May 16 2025
Recent Research
AG Barr, Milton Keynes site visit
May 16 2025
IRES REIT, Q1 trading statement
May 15 2025
FBD Holdings
Strong execution
FBD continues to execute its strategy strongly. This is evident via ongoing increases in gross written premium (GWP) across its business lines and cash returns via ordinary and special...
Hostelworld
Growth to reaccelerate with balance sheet optionality
Hostelworld’s Capital Markets Day outlined an ambitious strategy to drive further revenue and updated on capital allocation. Its platform and social strategy are primed to deliver...
IRES REIT
Returns profile set to materially improve
Institutional investors have only been able to achieve low returns since rent caps were introduced in 2016. This has led to low supply and the rental crisis has got worse. We expect a...
Irish banks
Resilient mortgage activity in Q1
The mortgage market continued to demonstrate resilience in Q1 2025 with improvements across both drawdowns and approvals. Although the market is still constrained by supply, strong...
Glenveagh Properties
Site visit highlights significant opportunity
Our recent site visit to Glenveagh’s largest Partnerships site demonstrated a business that is both well positioned in the current market and has significant growth opportunities in...
Givaudan
Consumer Products anchoring Fragrance & Beauty division
We attended Givaudan's recent Spring Investor Conference, which showcased its Consumer Products (CP) fragrance segment. The event reaffirmed our positive view on the growing breadth...
Cranswick plc
Breaking the piggy bank
Cranswick’s proposed step-up in capital investment signals clear intent towards future growth in a market increasingly characterised by underinvestment, further deepening its...
Travis Perkins plc
The long and winding road
Travis Perkins is likely to continue to stimulate considerable debate for the foreseeable future. Take your pick: a vigorous recovery play or further disappointment. The bull case is...
Irish banks
Well placed in an uncertain world
Starting positions are always critical when faced with uncertainty. We find Irish banks to be in strong positions facing into trade war-induced global macro headwinds. Risk metrics on...
