Sep 28 2026
Recent Research
SSP Group plc, TFS: potential to compound TSR
Sep 28 2026
Kingspan Group, BMC deal completed
Sep 28 2026
SSP Group plc
TFS: potential to compound TSR
Our existing forecasts indicate free cash flow of c.£110m in FY27 and c.£130m in FY28. This cashflow and manageable leverage support further shareholder returns. Indian free float...
Airlines - low-cost carriers
Working through fuel
The ultra-low-cost carriers (ULCCs) will report Q2 (peak summer) results in November. Ryanair will report Q2 profits near all-time highs as current year hedges largely protect margin;...
Associated British Foods
Model update and home delivery analysis
We are lowering our FY26 and FY27 adjusted operating profit forecasts by c.1.8% and c.6.6% respectively, reflecting further weakness in Sugar. While we believe much of this is reflected...
Persimmon plc
Heading north: upgrading to ‘Outperform’
Persimmon will continue to achieve higher underlying house price growth than its peers, largely due to its geographic tilt away from London and towards the North of England and the...
Genus plc
Coded for growth: initiating on Genus
We are initiating coverage of Genus plc, a global animal-genetics group with leading positions across porcine and bovine genetics. The investment case is underpinned by proprietary...
Irish economy
A strong Q3 on the cards based on July and August tax receipts
August’s exchequer returns show that the Irish economy remains in a good place in Q3. Despite some volatility in tax receipts last month, all signs point to a robust performance for...
Givaudan
Summer Investor Conference – key highlights
The centrepiece of Givaudan’s Summer Investor Conference was CEO Christian Stammkoetter’s report card on his first six months in office – the original framework for the group’s 2030...
Irish economy
Energy drives inflation to 3.4%; core inflation moderates to 3%
Similar to Spain’s result last week, Irish inflation for August was driven higher by energy prices owing to renewed US-Iran conflict. This was somewhat offset by food prices, which were...
Economics weekly
Corporation tax set for an Apple boost in August
We expect that Ireland’s inflation rate for August likely remained at about 3%, although upside risks to this include a faster increase in energy prices. With Apple’s corporation tax due...
Irish banks
Banks monthly – competitive disruption: more noise than threat
We continue to believe that concerns of competitive disruption are overstated. The banking market changed immeasurably when Ulster Bank and KBC, two long-established challengers,...
