Oct 16 2026
Recent Research
Kerry Group
US investor event showcases model strength
Kerry’s recent North America-focused investor event conveyed a clear sense of momentum and ambition. Since our previous visit two years ago, confidence in the relevance of the...
Mincon Group
Increasing price target to 112c on materially higher growth expectations
With Mincon’s recent Q3 results showing exceptionally strong growth on the back of good H1 momentum, we have increased FY26 revenue forecasts by c.13%. Good operating leverage drives...
Givaudan
Investor field trip – focus on Taste & Wellbeing Europe
We attended Givaudan’s recent investor field trip in Naarden, the Netherlands, which showcased Taste & Wellbeing (T&W) Europe, the division’s largest region at 28% of T&W sales. The...
Irish economy
Budget 2027 forecasts remain conservative
Many measures introduced in Budget 2027 will be popular with Irish households, including new tax-efficient savings and investment accounts. However, Budget forecasts remain conservative...
Package holidays
UK holidays: turbulence eases, upside remains
Following a turbulent summer for the UK holiday sector, driven by Middle East disruption, fuel availability concerns and a late booking curve, trading conditions appear to be stabilising....
Vistry Group
CEO Review recap: new blueprint, same leverage concerns
The CEO Review set out a vision for a smaller, simplified Vistry. One that would trade with less leverage and operate with tighter controls. This is a positive first step. However, at the...
CRH
Recent weakness provides attractive entry point
Headwinds from the US residential market and cost pressures are likely to impact CRH’s H2 results; however, the addition of Arcosa means we increase our FY27 adjusted EBITDA...
Cairn Homes
Increased estimates and accelerated returns drive price target to 296c
We upgrade our Cairn Homes EPS forecasts by 0.8% in FY26 and by c.2% in the FY26-28 period on the back of upgraded guidance and accelerated shareholder returns. These changes,...
Irish banks
Banks monthly – rate expectations
Money markets are pricing in four additional European Central Bank (ECB) rates rises over the next 12 months, with high levels of volatility since the Iranian/Middle Eastern conflict...
SSP Group plc
TFS: potential to compound TSR
Our existing forecasts indicate free cash flow of c.£110m in FY27 and c.£130m in FY28. This cashflow and manageable leverage support further shareholder returns. Indian free float...
