Sep 18 2025
Recent Research
Hill & Smith, Model update
Sep 17 2025
Associated British Foods
Model update – moving to ‘Neutral’
We see challenging trading conditions persisting for Associated British Foods (ABF) through 2026. Primark’s like-for-like (LFL) growth is likely to remain subdued, with increasing...
Ingredients
Updating dsm-firmenich model as vitamin prices decline; previewing Givaudan Q3
We have updated our dsm-firmenich (DSFIR) model to reflect the recent decline in vitamin markets, which in part drives a 2-2.5% cut to EBITDA forecasts for FY25 and FY26. We lower our...
Givaudan
2030 strategy unveiled – moving to ‘Outperform’
Givaudan’s 2030 strategy is a continuum of its 2025 roadmap, with a step-up in its revenue ambitions allied with a broadening of its addressable market. The elevation of the Pet...
Kenmare
Updating forecasts and revisiting our NPV
We update our forecasts following previous compliance restrictions. We lower our price forecasts to reflect the impact of modest new industry supply, reduce our shipment forecasts and...
Irish economy
Consumer spending and new homes driving growth this year
Macroeconomic data released this week are consistent with our long-standing view that the Irish economy is growing strongly this year. The most reliable gauge of consumer spending...
Irish Continental Grp
‘Wind in her sails’ – set to reap benefits of investment; raising price target
Irish Continental Group (ICG) has achieved its key ambition of ownership of all vessels in service under the Irish Ferries brand, eliminating the necessity for chartering in passenger...
Diploma plc
Upgrading forecasts and price target but moving to ‘Neutral’
Diploma’s operating performance continues to be excellent with strong top-line growth driving margin expansion. We upgrade our forecasts and now assume 19% EPS growth in FY2025. We...
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...
