Jul 11 2025
Recent Research
Irish economy
Forecasts update: fundamentals continue to drive strong growth
Close to our forecast, the real Irish economy grew strongly by nearly 5% in 2024. Driven by very favourable fundamentals, especially in terms of employment growth, we see scope for...
Package holidays
Unpacking the holidays market
The UK package holiday market is expected to grow at a 14% CAGR from 2025-2029. We explore the key industry trends and dynamics in this report.
Ibstock plc
Setback dampens investment case
The prospect of Ibstock recording a pick-up in earnings this year has been dashed. While volumes continue to recover, the combination of higher-than-expected costs and weaker selling...
IRES REIT
Returns profile has materially improved
The changes announced to rent regulations fell short of the best case, leading to some consolidation in IRES’ stock. However, the ability to capture reversion will boost rent growth and...
Flutter Entertainment plc
‘Snai nergies’ – assessing the potential
The US has rightly been the new shiny toy for online gambling operators. However, Italy, Europe’s biggest regulated gambling market, has been delivering strong growth. Having acquired an...
Greencore Group
Bakkavor acquisition: a detailed study
We view the Greencore-Bakkavor acquisition as a compelling value creation opportunity. It establishes a c.£4bn revenue leader in chilled convenience foods by combining complementary...
Hill & Smith
Nothing to fear but fear itself
Hill & Smith has an excellent track record of growing EPS through periods of macro weakness. Another such period may be approaching. However, history has shown that investor concerns...
Breedon Group
Attractive fundamentals but lacking catalysts
Breedon has a clear strategy, credible management team, proven resilience and positive organic growth prospects in 2025/26. It has also performed well as a stock, up 50% over the past...
Ryanair Holdings
All set for the summer; new €750m share buyback
Ryanair’s FY25 is at the very top end of previous guidance; FY26 guidance, while measured, implies strong demand with an ever-strengthening balance sheet. A new €750m follow-on...
FBD Holdings
Strong execution
FBD continues to execute its strategy strongly. This is evident via ongoing increases in gross written premium (GWP) across its business lines and cash returns via ordinary and special...
