Jun 27 2024
Recent Research
Holcim, Acquisition of Cand-Landi
Jun 24 2024
Flutter Entertainment plc
Focus on the bigger picture – growth and attractive valuation
The Flutter Entertainment investment case is continuing to improve as FanDuel has inflected from an attractive opportunity to an attractive business. Outside of the US, the UK &...
DCC
Growth in ROCE and strength in the Energy division set to drive outperformance
DCC’s share price broke out of a multi-year downtrend following its interim results in late 2023. This was driven by an improved outlook on return on capital employed (ROCE) and the...
DS Smith
Return to box growth but continued IP bid uncertainty
DS Smith’s £701m FY24 EBITA was in-line with consensus, with a positive FY25E box demand and pricing outlook. However, due to raw material and labour cost inflation, we reduce FY25E...
discoverIE
More to discover
discoverIE (DSCV) is a M&A-led growth compounder with an impressive 12-year track record. Compared with other companies with a compounding model in the industrials sector, such as...
Irish economy
On the cusp of rapid growth
The Irish economy accelerated into 2024 and is on the cusp of rapid growth, helped by lower inflation. Foreign direct investment (FDI), high-skilled job creation and a rising population...
Smurfit Kappa Group
Westrock merger approved for July 8th US listing
Yesterday (June 13th), Smurfit Kappa Group and Westrock shareholders overwhelmingly approved the merger to form Smurfit Westrock, which starts trading on the NYSE on Monday July...
Genuit Group
A lot achieved but a lot more priced in
Genuit deserves credit for improving its trading margin and maintaining profitability despite persistently unhelpful end-markets. The recent re-rating is merited as the benefits of the...
DS Smith
Expect IP bid focus on June 20th
Due to uncertainty surrounding a possible bid for International Paper (IP) from Suzano, DS Smith trades at c.19% discount to IP’s recommended April 2024 offer. We expect the IP bid to...
DSM-Firmenich
Capital Markets Day reassures on integration and ambition
The Capital Markets Day (CMD) reassured on a number of fronts including progress on integration, ingredient toolkit relevancy and a sharper focus on operational execution allied with...
Jet2 plc
Holiday leader
We view Jet2 as Ryanair’s younger sibling in the holiday space – it has a strong balance sheet with a net cash position, a healthy order book out to the start of the next decade at...
