Nov 28 2025
Recent Research
Marshalls, CEO steps down
Nov 27 2025
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...
IRES REIT
Upgrades to forecasts highlight the opportunity
As indicated following the Q3 trading statement, we are upgrading our earnings and net tangible asset (NTA) forecasts due to stronger expected organic growth from the proposed...
European Building Materials
Outlook for European construction continues to gradually improve
The outlook for the European construction sector looks to be marginally better than what was envisaged mid-year. The latest Euroconstruct forecasts confirm that activity has...
Greggs plc
Fresh out of the oven: initiating on Greggs
We are initiating coverage of Greggs plc (GRG), a scale and vertically integrated provider of branded ‘on the go’ food and beverage in the UK. Greggs combines owned manufacturing with...
Flutter Entertainment plc
Concerns moving into the rear view mirror
We update forecasts to reflect the Q3 update and refreshed guidance. We also now factor in the investment and return in FanDuel Predicts. We adjust our valuation to reflect the peer...
US economy
Payroll revisions continue to trend negatively
Total non-farm employment in the US went up by 119k in September following a 4k decline (revised down from a 22k increase) in August. This continues a recent pattern of negative...
Irish economy
Examining Ireland’s new €36bn housing plan
Overall, the Government’s long-awaited housing plan includes many laudable aspects and some novel approaches to increasing housing delivery. However, while delivery of 300k new homes by...
Kingspan Group
Continues to advance with purpose
We are increasing our Kingspan forecasts for 2026 by 2% and are therefore anticipating double-digit profit growth next year. This clearly sets the group apart from the wider sector...
Associated British Foods
Model update
We are cutting our adjusted EPS forecasts by c.3% and c.2% for FY26 and FY27 respectively. The recent strategic review, which could result in a separation of Primark from the Food...
CRH
Upgrading forecasts following strong Q3
Our forecasts are moving higher this morning following a strong Q3. At an adjusted EBITDA level, the estimates are 1% and 5% higher for FY25 and FY26 respectively. With short- and...
