Davy Morning Equity Briefing
Nov 10, 2026
Travis Perkins plc
Disposal of Toolstation Benelux
The disposal of the struggling Toolstation Benelux business has been expected for some time and, to that extent, will provide some relief, particularly removing its loss from continuing operations. A required £35m capital injection into the business prior to disposal will weigh on net debt forecasts for the year, but Travis Perkins (TPK) should remain within its 1.5-2.0x leverage target range.
Dole plc
Q3 update – full year guidance lowered
Dole reported Q3 adjusted EBITDA of c.$84m (VA: $94m, c.11% miss). Growth was driven by Americas & ROW and partly offset by adverse weather and elevated shipping costs in Fresh Fruit. Management now anticipates FY26 adjusted EBITDA of $380-390m (previously c.$400m; c.3% midpoint miss to consensus), reflecting the weaker Q3 outcome and continued cost pressures into Q4. At first look, we expect mid-single-digit percentage reductions to our FY26 forecasts.
