Jan 10 2025
Recent Research
Banks, November mortgage approvals
Jan 10 2025
Banks, Deposit rates beginning to fall
Jan 8 2025
Paper & packaging
2025 top picks: Smurfit Westrock and UPM
Our 2025 top picks are Smurfit Westrock (SW) and UPM. US packaging demand growth supports higher box prices and SW merger synergy delivery. With SW trading at a substantial discount...
XPS Group
Finding the X factor
XPS Group (XPS) is the largest independent, listed UK pensions specialist and employs over 1,900 people. It advises pension fund stakeholders via its national team of experienced...
Dalata Hotel Group
Good conclusion to 2024 provides encouragement
Dalata updated on FY24 trading this morning. In what was a more challenging year for market wide RevPAR growth, Dalata expects to deliver aEBITDA in excess of €232m, +4% year-on-year...
Flutter Entertainment plc
Growth underpinned by scale effects
Flutter Entertainment is proving out the competitive advantages of being the scale global B2C operator. In a sector where scale is key, its podium positions in several of the world’s...
De La Rue
H1 EBITA ahead – strong order book growth drives upgrades
De La Rue has delivered a better-than-expected H1 profit. Momentum is building in the Currency order book – which is up 34% in the last two months to £338m, aided by strong polymer...
IRES REIT
Positive developments in the investment case provide an opportunity
Private rented sector (PRS) yields in Ireland look to have stabilised and are at an attractive level in a European context. IRES has absorbed the yield shift as well as a major rotation...
Marshalls
The Marshalls Plan
Marshalls’ Capital Markets Event (CME) outlined the levers that the group can pull to grow sales over the coming years. There was a clear signal that it has shifted away from...
Irish economy
New forecasts: strong economic growth set to continue despite downside risks
We are updating our economic forecasts for 2025 and extending the horizon out to 2026. Available details for this year indicate that growth momentum has picked up, helped by rising...
DS Smith
In-line H1; expect Q1 2025 IP take-over completion
DS Smith’s £221m H1 FY25 EBIT was in-line with Visible Alpha consensus. Subject to European regulatory clearance, we expect the International Paper (IP) take-over of DS Smith to...
Irish economy
Budget stimulus obscured by Apple back-taxes in November
The November exchequer returns are heavily affected by the receipt of back-taxes from Apple. Beneath the surface however, the fiscal stimulus from Budget 2025 is evident. November...
