Sep 20 2019
Recent Research
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...
