Davy Morning Equity Briefing

Jun 15, 2026

Saint-Gobain Group

Announces sale of Dahl for €1.52bn

We believe Saint-Gobain’s (SGO) decision to sell its Dahl specialist distribution business is consistent with the group’s strategy and continues a theme of active portfolio management. The scale of the transaction (enterprise value of €1.52bn) is meaningful and the disposal multiple of 10.4x EBITDA is a good outcome. The transaction also provides the group even more scope to pursue its growth ambitions and execute its “Lead & Grow” strategy. Developments in this regard are awaited, and we think an investment focus will be on product categories believed to have medium-term structural growth potential.

TRIG plc

Capital recycling progress confirmed

TRIG’s agreement to dispose of its 17.5% stake in the Beatrice offshore wind farm for c.£155m marks tangible progress towards its capital realisation and deleveraging targets. Encouragingly, this represents a sizeable transaction, highlighting liquidity for operational renewables assets. While executed at a modest 4% discount to the December 2025 NAV, we view the pricing as reasonable in the current market backdrop.

Economics weekly

Andy Burnham slightly ahead in Makerfield by-election polls

This week includes interest rate decisions by the Federal Reserve (the first under new Chair Kevin Warsh) and the Bank of England (BoE); no change in rates is expected for either. There are also important data updates in the UK for consumer prices, the labour market, retail sales and public sector borrowing. However, the Makerfield by-election could be the most significant event with Andy Burnham polling slightly ahead of Reform. At home, highlights include a new Irish economy forecast by the Central Bank of Ireland (CBI) and April data on employee payrolls.