Mar 25 2025
Recent Research
Uniphar
Upgrading forecasts and revisiting the investment case
Following the recent share buyback, we are upgrading our Uniphar EPS forecasts by 3% in both 2025 and 2026. We upgraded by 2% in January. EPS could accelerate higher post completion...
Volution
That healthy air of earnings upgrades
The transformative acquisition of Fantech has not distracted Volution from business as usual: recent interim results have prompted another chunky upgrade to financial estimates. While...
CVS Group
Updating our forecasts and revisiting the investment case
We lower our EPS forecasts by 5-6% each year from higher depreciation and interest charges associated with investments. There are further risks to forecasts looking ahead. However,...
permanent tsb Group
Post-FY24 model update
PTSB has set out a path to higher returns by 2027. The pathway, which does not include any benefit from lower risk weighted assets (RWAs), is anchored to growth in lending,...
AIB Group
Post-FY24 model update
The state should soon complete its AIBG sell-down, the pace of which has been facilitated by stronger-than-anticipated profitability and capital generation. In the coming years, lending...
Kingspan Group
Short-term results benefiting from long-term thinking
Kingspan is well set up to deliver another year of progress in 2025. The stock has responded positively to recent results, which pointed to good momentum entering the year. As ever...
Mincon Group
Model update
Our FY25 EBITDA forecasts are unchanged following today’s update to our model. The business is well placed for what, at the moment, is a sustained recovery in its markets, and the...
Danone
Model update – moving to ‘Outperform’
Confidence in Danone’s operating model and growth algorithm has strengthened following a year of strong execution and record productivity. Margin delivery supports continued...
IAG
Model update – upping price target to £3.50
We have upped our FY2025 and FY2026 forecasts at the operating profit level to €4.6bn and €4.85bn respectively. This implies operating margins of c.13.6%. Achieving the top-end of the...
Origin Enterprises
Living Landscapes: a growth platform
Origin’s Living Landscapes platform is one of the more interesting growth angles across our coverage list. The business to business (B2B) platform, built via acquisitions and...
