Irish banks

Minister for Finance investor briefing

The key take-aways from our investor briefing with the Minister for Finance are that while the economy is facing uncertainties from Brexit it is doing so from a position of strength....

Airlines

Who Dares Wins

It may not feel like it, but the structural underpinnings of the European airline sector continue to improve. Those that deliver, i.e. the five leading airlines, now control over 60% of...

Paper & packaging

Pricing discipline and steady volumes key take-outs from conference

The management of Smurfit Kappa Group (SKG) and DS Smith presented at our annual Industrial Conference in New York this week. From a sector perspective, there were two significant...

UK banks

PPI removes the shine from averting October ‘no-deal’ Brexit

The prospect of a ‘no-deal’ Brexit in October is on the verge of being averted – good news for UK banks, but the end of payment protection insurance (PPI) has come with a...

European building materials

Cement roadshow notes – CRH, Cemex, HeidelbergCement and LafargeHolcim

Davy hosted its Annual Industrials Conference in New York on Thursday September 5th. Companies attending included CRH, Cemex, HeidelbergCement and LafargeHolcim. Updates were generally...

Irish economy

Exchequer returns reassure but Brexit is key for Budget 2020

August’s extra returns suggest that there might be a little more leeway in Budget 2020, with tax revenues €120m ahead of target and spending inside expenditure plans. However, the...

Monthly Market Monitor

MSCI AC World index falls 2.2% in August; trade concerns to the fore

The MSCI AC World Index fell 2.2% in August, with the loss reducing the year-to-date (ytd) gain to 12.9%. It was the second monthly loss in 2019 for the index (it fell 6.1% in May), and...

permanent tsb Group

Self-help progress constrained by external headwinds

Commercial progress was again evident in H1 2019 with new lending increasing by 22%. However, this is clouded by external factors – the ongoing requirement to reduce non-performing...

Uniphar

High growth play on speciality Pharma and MedTech

Uniphar is a diversified healthcare services business focused on speciality pharma and medical devices. Structural industry growth, proprietary digital platforms and expansion into new...

Flutter Entertainment

Reflections on a challenging but productive first half

In many ways, Flutter Entertainment’s (Flutter) H1 performance followed an expected pattern. On the one hand, its Australian and US positioning continue to drive value (our estimated...