May 2 2024
Recent Research
Huhtamaki
Price and FX headwinds but continued margin expansion
Huhtamaki reported a 4% fall in Q124 revenues (-2% organic, -2% FX) but delivered 7% adjusted EBIT growth to €98.8m (benefit of lower raw materials and restructuring). In 2024E,...
Associated British Foods
Model upgrades – next phase of equity story
We believe that Associated British Foods (ABF) has reached an inflection point in its equity story, having established a sustainable margin corridor for Primark, which paves the way for...
Oxford Instruments
FX headwinds increase
We have reviewed our forecasts following the recent full-year pre-close update. The key takeaway was that FYMar24 is in line with expectations. However, FX headwinds have increased...
UPM
Q1 beat with positive outlook
The €333m UPM Q124 comparable EBIT was a 27% consensus beat due to higher-than-expected 1) Fibre (pulp) and 2) Energy division profits. Positively, customer de-stocking across UPM...
Stora Enso
Tentative signs of recovery
Stora Enso’s €156m Q124 operational EBIT was a 75% consensus beat, principally due to the Packaging Materials division’s return to profit (flattered by €30m CO2 rebate). Positively,...
Weir Group plc
Q124 update in line
Weir provided a reassuring Q124 update despite tough comps for revenue and order intake. It confidently reiterated full year guidance, and aftermarket (AM) order trends remain in the...
Cairn Homes
Building nicely; increasing price target to 207c
With a record order book providing significant visibility and potential for upside to both margins and returns in the short and medium term, Cairn Homes is very well placed for the rest...
Irish banks
Q1 previews and model updates
The investment thesis on Irish banks remains unchanged – strong capital starting positions and returns above company medium- term targets will support above sector distributions. The...
Kenmare
New forecasts reflect the benefit of factoring
We are publishing new forecasts for Kenmare. The most significant change is that we now assume $100m of factoring of receivables in 2024 prior to drawing down the new $200m credit...
James Fisher and Sons plc
Fishing for self-help
James Fisher comprises global marine engineering businesses that operate across three divisions: Energy, Defence and Marine Transport. Its niche technologies and capabilities enable...
