Jun 10 2026
Recent Research
Breedon Group, Third acquisition in the US
Jun 9 2026
Cranswick plc
Model update: significant poultry potential
We upgrade our Cranswick FY28 and FY29 adjusted operating profit forecasts by c.5%, reflecting higher Poultry forecasts and stronger medium-term profit conversion. While individual...
European Building Materials
Growth still forecast for European construction in 2026 but at a slower pace
Euroconstruct is now forecasting that construction volumes in its 19-country network will rise 2% this year, down from the 2.4% growth that had been anticipated. We believe the...
Greencore Group
Model update – thesis remains intact; share decline fundamentally unjustified
We broadly maintain our underlying UK adjusted operating profit assumptions for Greencore across our forecast period while increasing our free cash flow (FCF) forecasts in FY27 and...
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...
