Grafton Group

Taking the hit but will bounce back

We estimate the impact of COVID-19 will leave Grafton’s earnings by the end of next year over 25% lower than what was expected prior to the pandemic. Current circumstances are...

VR Education Holdings

HTC backs ENGAGE with €3m investment

HTC Corporation’s (HTC) investment in VR Education (VRE) solidifies its conviction in both the ENGAGE product’s capability and management’s competency. The partnership offers enhanced...

HeidelbergCement AG

Strategic shift required

If you thought HeidelbergCement (HEI) was cheap before the downturn, take another look now. Down close to 40% year-to-date, the stock trades on just 8.2x our FY21 P/E forecast and...

Greencore Group

Forecast updates and equity musings

The key debate for Greencore’s equity is the extent to which the current pandemic influences its long-term growth model. In the near-term, social distancing measures and recessionary...

Kerry Group

Updating forecasts to capture transitory headwinds

The overarching takeaway from Kerry’s Q1 conference call was the scale and intensity of customer engagement, underlining a growing partnership ethos. The current crisis is placing a...

Kingspan Group

Dealing with the present, eyes on the future

Recent events will represent a sharp hit to Kingspan’s momentum, but this is arguably reflected in a share price circa 30% off peak. We now model for earnings in 2021 to be around 15%...

Irish banks

Quarterly updates in time of coronavirus

Q1 trading updates will be set against the backdrop of unprecedented uncertainties and extraordinary supports from governments and regulatory authorities. The longer-term impact of...

Paper & packaging

Structural changes will favour industry leaders

The COVID-19 pandemic has long-term, fundamental implications for the European packaging sector. While the short-term impact on earnings continues to be negative, as detailed in this...

Danone

Once more unto the breach

We believe the key medium-term debate for Danone will centre on the interplay between price/mix growth and margin – whether it can expand margin in an environment where recessionary...

Monthly Market Monitor

Global markets stage strong recovery; MSCI AC World Index gains 10.2% in April

The MSCI AC World Index gained 10.2% in April after collapsing 13.1% in March. The increase sees the year-to-date (ytd) loss reduced to 12.2%. COVID-19 remained very much at the centre...