Davy Morning Equity Briefing

May 16, 2025

AG Barr

Milton Keynes site visit

AG Barr’s strong operational capabilities and commercial acumen were clearly evident during our recent visit to its Milton Keynes manufacturing facility. The company’s sharp focus on efficiency is underpinned by an advanced operational framework, which supports its proposed multi-year capacity and capability expansion programme. We remain confident in AG Barr’s strategic growth initiatives and ongoing self-help efforts, which are expected to be further articulated at its upcoming Capital Markets Day on June 3rd. We reiterate our ‘Outperform’ rating and 770p price target.

FBD Holdings

Strong execution

FBD continues to execute its strategy strongly. This is evident via ongoing increases in gross written premium (GWP) across its business lines and cash returns via ordinary and special dividends. This has been achieved while maintaining a robust capital position – as evidenced by its current Solvency Capital Ratio (SCR) post January’s adverse weather events. We increase forecasts for 2025 and 2026 and raise our price target to €15.60 (from €14.90), retaining our ‘Outperform’ rating.