Davy Morning Equity Briefing
Mar 24, 2026
Bellway plc
FY 2026 on track with risks on the horizon
Operating profit estimates for FY26 are likely to be largely unchanged for Bellway, although with a higher number of completions and a lower margin. The Middle East conflict has increased risk around FY27 numbers and beyond, and the scale and duration of the conflict will be a primary driver of numbers over the coming months.
Irish economy
Jobs growth of about 2.5% in December and January
We continue to look through November’s surprisingly weak payrolls result and note that December and January payrolls, with typical revisions factored in, grew by about 2.5% in annual terms. With employee levels approaching 2.6m in early 2026, we continue to see evidence that the Irish economy began this year in a strong position. Furthermore, having successfully weathered numerous major external shocks in recent years, we do not expect imminent changes to Ireland’s strong economic outlook based on the Middle East conflict.
