Nov 21 2024
Recent Research
Hill & Smith, Strong US trading
Nov 20 2024
CVS Group, Trading statement
Nov 20 2024
Volex
Small upgrades plus a look at the TT Electronics offer
Volex delivered a solid set of interims on November 15th, with revenues +9.7% organic (+30.4% in total) and the EBITA margin comfortably within the targeted 9-10% range. As a result, we...
Irish economy
General election: incumbents target an increased vote share
We have commissioned Professor David Farrell to undertake a review of the current political backdrop in Ireland in advance of the general election which will be held on November 29th....
DS Smith
Final package before International Paper exit
DS Smith will release H1 FY25E results for six months to October 2024 on December 5th. While modelling 1.5% H1 FY25E box volume growth, due to OCC and containerboard raw material cost...
Economics weekly
Election campaign in full swing as manifestos published
With the general election taking place next week, nearly all major parties have published their manifestos as polling data continues to favour the main incumbents, Fine Gael and Fianna...
De La Rue
Counting the money
The sale of the Authentication business for £300m will transform the financial profile of the remaining De La Rue Currency business. The continuing group will have a significant net cash...
Spectris
More realistic guidance, but where’s all the cash going?
Spectris has delivered what the market expected – reduced FY24 profit guidance. This has been driven by the lack of broad recovery in key end markets during Q324, and this is not...
Kingspan Group
Model update
Our revised Kingspan forecasts leave the stock trading on a 2025 P/E multiple of just over 18x, a discount of nearly 15% to its ten-year average. We view this as attractive, especially...
Paper & packaging
Pricing power with capital discipline
The Q3 2024 results of US packaging leaders International Paper (IP) and Smurfit Westrock (SW) demonstrated strong box pricing power, with capital discipline via mill and box plant...
Economics weekly
A Trump win would increase global economic uncertainty
A return to the White House for Donald Trump would increase global economic uncertainty. The response of US foreign direct investment to this would be crucial for the Irish economy. If...
Ryanair Holdings
Continues to deliver
A measured performance by Ryanair, which is in line with market expectations – H1 net profit €1.79bn (consensus: €1.804bn, Davy: €1.808bn). While no formal guide was given, “forward...
