Davy Morning Equity Briefing
Nov 02, 2026
Ibstock plc
Weak Q3 prompts material reduction in full year expectations
Ibstock is having to deal with multiple negative variables that are weighing heavily on the group’s performance: soft demand from a weak UK housing market, notably the new build sector; elevated energy costs (albeit hedging measures are helping); and an intrinsically high fixed cost base. Q3 sales were significantly below expectations and this has prompted a big reduction in full year adjusted EBITDA guidance. The revised guidance points to a likely 20%+ cut to full year adjusted EBITDA expectations, with the second-half result likely to be almost 50% lower than H2 2026.
Ryanair Holdings
Short-term pain, long-term gain
We see Ryanair continuing to prosper over the medium term with the lowest cost base and best balance sheet in the industry (another €800m buyback announced from next February). If anything, the current dislocation in the market could make medium-term targets more achievable. However, there is no doubt that at current jet forward prices margins will contract in FY28. We further lower our estimates on fuel despite some yield offset to NPAT of ~€1.75bn in FY27 (~€1bn FY28).
