May 6 2026
Recent Research
UK economy, Escaping two lost decades
May 6 2026
Associated British Foods
Model update and demerger analysis
We are lowering our FY26 and FY27 adjusted operating profit forecasts by c.5% and c.11% respectively, primarily reflecting further weakness in Sugar; in aggregate, we have reduced our...
Uniphar
Significant upgrades to forecasts and price target
We upgrade our Uniphar EPS forecasts by 7-8% in 2026 and 2027, driven by strong EBITDA growth and lower-than-expected finance charges. This is our fourth upgrade since the start of...
Kenmare
Model update plus balance sheet and asset base review
We have updated our forecasts to reflect lower price assumptions. Leverage is low in historical terms, and there is scope to further monetise working capital. Reserves and resources...
Irish economy
A stronger labour market early in 2026 as payrolls revised up
February payrolls data were in line with our view that the labour market remained in good shape early in 2026, and from here we think it is likely to remain resilient into the summer...
DraftKings
Forecast update; move to ‘Outperform’
Our new DraftKings forecasts for 2026 and 2027 indicate 12% and 13% revenue growth respectively. DraftKings is sustainably cash generative, and the US market is not yet mature. There...
Greencoat Renewables
Catching a second wind
The listed renewable infrastructure sector is undergoing a reset as market conditions continue to drive a necessary rightsizing of both portfolios and operators. We expect this to...
Irish banks
Positive CBI mortgage amendments and continued deposit and lending strength
The Central Bank of Ireland’s (CBI) amendments to mortgage bridging loan rules are a welcome development. The changes should support liquidity at the margins in the second-hand housing...
Irish banks
Depositing advantages
Deposit growth has been a key earnings lever in recent years, outperforming the euro area. Deposit bases have underpinned balance sheet expansion, supporting interest income and...
Volution
Simply Fan-tastic
Volution’s consistent healthy organic revenue growth, coupled with the stimulus from M&A, continues to translate into earnings upgrades. This sets it apart from its peers, both direct...
