Davy Morning Equity Briefing
Mar 10, 2026
Grafton Group
Irish acquisition
Grafton has announced the acquisition of Cygnum, an Irish offsite timber frame manufacturer. The business brings focused exposure to the need for a significant increase in housing in Ireland. No terms have been disclosed, but Cygnum should add around 3.5% or so to Grafton’s operating profit base over a full year.
Genuit Group
2025 result as expected but outlook subdued
Genuit’s results for 2025 look to be largely along expected lines, although adjusted operating profit was slightly better than anticipated. Not surprisingly, the tone of the group’s outlook commentary is somewhat downbeat. As it stands, Genuit is expected to increase its profits this year, but that will be due to the full 12-month impact of the Monodraught and Davidson acquisitions.
FBD Holdings
Consolidation in market from Zurich acquisition of RedClick
The sale of RedClick will modestly consolidate what is a reasonable unconsolidated market in Property and Casualty in Ireland. While the acquisition price undoubtedly includes some estimates on synergies, particularly in operational areas, the valuation appears to be a premium to FBD, which we believe is not merited.
Persimmon plc
Sales rate and market conditions improve
Management noted supportive market conditions and a higher net private sales rate. As a result, it now expects underlying operating profit to be at the upper end of consensus estimates. Persimmon looks poised for further growth in 2026.
Mincon Group
Strong FY25 results announced; FY26 upgrades likely
A FY25 operating profit result of €10.9m is c.9% ahead of our forecast, seeing the company almost double profits year-on-year. The business has started FY26 well and is expecting continued growth in the year ahead. We expect to materially increase our FY26 forecasts following the results.
Kenmare
Update on Implementation Agreement
Kenmare has released a statement noting that the Mozambique Tax Authority has unilaterally attempted to impose terms on its processing and export activities that have not been agreed with Kenmare. Negotiations with the government are ongoing regarding the renewal of its Implementation Agreement.
