Aircraft leasing

Platform power - differentiating the winners

While the air traffic ecosystem will be in a gloomy state until effective treatments or vaccines are available, we believe major concerns for the aircraft leasing industry are overblown....

Kenmare

A study in operational gearing – turn up the volume please

The expected financial performance of this year, defined by COVID-19 and major investment and juxtaposed with next year onwards, provides a textbook example of how operational...

Hibernia REIT

Forecast changes and review of the investment case

We have updated our forecasts for Hibernia REIT following the full year results. These include assumptions of lower office values this year based on our analysis of trends in the Dublin...

Grafton Group

Increasing 2020 forecasts after quicker-than-expected rebound

Grafton’s revenues have recovered much quicker than anticipated and current trends are encouraging. This informs our revised trading profit forecast of £108m for this year. While...

Kerry Group

Q2 to mark the nadir for T&N volume growth

We expect Kerry’s interim results to mark the nadir in growth across its Taste & Nutrition (T&N) Foodservice (FS) platform. We model a Q2 volume decline of 54% for the FS channel,...

European building materials

Counting the cost

From the April lows, Q2 construction activity has rebounded quicker than we first thought. That suggests the potential to surprise positively, especially for companies with large...

easyJet

A long recovery path ahead

easyJet’s 15% equity raise (gross proceeds of £419m) along with sale and leaseback transactions will see liquidity proceeds exceeding £3bn and should give its capital structure some...

Monthly Market Monitor

Global equities continue to advance; MSCI AC World Index adds 2.7% in June

Global equity markets continued to rebound in June, advancing for a third consecutive month. The MSCI AC World Index gained 2.7%, bringing the second-quarter climb to 17.7% and reducing...

Ingredients

Flavour and Fragrance leadership – demonstrating resilience

We expect Symrise and Givaudan to emerge from the current crisis with enhanced propositions. We forecast healthy levels of organic revenue and EBITDA growth for FY20. We upgraded...

Irish economy

MyHome Property Report, Q2 2020

Irish asking price inflation has moved into negative territory for the first time this cycle, at 2.9% nationally and 2.6% in Dublin. This is consistent with our forecast for a 5% fall...