Davy Morning Equity Briefing
Mar 16, 2026
SigmaRoc plc
Another year of delivery expected
Consistent execution remains SigmaRoc’s (SRC) hallmark, with strong FY25 results despite mixed markets. Structural tailwinds offer upside into 2026, while the group’s wellproven model of synergies, cost discipline and selfhelp provides protection if recovery is slower to materialise. With refinancing now well progressed and additional capacity effectively secured, SRC also carries meaningful balance sheet optionality to pursue targeted M&A this year.
Marshalls
Strategy update highlights emphasis on operational delivery
There are no surprises in Marshalls’ results for 2025, and all attention is on the road ahead. Without supportive end-markets, the objective for Marshalls this year will be to deliver on previously outlined cost savings targets under the stewardship of a new CEO. This forms part of a wider strategy that seeks to improve performance through a more disciplined commercial approach and flatter structure. This is essential as restoring confidence in earnings expectations is required if the stock is to arrest a decline of over 75% in the past four years.
Economics weekly
Central banks meet this week amid geoeconomic uncertainty
A host of global central bank meetings this week take place against the backdrop of huge geoeconomic uncertainty owing to the ongoing US-Israel war with Iran. With broad conflict spillover across the Middle East, the focus will be on how much weight the various rate-setting committees place on war relative to underlying economic conditions, which in many cases appeared dovish up to February. We predict that the Bank of England and Federal Reserve will ease rates this year unlike market expectations.
