Jun 4 2026
Recent Research
Grafton Group, A new era
Jun 4 2026
Banks, April mortgage approvals: modest growth
May 29 2026
Banks, CCyB remains unchanged
May 28 2026
Glenveagh Properties
Buybacks drive upward momentum in forecasts
As part of our model update, we reflect on the significant work done by Glenveagh Properties to return profits and capital to shareholders through buybacks. The company has reduced...
IRES REIT
Accelerating growth and returns drive further upgrades
We are upgrading our IRES forecasts once again. We see net tangible asset (NTA) value per share growth and EPRA EPS growth accelerating to 8% in 2027 and 2028 with potential upside....
Grafton Group
A new era
A new era for Grafton is underway. Recent acquisitions represent judicious deployment of the group’s considerable financial capacity, and we believe a possible multi-year earnings...
Breedon Group
Solid foundations, awaiting the turn
Breedon continues to execute well, building a more diversified and resilient business that has held up well versus other construction related, UK focused names (EBIT CAGR >17% since...
Package holidays
Integrated airlines versus asset-light platforms
The UK holiday market is facing challenges as second order effects from the outbreak of the Middle East war continue to weigh on the sector. Consumer sentiment has shifted, with...
UK housebuilders
Concrete problems
This was a difficult earnings season for the UK housebuilders, dominated by discussions of increased build cost inflation (BCI), lacklustre net private sales rates and, in some cases, the...
Mondi
Re-initiation: turning the page
After a period of investment for growth and significant shareholder returns, Mondi is now focused on delivery against existing assets and reduction of net debt (net debt to adjusted...
Irish economy
Volatile labour force survey at odds with steady payroll gains
We have noted for some time increased uncertainty surrounding the official labour market data, which have been volatile and difficult to interpret due to base effects. The latest Q1...
Dole plc
Model update – Middle East impacts; shares remain undervalued
We are lowering our FY26 and FY27 adjusted EBITDA forecasts by c.4% and c.2% respectively, reflecting the knock-on impact of the Middle East conflict and the lagged nature of...
Capital Goods
Shifting into ‘Neutral’
We complete our shift to ‘Neutral’ on the sector by lowering our recommendation on IMI to ‘Neutral’ from ‘Outperform’ following a period of strong performance. We highlight a potential...
