Aug 21 2025
Recent Research
CRH
Growth at a very reasonable price; upgrading price target
CRH has a proven strategy – unmatched scale, unique connected portfolio and focus on operational efficiency – and established growth credentials. The model is clearly delivering, and we...
Marshalls
Still to find the cycle low as forecasts cut
We are formally revising forecasts for Marshalls after its recent profit warning and interim results. The circa 20% reduction in adjusted pre-tax profits for this year and next...
Kingspan Group
Model update: relative operational outperformance; valuation discount
Kingspan retains an enduring ability to deliver consistent earnings growth, even during a deep cyclical downturn. Admittedly, the pace of earnings growth this year may lag what has...
FBD Holdings
Post H1 2025 model update
FBD delivered a strong update with H1 2025 demonstrating the strength of the business model with a profitable outcome, strong growth in core markets and a higher dividend than...
Dole plc
Model update – unpeeling the upside
We are upgrading our FY25 and FY26 adjusted EBITDA forecasts by c.2% and c.3% to $400m and $421m respectively. The Fresh Vegetables sale resets Dole’s equity story. Balance sheet...
XPS Group
Consistent growth and further opportunities
XPS Group delivers strong, growing revenues backed by regulatory tailwinds and a recurring client base. Growth is accelerating across risk transfer activity, insurance consulting and...
Kingspan Group
H1 results to reveal further progress
Kingspan is expected to deliver profit growth in H1 despite persistently choppy end-markets. Regardless of near-term gyrations, the group continues to press ahead with its development...
Cranswick plc
Model update – FY26 upgrade
We believe Cranswick’s sustained share and volume growth points to a structural shift in the competitive landscape, with the company’s deepening moat and enhanced level of...
Irish economy
Q2 homebuilding up 35%; NDP provides a roadmap to recovery
New housing data showed a welcome and much-needed boost to output, up 35% on Q2 last year. While a doubling of apartments from a low base helped, house completions were also strong...
Ryanair Holdings
What’s it worth? We increase our price target to €27
As Ryanair points out, like any airline its final FY’26 outcome “remains heavily exposed to adverse external developments, including the risk of tariff wars, macro-economic shocks,...
