Sep 30 2026
Recent Research
Irish banks, Banks monthly – rate expectations
Sep 30 2026
SSP Group plc, TFS: potential to compound TSR
Sep 28 2026
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...
Persimmon plc
Heading north: upgrading to ‘Outperform’
Persimmon will continue to achieve higher underlying house price growth than its peers, largely due to its geographic tilt away from London and towards the North of England and the...
Genus plc
Coded for growth: initiating on Genus
We are initiating coverage of Genus plc, a global animal-genetics group with leading positions across porcine and bovine genetics. The investment case is underpinned by proprietary...
Irish economy
A strong Q3 on the cards based on July and August tax receipts
August’s exchequer returns show that the Irish economy remains in a good place in Q3. Despite some volatility in tax receipts last month, all signs point to a robust performance for...
Givaudan
Summer Investor Conference – key highlights
The centrepiece of Givaudan’s Summer Investor Conference was CEO Christian Stammkoetter’s report card on his first six months in office – the original framework for the group’s 2030...
