Apr 1 2026
Recent Research
Buzzi Spa, Solid FY25 results
Mar 31 2026
Glenveagh Properties
Accelerating cash returns; increasing price target to €2.49
In this report, we illustrate the significant medium-term cashflow potential for Glenveagh Properties. Over €400m in free cashflow (FCF) is likely to be generated in the next three...
AG Barr
Strong set-up for FY27 underpins healthy medium-term guidance
AG Barr has entered FY27 with good momentum and expects to deliver double-digit % revenue growth, supported by its recently announced acquisitions. Over the medium term, AG Barr...
Flutter Entertainment plc
Forecast update
We update our Flutter forecasts to reflect FY26 guidance. At a high level, we now expect a strong and resilient International business with the key potential regulatory shocks factored...
dsm-firmenich
Key takeaways from Investor Day
With its portfolio transformation complete, the emphasis shifts to growth execution. A roadmap to 2028 was presented with revenue and margin targets unchanged. The mid-point of 2028...
Ingredients
Q1 model updates – slow start to 2026 expected in an uncertain environment
Ahead of Q1 results, we update our Givaudan, Symrise and Kerry Group models. Top-line forecast changes reflect a subdued consumer environment, with the conflict in the Middle East...
Airlines
The Sun Also Rises: where to go from here in aviation
In our January 14th report, “The Sun Also Rises”, we argued that the aviation industry may have lost nearly half a decade of growth (almost a ‘lost generation’) during the pandemic,...
Smurfit Westrock
Focus on material margin expansion
Smurfit Westrock set out an ambitious, and we argue credible, set of 2030 targets at its FY 2025 results. At the heart of the plan is to bring the adjusted EBITDA margin in its North...
FBD Holdings
Persistent attractive returns
FBD continues to execute its strategy, with growth in customers and gross written premium (GWP), while simultaneously managing risk. In the past five years, €7.75 of dividends have been...
Diploma plc
Upgrading forecasts
Following the positive trading statement issued yesterday (March 18th), we are upgrading our Diploma forecasts. We increase the expected rate of organic revenue growth and our margin...
Cairn Homes
Increasing price target to 271c
Operating profit forecasts are c.5% higher across the investment horizon in our new estimates this morning. This increase, combined with a higher level of returns, has driven a 12%...
