Jan 16 2019
Recent Research
Market comment, Brexit, the next steps
Jan 15 2019
Ingredients
A deep dive into the construct of EBIT margins – Symrise, Givaudan and Kerry Group
Margin delivery (2012-2017) at Givaudan and Kerry Group has impressed, +480bps and +230bps respectively. In contrast, Symrise’s EBIT margin has modestly declined – in part related to...
Davy Conviction List
Q4 2018 a period to forget; sticking with our core names; adding Glenveagh Properties and ICG
While the Davy Research Conviction List had a disappointing final quarter in 2018, we believe that all the names on the list still merit inclusion and are significantly oversold. We are...
Construction Year-End
Darkest before the dawn? Key stock picks for 2019
2018 was a year to forget as the European building materials sector returned its weakest performance in seven years. Sentiment towards the sector has rarely been worse. We are more...
Keywords Studios
Cloud gaming to drive further outsourcing opportunities
We upgrade Keywords Studios (KWS) to ‘Outperform’ from ‘Neutral’ with a revised price target of 1400p. We continue to believe in the outsourcing opportunity for KWS within the...
Monthly Market Monitor
No happy ending in 2018; global markets fall 7.4% in December
The MSCI AC World Index fell 7.4% in December, leaving it with a fourth-quarter loss of 12.8% and a 9.5% deficit for the year. Developed markets lost 8.0% during the final month, 13.5% in...
Irish economy
MyHome Property Report, Q4 2018
The latest MyHome report shows a marginal uptick in asking price inflation to 6% in Q4 2018, despite a 0.9% quarterly decline. Meanwhile, we expect that residential transactions will equal...
Year-end Document
Ireland’s call: investment opportunities in 2019
The 21% decline in the Irish equity market in 2018 was at odds with on-going strength in the economy. With economic growth expected to exceed 5% in 2019 (subject to an on-going fudge...
Hostelworld
Returning to growth
Growth has been an elusive feature of Hostelworld’s performance since its IPO, where impressive shareholder returns (€48m over three years) outshone investment in the platform. Its...
Irish banks
Monthly update: a credible reason
Irish politicians are correct to highlight the significant differential in pricing between Irish mortgages and the rest of Europe. Yet their ire is misdirected – focussing on pricing alone...
Providence Resources
Ex Oriente Lucrum – Barryroe gets the deal it deserves
The story of Barryroe, and Providence’s efforts to progress its development, has moved forward significantly. Following several years searching for a partner, the deal announced...
