Davy Morning Equity Briefing

Apr 01, 2026

Buzzi Spa

Solid FY25 results

FY25 results are in line with expectations on an EBITDA level but well ahead of forecasts at a net profit level (driven mainly by finance costs). FY26 guidance implies modest downgrades to EBITDA, but the level of uncertainty is high considering the unknown cost trends that could emerge this year.

Berkeley Group

Significant reduction in expectations

Berkeley Group management is now significantly reducing medium-term expectations due, it says, to the current conflict in the Middle East and weakening consumer confidence. The London market remains weak. There will now be a significant reduction in consensus expectations.

Glenveagh Properties

Accelerating cash returns; increasing price target to €2.49

In this report, we illustrate the significant medium-term cashflow potential for Glenveagh Properties. Over €400m in free cashflow (FCF) is likely to be generated in the next three years, and we can envisage close to €450m in shareholder returns (87c/share) in the FY26-28 period. We raise our price target to €2.49, providing almost 30% upside.