Davy Morning Equity Briefing
Jul 24, 2026
Howden Joinery
Turning up the heat in the kitchen
Revised forecasts suggest Howdens is poised to return to good earnings growth, especially in 2027 when it will benefit from a full year’s contribution from DIY Kitchens. We believe the stock offers good value at present. The Howdens valuation is reasonable (2027 P/E multiple <14x), while the share price is currently at the lower end of what has been its trading range over the last two years or so.
Robertet
H1-26 trading update
Robertet has delivered a softer-than-expected first half with organic sales growth of 2.8% (Davy: +3.9%), decelerating through the period (Q1: +4.9%; Q2: +0.7%) against demanding prior-year comparatives and a more cautious market backdrop. Reported sales of €444.3m came in 1.9% below our forecast, with organic growth more than offset by currency. Management has reiterated its FY26 objective of approximately 5% organic growth, which requires an acceleration to c.7.2% in H2 to meet its guidance. We sit below this at +3.5% for the full year and leave our forecasts unchanged.
