Davy Morning Equity Briefing

Mar 04, 2026

AIB Group

Strong capital generation and distributions

AIB Group (AIBG) continues to deliver, with very strong capital generation from earnings that are above consensus. A better capital position has also enabled total distributions above Davy and the forecast, with the mix of distributions weighted towards dividends over share buybacks. 2026 guidance is modestly higher than company consensus. The investment case remains well supported by ongoing attractive capital generation and distributions, and we retain our ‘Outperform’ rating.

Weir Group plc

FY2025 results in line with forecasts

Weir has reported FY2025 results that are in line with our expectations with adjusted EPS growth of 3% to 123.8p. The outlook is upbeat, and the business is well positioned to participate in the positive long-term outlook for capex on copper and gold mining projects.

Food and beverage manufacturers

Private label growth: a detailed study

Update issued on 03/03/26

Vistry Group

Increased incentives to push down margins in 2026

An increase in the use of incentives by Vistry Group is now guided to push margins lower in 2026. This comes after a year of margin expansion in 2025, a trend consensus had expected to continue.

Cairn Homes

Increases to FY26 and FY27 expectations

While Cairn Homes’ FY25 results are in line with expectations, FY26 forecasts are likely to be increased modestly and FY27 estimates will increase materially. These upgrades will be primarily driven by volume increases, and the company is flagging 35% growth in volume in FY27 compared to FY25. The sizeable order book (€1.32bn) provides confidence in this guidance, and we reiterate our ‘Outperform’ rating on the stock.

Symrise

FY25 results modestly ahead; 2026 guide in line but slow start expected

Strong margin delivery, supported by cost savings, resulted in a 2% EBITDA beat for Symrise in 2025. Cash metrics were healthy. 2026 guidance is along expected lines, reflecting challenging market conditions; the guide includes a low-single-digit organic sales decline for Q1-26, which is more negative than our model and implies a significant acceleration for H2-26.