Disruptive Technology

January UK housing snapshot: eve of destruction

The UK housing market continues to deteriorate, the damage wrought by September’s mini-budget resulted in a faster contraction, leading to another meaningful fall in approvals in...

Disruptive technology

Monthly Valuation Overview – January 2023

After the exuberance of 2020-2021, which saw valuations entirely decoupled from fundamentals, and the subsequent plunge in share prices across our coverage in 2022 – it is clear that...

Greencoat Renewables

Total returns opportunity emerging, following another year of strategic progress

Greencoat delivered a strong underlying performance in 2022. Its portfolio was further enhanced in the period, as the company took advantage of its strong balance sheet and funding...

Naked Wines plc

Moving numbers

Following Naked Wines’ (WINE) Q323 trading update, we again lower our revenue forecasts and raise our adjusted EBIT expectations for FY23. FY23/24/25 revenue comes down 0.3%, 7% and...

Irish economy

New Irish economic forecasts – GDP to grow 6.9% in 2023

We have revised up our forecast for Irish GDP growth to 6.9% in 2023 and 5% in 2024. First, activity at end-2022 held up better than expected (especially in the multinational sector),...

Disruptive technology

Week 3 – US Bellwether Blast: MSFT’s Q223 earnings

Two things hit us from the Q223 print: 1) the cautious commentary around the demand environment for digital services and 2) Microsoft’s (MSFT) further investment in OpenAI. MSFT’s...

GB Group plc

Numbers downgrades… does the story hold?

As the enterprise software spending environment weakens, we lower our GB Group (GBG) revenue estimates for FY23, FY24 and FY25 by 3%, 6% and 6%, respectively. Hitting the target...

Banks

Proceed to the next level

2022 was a stellar year to be invested in Irish banks. The rate debate has now shifted to peak rates and overtightening, which at face value is not constructive but may create...

Smurfit Kappa Group

Reiterate ‘Outperform’ ahead of February 8th results

European packaging leader Smurfit Kappa Group (SKG) has de-rated on fears regarding box demand and pricing. With easing energy and OCC raw material headwinds, we believe SKG guidance...

Paper & packaging

Subdued box demand but positive sentiment inflection

Despite subdued box demand, we believe de-rated valuations provide appealing 2023 risk/reward as cyclical sectors such as packaging re-rate long before recessions end. With easing cost...