Irish Continental Grp

FY2020 – feels like ‘waiting for Godot’, but we should start seeing return on investments

Irish Continental Group (ICG) will report FY2019 results on March 5th. We are expecting a ramp-up in EBITDA over the coming years. While our FY2019 EBITDA forecast of €87m represents a...

Dalata Hotel Group

Free cashflow opportunity from Dublin RevPAR concerns

Market data for 2019 show that Dublin RevPAR declined 3.6% year-on-year (yoy) due to softer demand for rooms and increased supply. Investors have overreacted in assuming EPS...

Builders merchants

2019 results preview: a turning point in the UK?

Upcoming results from the leading UK building distribution businesses should confirm expectations; it will be outlook commentary that will really grab attention. There has been a...

Kingspan Group

Stick with the winner…but valuation places onus on M&A

Kingspan’s valuation is now 25-30% above its five-year average. While rating expansion is also evident in other high-quality European industrials, it does complicate the near-term...

Monthly Market Monitor

Global markets succumb to coronavirus fears; MSCI AC World Index falls 0.7% in January

The MSCI AC World Index started 2020 on a negative note with a fall of 0.7% in January. The decline follows a run of four consecutive monthly gains and is largely attributable to...

European building materials

Emerging risks to price-cost equation

Upcoming sector results have been well flagged, so we expect the companies to major on self-help, cash generation and sustainability. That combination still leaves one clear winner in...

C&C

Enhanced platform, enhanced potential

Twenty months on from the Matthew Clark Bibendum (MCB) acquisition, C&C’s ambitions for its integrated platform continue to develop. MCB has quickly re-emerged as a highly relevant...

Paper & packaging

Cash generation remains robust despite earnings revisions; buy SKG and MNDI

Despite a strong performance in 2019, the current valuation of the European packaging sector does not fully reflect the structural improvement in margins and returns achieved in...

Airlines

Acute supply constraints underpin pricing optimism – our 2020 vision

The European airlines space is on an improving trajectory, both structurally and cyclically. The unwind of Brexit risk has aided sector valuations in recent months, and we believe supply...

Irish economy

Irish house price inflation should trough soon

We believe Irish residential property price inflation will soon trough as sharp price declines in late 2018 fall out of the annual comparison. This view reflects the small rise in asking...