Nov 14 2025
Recent Research
Persimmon plc, FY25 expectations confirmed
Nov 13 2025
Irish economy
Examining Ireland’s new €36bn housing plan
Overall, the Government’s long-awaited housing plan includes many laudable aspects and some novel approaches to increasing housing delivery. However, while delivery of 300k new homes by...
Kingspan Group
Continues to advance with purpose
We are increasing our Kingspan forecasts for 2026 by 2% and are therefore anticipating double-digit profit growth next year. This clearly sets the group apart from the wider sector...
Associated British Foods
Model update
We are cutting our adjusted EPS forecasts by c.3% and c.2% for FY26 and FY27 respectively. The recent strategic review, which could result in a separation of Primark from the Food...
CRH
Upgrading forecasts following strong Q3
Our forecasts are moving higher this morning following a strong Q3. At an adjusted EBITDA level, the estimates are 1% and 5% higher for FY25 and FY26 respectively. With short- and...
Irish banks
Banks monthly: NII inflection
Net interest income (NII) and underlying profitability inflection will now occur in 2025, a year earlier than anticipated. This demonstrates the resilience in the business models of AIB...
Bellway plc
Top pick in a sector that should outperform in 2026
Bellway has become laser-focused on asset turn and returns as the stuttering recovery in the UK new homes market continues. We now see the potential for the recovery to...
Ryanair Holdings
Record Q2, good outlook
Ryanair (RYA) produced a record Q2, ahead of Davy and sell-side estimates. We view the outlook statement as positive – RYA now expects to recover “all” of last year’s 7% full-year...
SigmaRoc plc
Updating forecasts
We have updated our SigmaRoc (SRC) forecasts and price target following its recent trading update. While the stock has performed strongly year-to-date (+63%), we see further upside...
Danone
Q3 update – strong volume growth continues
Q3 like-for-like (LFL) growth came in above consensus at +4.8% (VA: +4.3%), driven by further growth in volume/mix across all categories (+3.2%), with strong momentum into the final...
Kenmare
New forecasts with more conservative assumptions
We have published new forecasts on Kenmare. Due to macro trends, we assume lower price forecasts in 2026 onwards than indicated following the Q3 production report. Our price...
