Davy Morning Equity Briefing
Jan 29, 2026
Greencore Group
Strong start to FY26
In its first trading statement following the acquisition of Bakkavor, Greencore has delivered a solid update that provides confidence in the execution of its integration and synergy ambitions. Underlying trading at Greencore reflects healthy category momentum, with reported growth of 5.4% (Davy like-for-like (LFL) H1-26F: c.4%), while profit conversion has remained ‘robust’. The enlarged business (including Bakkavor) continues to trade in line with the Board's expectations and the group continues to expect to deliver ‘at least £80m’ in annual cost synergies. At first look, we envisage limited changes to our forecasts.
hVIVO
FY2025 trading update reflects improved market backdrop
hVIVO has issued a trading statement for FY2025 reflecting revenue that is in line with our forecast and slightly better-than-expected EBITDA. The outlook is for a resumption in growth in FY2026 and the company looks well positioned for this with integrated service lines, integrated acquisitions and net cash.
Givaudan
FY25: Fragrance growth continues, sluggish finish for Taste & Wellbeing
The key takeaways from Givaudan’s 2025 results include margin softness through the second half of 2025, a weaker-than-expected sales out-turn for Taste & Wellbeing in Q4 and continued strong revenue delivery across the key Fragrance platforms. Group EBITDA was a 1.7% light of consensus. On first look, with 2026 margin expected to be in line with 2025, we would envisage low to mid-single-digit downside to FY26 consensus EBITDA.
easyJet
Wider winter losses
easyJet has reported a Q1 headline loss before tax of £93m (Q1 25 loss: £61m). The result was driven by RASK flat and total CASK +2%. Cask inflation reflects the first winter operating at Milan Linate and Rome Fiumicino (c.£15m losses) and a continued competitive environment in specific markets. easyJet Holidays reported a PBT of £50m (Q1 25: £43m) and customer growth of 20%. For Q2, RASK is expected to be up low-single-digits year-on-year (yoy), reflecting revenue maturity benefits and a modest benefit from early Easter. Unit cost inflation is expected to be weighted towards the first half. We expect H1 consensus PBT to move to c.-£485m due to FY CASK inflation weighted to H1 (consensus: -£441m; Davy: -£429m.). We don’t expect material changes to FY26 estimates; as always, summer (H2) remains key.
Wizz Air Holdings
Near breakeven year as expected
Wizz FY26 guide as expected a range of +€25m to -€25m (Davy €0.4m). Challenges with the GTF remain and aircraft deferred deliveries only kick-in in FY28 – we could see yield pressure in H1 FY27 given ASK growth of 24% (seat growth of 30%). Directional cost reductions will be important. FY27 will be a transitional/challenging year.
Greencoat UK Wind
Revised Q4 NAV and 2026 dividend target confirmed
Yesterday’s (January 28th) Renewable Obligation (RO) consultation outcome should be well received as it clears an important uncertainty for investors. The NAV impact is in line with guidance, and confirmation of a CPIlinked 2026 dividend target helps firm up the investment case.
Greencoat Renewables
Q4 NAV declines modestly; focus now on FY results
Greencoat Renewables’ (GRP) Q4 net asset value (NAV) update confirms a modest decline in NAV, drawing a line under a year shaped by low wind generation. Against this backdrop, the fullyear results on March 5th will be key in outlining the mediumterm strategy and capital allocation priorities. Despite the broader derating across the sector, GRP’s diversified and contracted portfolio continues to provide resilience, and at 0.71x price/NAV with a c.10% dividend yield, the valuation remains attractive.
