Davy Morning Equity Briefing

Nov 17, 2025

Genuit Group

Full year adjusted operating profit expectations cut

It had been hoped there would be a renewed momentum to Genuit following its recent acquisitions. However, market conditions continue to obstruct the scope for near-term organic growth. The mid-point of the revised adjusted operating profit guidance for 2025 suggests a circa 3-4% cut to the current consensus estimate. The recent £100m+ of M&A investment will add impetus into next year, but we believe the stock will struggle to re-rate in the absence of underlying operating progress.

Stelrad Group plc

Operational focus helps limit impact of ongoing volume pressure

Stelrad remains on course to record an increase in adjusted operating profit this year. Admittedly, ongoing volume weakness means the magnitude of the advance will be a little more modest than previously envisaged with guidance at the mid-point suggesting a 3% cut to the consensus adjusted operating profit forecast. Nonetheless, Stelrad should still deliver a year-on-year (yoy) increase in H2 adjusted operating profit with further operating margin progress thanks to its relentless operational focus and cost management.

TRIG plc

Proposed combination of TRIG and HICL Infrastructure marks a strategic step forward

TRIG’s proposed combination with HICL Infrastructure plc (HICL) represents a sensible step toward much-needed consolidation across the listed renewables and infrastructure space. A larger, more liquid vehicle with broader mandate flexibility should enhance investor appeal, support improved market ratings and ultimately benefit shareholders of both entities.

DCC

£600m tender offer details

DCC has announced the terms of its proposed £600m tender offer. The company will reduce its share count by up to 12.3% at a premium to the last closing price of up to 6%. The tender offer opens today and closes at 13:00 on December 17th with an EGM to approve it taking place on December 11th.

Economics weekly

Robust Irish payrolls growth in Q3 despite higher jobless rate

A busy week ahead will include belated US payrolls data for September, UK consumer prices and retail sales for October, and Ireland’s residential property prices, goods exports and imports (September) and labour force survey for Q3. For the UK, next week’s Budget continues to dominate headlines, while Ireland’s payrolls data suggest ongoing employment growth in Q3.