May 26 2026
Recent Research
Mondi, Re-initiation: turning the page
May 25 2026
Hill & Smith, AGM statement
May 21 2026
Mondi
Re-initiation: turning the page
After a period of investment for growth and significant shareholder returns, Mondi is now focused on delivery against existing assets and reduction of net debt (net debt to adjusted...
Irish economy
Volatile labour force survey at odds with steady payroll gains
We have noted for some time increased uncertainty surrounding the official labour market data, which have been volatile and difficult to interpret due to base effects. The latest Q1...
Dole plc
Model update – Middle East impacts; shares remain undervalued
We are lowering our FY26 and FY27 adjusted EBITDA forecasts by c.4% and c.2% respectively, reflecting the knock-on impact of the Middle East conflict and the lagged nature of...
Capital Goods
Shifting into ‘Neutral’
We complete our shift to ‘Neutral’ on the sector by lowering our recommendation on IMI to ‘Neutral’ from ‘Outperform’ following a period of strong performance. We highlight a potential...
Food and beverage manufacturers
Private label: structurally growing, cyclically supported
Cranswick and Greencore will release their FY26 and H1-26 results on May 19th and 27th respectively. We believe both companies are particularly well positioned, with the themes outlined in...
Irish banks
Banks monthly: framing Ireland’s mortgage opportunity
Ireland’s mortgage market is set to sustain strong growth, driven by structural demand from first-time buyers (FTBs). This is supportive of Irish bank balance sheets and earnings....
Associated British Foods
Model update and demerger analysis
We are lowering our FY26 and FY27 adjusted operating profit forecasts by c.5% and c.11% respectively, primarily reflecting further weakness in Sugar; in aggregate, we have reduced our...
Uniphar
Significant upgrades to forecasts and price target
We upgrade our Uniphar EPS forecasts by 7-8% in 2026 and 2027, driven by strong EBITDA growth and lower-than-expected finance charges. This is our fourth upgrade since the start of...
Kenmare
Model update plus balance sheet and asset base review
We have updated our forecasts to reflect lower price assumptions. Leverage is low in historical terms, and there is scope to further monetise working capital. Reserves and resources...
