DAVY VIEW

As the Partnerships model captures the imagination of the market, we examine what it might mean for the Glenveagh group in the medium term. We see significant upside (over 60%) to the equity as this ‘asset-light’ model continues to ramp up. With a €50m buyback now underway and upgrades to our FY25 and FY26 estimates, the business is well placed to continue momentum for the rest of the year. We reiterate our ‘Outperform’ rating and current price target of €1.98 (33% upside).