Jan 15 2026
Recent Research
Greencore Group, Bakkavor acquisition revisited
Jan 15 2026
Diploma plc, Q1 trading statement
Jan 14 2026
Airlines, The Sun Also Rises
Jan 14 2026
Greencore Group
Bakkavor acquisition revisited
With the Bakkavor acquisition set to complete on January 16th, we remain confident that the transaction represents a compelling value creation opportunity. The acquisition materially...
Airlines
The Sun Also Rises
The aviation industry may have lost nearly half a decade of growth (almost a ‘lost generation’) during the pandemic, but we believe earnings are in the middle of an upcycle. We are in a...
Associated British Foods
Model update – further downside
We are cutting our FY26 and FY27 adjusted EPS forecasts by c.11% and c.6% respectively, reflecting weaker expected volume delivery (FY26: -c.2.3%) and ongoing margin pressure at...
Greggs plc
Model update – reduced FY26 forecasts
We are lowering our FY26 adjusted profit before tax (PBT) forecasts by c.6.5%, with the reduction largely driven by softer like-for-like (LFL) growth assumptions through the year, as...
Flutter Entertainment plc
Launches prediction markets and model update
Flutter confirmed yesterday (December 22nd) that it has launched FanDuel Predicts in five initial states, representing the start of a phased national rollout. The release notes that...
Robertet
Scent and Sensibility: initiating on Robertet
We are initiating coverage of Robertet, a mid-sized house in the global fragrance and flavour (F&F) sector with a long-standing focus on natural ingredients and a vertically integrated...
Irish banks
Banks monthly: competition evolution
Following fundamental changes in the retail Irish banking landscape almost five years ago, competition in the market continues to evolve. We assess the market as competitive but...
XPS Group
Multi-year growth opportunities ahead
XPS delivered strong H1 results, extending its track record of double-digit revenue growth. We maintain robust revenue forecasts, while earnings are modestly impacted by higher...
Glanbia
Thoughts on recent Capital Markets Day – positive equity set-up
Glanbia’s recent Capital Markets Day (CMD) conveyed a positive tone. The outlook for its flagship brand, Optimum Nutrition (ON), is encouraging as it is positioned at the intersection of...
UK Building Distribution and Products
Foundations in place but recovery still on hold
It has been a bruising 2025 for our UK-listed building distribution and products coverage list. Another year of earnings disappointment has, not surprisingly, impacted sentiment. Looking...
