Feb 20 2025
Recent Research
CRH, Growing strongly and consistently
Feb 20 2025
Irish banks, Returns, distributions and growth
Feb 19 2025
Irish banks
Returns, distributions and growth
We expect Irish banks to be well positioned to manage the falling rate environment. While margins will decline, loan growth will support income prospects. This will support return on equity...
Kingspan Group
2024 results preview: all to play for this year
By its high standards, 2024 was a subdued financial year for Kingspan and upcoming results should reveal that profits were little changed versus 2023. There is a lively debate about...
Greencore Group
Next phase of evolution
At its recent Capital Markets Day (CMD), Greencore outlined a comprehensive roadmap to achieving its medium-term growth, margin and return targets. Extending our model into the medium...
Irish banks and housebuilders
Reforms needed for housing delivery
More than a decade into Ireland’s housing crisis, the strategy to scale up supply has now reached a critical juncture.
Kerry Group
Improving growth profile; model update post Dairy Ireland disposal
The Dairy Ireland disposal bookends a series of growth-accretive portfolio adjustments that commenced in 2021. Kerry enters 2025 as a pure play ingredients company with an improved...
Building products and distribution
Recovery delayed but valuations offer a solid foundation
The macro-outlook may be gloomy, but we think our lightside building materials coverage list offers some interesting options for 2025, especially after the weak start to the year. After...
Airlines
Growth and value plays in aviation supply chain
Aviation is a growth industry, and we see air travel demand enduring into 2025. The sector is clearly subject to the vagaries of geopolitics, but travel spend (in some segments) is now...
Xaar
FY24 finished as expected
Xaar has announced a positive FY pre-close trading update. The FY24 P&L outcome was in line with management and consensus expectations despite the challenging global ceramics market...
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...
