Apr 25 2024
Recent Research
UPM, Q1 2024 27% consensus EBIT beat
Apr 25 2024
Holcim, Q1 6% ahead; guidance reiterated
Apr 25 2024
Symrise, Exceptional Q1 volume delivery
Apr 25 2024
Travis Perkins plc, No new developments of note
Apr 25 2024
Irish banks
Q1 previews and model updates
The investment thesis on Irish banks remains unchanged – strong capital starting positions and returns above company medium- term targets will support above sector distributions. The...
Kenmare
New forecasts reflect the benefit of factoring
We are publishing new forecasts for Kenmare. The most significant change is that we now assume $100m of factoring of receivables in 2024 prior to drawing down the new $200m credit...
James Fisher and Sons plc
Fishing for self-help
James Fisher comprises global marine engineering businesses that operate across three divisions: Energy, Defence and Marine Transport. Its niche technologies and capabilities enable...
Stelrad Group plc
Mexborough site visit – key takeaways
Our visit to Stelrad’s Mexborough factory showcased the group’s highly efficient manufacturing capability and well-resourced warehousing unit. These two features enable the group to...
Glenveagh Properties
Another good year likely in 2024; increasing price target to 198c
We see both re-rating potential and earnings upside in Glenveagh Properties in the coming 12 months. The stock is our top pick in the homebuilding sector, and our price target of 198c...
XP Power
Sentiment at rock bottom
XP Power (XPP) has set a very cautious tone for 2024, which we believe is sensible given recent disappointments. Guidance from the new CFO for revenue declines and financial leverage...
Greencore Group
Upside on the horizon
Following an extended phase of volatility, management at Greencore implemented a series of strategic commercial and operational initiatives focused on stabilising profits, recovering...
Uniphar
Focus on the target
We believe that the headwinds that held back Uniphar’s stock in 2022-2023 are now in the past. The outlook is far more positive. We estimate that achieving its medium-term EBITDA...
Xaar
Stronger platform for growth
Xaar has delivered FY23 profits ahead of our expectations. While customer-delayed launches of new printing machines impacted the FY23 out-turn, most now look set for launch in 2024...
Grafton Group
Ready to jump on the platform
An increasing possibility that Grafton will undertake a platform acquisition (£100-500m) this year merits an analysis of the possible effect of such a transaction. Applying Grafton’s...
