Oct 7 2026
Recent Research
Givaudan
Investor field trip – focus on Taste & Wellbeing Europe
We attended Givaudan’s recent investor field trip in Naarden, the Netherlands, which showcased Taste & Wellbeing (T&W) Europe, the division’s largest region at 28% of T&W sales. The...
Irish economy
Budget 2027 forecasts remain conservative
Many measures introduced in Budget 2027 will be popular with Irish households, including new tax-efficient savings and investment accounts. However, Budget forecasts remain conservative...
Package holidays
UK holidays: turbulence eases, upside remains
Following a turbulent summer for the UK holiday sector, driven by Middle East disruption, fuel availability concerns and a late booking curve, trading conditions appear to be stabilising....
Vistry Group
CEO Review recap: new blueprint, same leverage concerns
The CEO Review set out a vision for a smaller, simplified Vistry. One that would trade with less leverage and operate with tighter controls. This is a positive first step. However, at the...
CRH
Recent weakness provides attractive entry point
Headwinds from the US residential market and cost pressures are likely to impact CRH’s H2 results; however, the addition of Arcosa means we increase our FY27 adjusted EBITDA...
Cairn Homes
Increased estimates and accelerated returns drive price target to 296c
We upgrade our Cairn Homes EPS forecasts by 0.8% in FY26 and by c.2% in the FY26-28 period on the back of upgraded guidance and accelerated shareholder returns. These changes,...
Irish banks
Banks monthly – rate expectations
Money markets are pricing in four additional European Central Bank (ECB) rates rises over the next 12 months, with high levels of volatility since the Iranian/Middle Eastern conflict...
SSP Group plc
TFS: potential to compound TSR
Our existing forecasts indicate free cash flow of c.£110m in FY27 and c.£130m in FY28. This cashflow and manageable leverage support further shareholder returns. Indian free float...
Airlines - low-cost carriers
Working through fuel
The ultra-low-cost carriers (ULCCs) will report Q2 (peak summer) results in November. Ryanair will report Q2 profits near all-time highs as current year hedges largely protect margin;...
Associated British Foods
Model update and home delivery analysis
We are lowering our FY26 and FY27 adjusted operating profit forecasts by c.1.8% and c.6.6% respectively, reflecting further weakness in Sugar. While we believe much of this is reflected...
