Oct 8 2025
Recent Research
CVS Group, FY2025 results
Oct 7 2025
Irish economy
Why Budget 2026 will not overheat the Irish economy
In this report, we welcome the emphasis in Budget 2026 on infrastructure and housing given significant and well-documented shortfalls in these areas. We also find limited evidence that...
permanent tsb Group
Transformation of returns
PTSB’s investment case has been transformed in recent years, with deleveraging non-performing exposures (NPEs) and acquiring significant assets from Ulster Bank the key highlights....
Greencoat Renewables
Taking stock of H1 2025
Greencoat Renewables’ (GRP) equity story combines a resilient, diversified portfolio with a compelling valuation case. As the sector continues to de-rate, risk-adjusted returns have...
Airlines
Contrasting fortunes
The ULCCs (ultra low-cost carriers) under our coverage will report Q2 (peak summer) results next month. Ryanair will report record profits as cashflow and growth power ahead....
CRH
Investor Day establishes CRH as must-own stock
As the market leader in all its regions and sectors, CRH has demonstrated that it is the most consistent compounder of capital, delivering industry-leading growth in profit, cash and...
Glenveagh Properties
Perfectly placed; increasing price target to 221c
In this report we highlight that Glenveagh Properties is one of very few builders in Ireland carving out a dominant market position and capable of delivering a significant number of new...
Entain
‘ENT ering’ a more stable phase?; moving to ‘Outperform’
Market share data and recent upwards revisions to forecasts for Entain and BetMGM indicate that the group has stabilised in a number of its key markets after a long period of...
Cairn Homes
Updating forecasts post interim results; increasing PT to 229c
Operating profits are moving higher at a low- to mid-single-digit percentage rate across the forecast horizon in our new Cairn Homes model. Our price target (PT) has moved up by just...
Associated British Foods
Model update – moving to ‘Neutral’
We see challenging trading conditions persisting for Associated British Foods (ABF) through 2026. Primark’s like-for-like (LFL) growth is likely to remain subdued, with increasing...
Ingredients
Updating dsm-firmenich model as vitamin prices decline; previewing Givaudan Q3
We have updated our dsm-firmenich (DSFIR) model to reflect the recent decline in vitamin markets, which in part drives a 2-2.5% cut to EBITDA forecasts for FY25 and FY26. We lower our...
