Davy Morning Equity Briefing
Aug 11, 2026
Genuit Group
Outlook unchanged
Genuit lowered expectations for 2026 in May, and guidance suggesting limited change in adjusted operating profit this year has been reiterated. The group had a challenging first half, characterised by end-markets that remained difficult along with the headache from the onset of input cost inflation. Price increases have been implemented to offset the latter, but the lagged effect is evident in the H1 results. Relative to its long-term average, the stock is not expensive; however, we believe the scope for a re-rating will be limited while operating profits stay range bound.
Dole plc
Resilient Q2 outcome
Dole delivered a resilient Q2 outcome, with adjusted EBITDA of c.$117m c.7% ahead of VA consensus. Fresh Fruit was the principal drag, while strong Diversified Americas & ROW growth provided a key offset. Despite the quarterly beat, management softened the FY26 guidance to “approximately $400m” from “at least $400m” (VA: $404m), reflecting continued uncertainty around fuel, shipping and geopolitics. Beyond this near-term macro volatility, we maintain our view that Dole has become materially de-risked from both an operational and financial perspective, with further evidence of increased investment activity likely to be an important catalyst for a re-rating of the equity.
Bellway plc
Mixed FY26 results; new £50m buyback announced
Bellway reported a mixed set of results, with completions ahead of expectations but adjusted operating profit was at the bottom of the prior guided range due to lower margins. The higher level of volumes was achieved through greater use of bulk deals. We also note the drawdown of the forward order book.
