset value (NAV), this morning’s update should help refocus attention on underlying portfolio performance. Net cash generation was solid, up 11% year-on-year, supporting dividend cover of 2.3x. Looking ahead, progress on disposals and balance sheet actions remains the key mediumterm focus.
Economics weekly
April inflation could reach 4%
A busy week ahead sees central bank meetings take centre stage. We think an increase in euro area rates this year is more likely than for the Bank of England, where pay growth has slowed sharply since last year. We also preview April’s flash inflation reading, with an annual increase of 3.6% likely, although upside risk to this could see inflation up towards 4%. We have long expected a strong increase in new dwelling completions in Q1, although downside risks include bad February weather conditions.
Irish economy
Exchequer assets €25bn above official forecasts since 2018
As a key driver of likely debt issuance in future, official forecasts of the exchequer balance are an important signal for bond markets. In tandem with outperformance over the last decade, we find that in-year forecasts of exchequer-held financial assets have been €25bn too low since 2018. We assess the key drivers for this and trends in wider government-held financial assets.
