Jan 20 2025
Recent Research
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...
Dalata Hotel Group
Good conclusion to 2024 provides encouragement
Dalata updated on FY24 trading this morning. In what was a more challenging year for market wide RevPAR growth, Dalata expects to deliver aEBITDA in excess of €232m, +4% year-on-year...
Flutter Entertainment plc
Growth underpinned by scale effects
Flutter Entertainment is proving out the competitive advantages of being the scale global B2C operator. In a sector where scale is key, its podium positions in several of the world’s...
De La Rue
H1 EBITA ahead – strong order book growth drives upgrades
De La Rue has delivered a better-than-expected H1 profit. Momentum is building in the Currency order book – which is up 34% in the last two months to £338m, aided by strong polymer...
IRES REIT
Positive developments in the investment case provide an opportunity
Private rented sector (PRS) yields in Ireland look to have stabilised and are at an attractive level in a European context. IRES has absorbed the yield shift as well as a major rotation...
Marshalls
The Marshalls Plan
Marshalls’ Capital Markets Event (CME) outlined the levers that the group can pull to grow sales over the coming years. There was a clear signal that it has shifted away from...
