Nov 13 2025
Recent Research
Persimmon plc, FY25 expectations confirmed
Nov 13 2025
Taylor Wimpey plc, FY25 guidance reiterated
Nov 12 2025
Associated British Foods, Model update
Nov 12 2025
Associated British Foods
Model update
We are cutting our adjusted EPS forecasts by c.3% and c.2% for FY26 and FY27 respectively. The recent strategic review, which could result in a separation of Primark from the Food...
CRH
Upgrading forecasts following strong Q3
Our forecasts are moving higher this morning following a strong Q3. At an adjusted EBITDA level, the estimates are 1% and 5% higher for FY25 and FY26 respectively. With short- and...
Irish banks
Banks monthly: NII inflection
Net interest income (NII) and underlying profitability inflection will now occur in 2025, a year earlier than anticipated. This demonstrates the resilience in the business models of AIB...
Bellway plc
Top pick in a sector that should outperform in 2026
Bellway has become laser-focused on asset turn and returns as the stuttering recovery in the UK new homes market continues. We now see the potential for the recovery to...
Ryanair Holdings
Record Q2, good outlook
Ryanair (RYA) produced a record Q2, ahead of Davy and sell-side estimates. We view the outlook statement as positive – RYA now expects to recover “all” of last year’s 7% full-year...
SigmaRoc plc
Updating forecasts
We have updated our SigmaRoc (SRC) forecasts and price target following its recent trading update. While the stock has performed strongly year-to-date (+63%), we see further upside...
Danone
Q3 update – strong volume growth continues
Q3 like-for-like (LFL) growth came in above consensus at +4.8% (VA: +4.3%), driven by further growth in volume/mix across all categories (+3.2%), with strong momentum into the final...
Kenmare
New forecasts with more conservative assumptions
We have published new forecasts on Kenmare. Due to macro trends, we assume lower price forecasts in 2026 onwards than indicated following the Q3 production report. Our price...
Irish banks
Banks monthly: looking ahead to Q3
The key themes in Q3 are unlikely to dramatically differ to those of H1 2025 and, in some areas (particularly on distributions), clarity is unlikely to be forthcoming. Nonetheless, we...
Bank of Ireland
Drawing a line under UK motor finance
The estimated provision increase for Bank of Ireland (BIRG) is larger than anticipated but remains manageable on capital. Based on our forecasts, the incremental provision (over and...
