Davy Morning Equity Briefing
May 15, 2026
Grafton Group
Benefiting from its diversified portfolio
Grafton’s trading update highlights the benefits of its geographic operational spread. We have yet to update forecasts to capture recent M&A activity, and this will help offset ongoing weakness in Great Britain. We believe the stock is cheap at current levels, and the upcoming Capital Markets Day should underline the strength of the investment case.
Glenveagh Properties
Strong start to the year; new buyback announced; guidance reiterated
Glenveagh Properties’ trading update highlights: (1) a robust underlying market (Homebuilding order book +46% since March); (2) an ability to absorb higher levels of build cost inflation (reiterated FY26 guidance); (3) company confidence in FY cash flow/financial position (increased share buyback); (4) increased confidence from funders in Glenveagh’s long-term prospects (improved debt facility terms). The business is exceptionally well positioned, and we reiterate our ‘Outperform’ rating.
