Davy Morning Equity Briefing
Nov 11, 2026
Forterra plc
No surprise that full year EBITDA guidance reduced
Forterra has suggested that its adjusted EBITDA for 2026 is now likely to be circa £50m rather than the £55m that is currently expected. We believe this will not come as a major surprise given the well understood weakness in the UK housing market and the extremely negative update recently from Ibstock. Encouragingly, Forterra’s financial leverage remains relatively comfortable, which is important as it is highly likely trading conditions will remain challenging for the next while.
Kingspan Group
Sets out 2030 targets
Kingspan’s growth ambitions out to 2030 capture a business that is targeting double-digit annual profit growth over the remainder of the decade. An indication that the group will have around €6bn of capital to deploy is also eye-catching. Kingspan has consistently reported through-the-cycle profit growth, and there is every reason to think this will continue. In addition, Kingspan has a long-standing record of exceeding expectations, and we suspect there is every reason to believe this will continue with these objectives.
Taylor Wimpey plc
FY26 operating profit to be towards lower end of expectations
Management now expects adjusted operating profit around the bottom end of the range of company compiled consensus (£262-299m). Visible Alpha consensus is currently forecasting £282m (Davy: £268m); £262m would represent a cut of c.7%. Taylor Wimpey cut completion expectations for the year by c.2%, and there was further marginal softening on pricing.
Glenveagh Properties
Current value and potential upsides provide compelling entry point
We are increasing our Glenveagh Properties EPS forecasts by 3.5%, driven primarily by a lower share count. This has increased our price target to €2.84, representing 16% upside to current levels. In addition, we highlight four key areas where we believe there is further upside to our expectations.
Symrise
CFO transition and Taste, Nutrition & Health continuity
Symrise has announced that Martin Huber will succeed Olaf Klinger as Chief Financial Officer (CFO) from April 1st 2027, with Klinger stepping down following more than 11 years in the role. Huber joins Symrise at an important juncture, with the group stepping up execution of its transformation programme. Separately, Walter Ribeiro’s mandate as President Taste, Nutrition & Health has been extended by four years to September 2031.
Irish economy
Catch-up prospects for Ireland’s infrastructure shortfall
As we expected, there was little change to Ireland’s underlying per-capita infrastructure shortfall last year, which we estimate remained at about 27% compared to high-income European countries. However, we note some early evidence of progress. Budget 2027 forecasts Ireland’s modified investment ratio to reach the upper end of the range for peer countries by 2030. The public capital spending ratio is also set to reach about 7% of national income by 2028, which is likely to exceed peer countries. However, a risk we have often noted before is that the Irish economy grows faster than official forecasts envisage, raising the bar for investment necessary to help close the infrastructure gap.
