Hill & Smith

Consistent delivery

Hill & Smith (HILS) remains one of our top picks for 2024. The tailwinds of US infrastructure investment, self-help from organic investment in its existing higher growth/higher margin...

Associated British Foods

Investigating Primark USA

While we remain optimistic on the trajectory of Primark’s growth and profitability, we note that its US expansion remains a source of debate among the investment community. Our...

Dalata Hotel Group

UK expansion to drive growth

2023 was another exceptional year for Dalata, growing revenues, increasing its estate and pipeline, delivering strong profit growth, generating record free cashflow and reintroducing...

M&A update

An early look at Barratt Redrow

In this report we examine what a combined Barratt Redrow business will look like. We think the market has reacted too negatively to the proposed combination and make Barratt...

DS Smith

Return to box growth; pending Mondi merger update

DS Smith’s Q3 FY24 update indicates a return to positive (c.1%) like-for-like (LFL) box volume growth in February 2024. Our unchanged FY24E estimates of £701m adjusted EBIT and 33p...

TRIG plc

Leading operator but superior returns available elsewhere

TRIG’s financial performance has been impacted by the more challenging recent macro-economic backdrop. Its near-term returns outlook remains subdued, although the longer-term...

Greencoat UK Wind

2023 results highlight steady through-cycle returns

Persisting interest rate uncertainty and a period of disappointing share price performance across the renewable infrastructure sector disguise another year of solid shareholder...

IMI plc

Val(ve)uation upside

IMI is a global supplier of fluid and motion control valves and actuators across five high growth end markets. Past investment in operational improvement and product innovation has...

Kingspan Group

A long way to go and much to play for

What is essential to evaluate with Kingspan is not just where the group is but where it is going. In this regard, the direction of travel remains exciting and we believe this is a journey...

DS Smith

Previewing March 6th update and potential Mondi merger

On March 6th, DS Smith will issue a Q3 FY24E update on trading from its December 2023 interim results to date. We expect DS Smith will (1) return to c.2% organic box volume growth in...