C&C

Matthew Clark Bibendum – building a downstream moat

The acquisition of Matthew Clark Bibendum (MCB) materially enhances C&C’s position across the UK drinks supply chain – offering a scale route-to-market for suppliers and a composite...

Danone

Rethinking Danone

The vestiges of inconsistent financial delivery at Danone are being discarded. Recent execution (margin expansion) in an inflationary cost environment gives us confidence that...

Irish economy

Exchequer returns disappoint in May

The big news in May was a large shortfall in corporate tax revenues, which could be a timing issue. Thankfully, Central Bank surplus income and spending inside generous government...

CRH

A year on the road to 300bps

It is almost a year to the day since CRH’s medium-term strategic update. That revealed ambitious margin and cash targets, a new divisional structure and a review of the Distribution...

Ferguson

Mixed Q3 markets but guidance should be intact

Ferguson had a tough Q2 with additional overhead weighing on margins. Management reacted quickly and cut headcount, but the damage was done and FY guidance was cut. The share price...

Origin Enterprises

Capital Markets Day showcases supply chain relevance; maiden five-year targets revealed

Origin’s management presented a robust defence of its supply chain relevance and potential at its recent Capital Markets Day. Maiden five-year targets reflect a pragmatic growth...

Irish economy

Irish mortgage approvals in April up 11% on 2019

This morning’s Banking & Payments Federation Ireland (BPFI) mortgage approvals are the latest data point suggesting momentum returning to the Irish housing market in Q2 after a quiet...

UK banks

A constrained consumer; initiating on CYBG at ‘Neutral’ and upgrading LLOY to ‘Outperform’

Retail banking in the UK remains challenging, not helped by an uncertain macro environment. We initiate on CYBG with a ‘Neutral’ rating (price target: 159p). The Virgin Money (VM)...

Irish banks

Monthly update: another brick in the wall

There was little to surprise in Irish banks’ Q1 updates, where margin resilience proved to be the consistent theme. Instead, the greater surprise in the month was the announcement that...

Real estate

The latest trends in the Irish real estate market

The latest data on the Irish real estate market suggest that rent growth continues in all sectors with particular strength in industrial. The trend in yields is more varied as retail...