Nov 5 2025
Recent Research
TRIG plc, NAV increases modestly in Q3
Nov 4 2025
AIB Group, Q3 results: NII stabilised
Nov 4 2025
Bellway plc
Top pick in a sector that should outperform in 2026
Bellway has become laser-focused on asset turn and returns as the stuttering recovery in the UK new homes market continues. We now see the potential for the recovery to...
Ryanair Holdings
Record Q2, good outlook
Ryanair (RYA) produced a record Q2, ahead of Davy and sell-side estimates. We view the outlook statement as positive – RYA now expects to recover “all” of last year’s 7% full-year...
SigmaRoc plc
Updating forecasts
We have updated our SigmaRoc (SRC) forecasts and price target following its recent trading update. While the stock has performed strongly year-to-date (+63%), we see further upside...
Danone
Q3 update – strong volume growth continues
Q3 like-for-like (LFL) growth came in above consensus at +4.8% (VA: +4.3%), driven by further growth in volume/mix across all categories (+3.2%), with strong momentum into the final...
Kenmare
New forecasts with more conservative assumptions
We have published new forecasts on Kenmare. Due to macro trends, we assume lower price forecasts in 2026 onwards than indicated following the Q3 production report. Our price...
Irish banks
Banks monthly: looking ahead to Q3
The key themes in Q3 are unlikely to dramatically differ to those of H1 2025 and, in some areas (particularly on distributions), clarity is unlikely to be forthcoming. Nonetheless, we...
Bank of Ireland
Drawing a line under UK motor finance
The estimated provision increase for Bank of Ireland (BIRG) is larger than anticipated but remains manageable on capital. Based on our forecasts, the incremental provision (over and...
Greencoat UK Wind
Model update
H1 2025 presented a challenging operating environment for Greencoat UK Wind (UKW) with generation 14% below budget, and this is reflected in our updated 2025-2027 forecasts. Despite...
Irish economy
Why Budget 2026 will not overheat the Irish economy
In this report, we welcome the emphasis in Budget 2026 on infrastructure and housing given significant and well-documented shortfalls in these areas. We also find limited evidence that...
permanent tsb Group
Transformation of returns
PTSB’s investment case has been transformed in recent years, with deleveraging non-performing exposures (NPEs) and acquiring significant assets from Ulster Bank the key highlights....
