WEALTH MANAGEMENT CAPITAL MARKETS LOGIN .cls-1{fill:#b9002f;}.cls-2{fill:#fff;}DAVY_Core Brandmark_RGB show sub page menu BUSINESS AREAS ABOUT US CONTACT US Davy Research Fresh thinking on the European industrials and consumer sectors Sectors & Companies Economic Our People Our Approach Get In Touch SECTORS Business Support Services Financials Food and beverage Gaming Healthcare Hotels Industrials Renewables Resources & environment Technology Transport & logistics JUMP TO Sectors Sectors Aircraft Leasing Airlines & Other Transport Banks Beverage Builders Merchants Building Materials Building products Business Support Services Construction and Housebuilding Consumer packaging Disruptive Technology Environment & Energy Financial Services Foods Gaming Hotels Industrial machinery Insurance Paper & Packaging Pharma and healthcare Property/Facilities Mgmt REITs Real Estate Renewables Resource Technology Transport Logistics Travel IT Services Go Companies Companies AerCap Holdings AIB Group Air France KLM Aminex Amryt Pharma AO World plc ARYZTA ASOS plc Associated British Foods avation Bank of Ireland Barratt Developments plc Bellway plc Berkeley Group boohoo group plc Breedon Group Bunzl plc Buzzi Unicem C&C Cairn Homes Cazoo Group Clinigen Corbion Corre Energy Cranswick plc CRH CVS Group Dalata Hotel Group Danone Datalex DCC Dole plc DraftKings DS Smith DSM easyJet Electrocomponents plc ENGAGE XR Holdings Entain Esken Essentra Falcon Oil and Gas FBD Holdings Flutter Entertainment Forterra plc Genuit Group Givaudan Glanbia Glenveagh Properties Grafton Group Greencoat Renewables Greencore Group Harworth Group Hays plc HeidelbergCement AG Hibernia REIT Holcim HomeServe plc Hostelworld Howden Joinery IAG Ibstock plc In the Style Group plc Intertek Group plc IRES REIT Irish Continental Grp ITM Power IWG plc Kenmare Kerry Group Kingspan Group Lansdowne Oil & Gas Lufthansa Malin Corporation Marshalls Mincon Group Mondi Moonpig Group plc musicMagpie plc Naked Wines plc Norwegian Air On the Beach Group plc Open Orphan Origin Enterprises Ormonde Mining PageGroup plc permanent tsb Group Persimmon plc Providence Resources Redrow plc Rentokil Initial plc Roebuck Food Group RWS Holdings plc Ryanair Holdings Saint-Gobain Group Serco Group plc Smurfit Kappa Group Symrise Taylor Wimpey plc THG plc Travis Perkins plc Treatt plc Tullow Oil Tyman Uniphar Vistry Group Volution Watkin Jones Wizz Air Holdings Yew Grove REIT Go REGULAR PRODUCTS Davy Morning Equity Briefing November 26 2021 | Archive Weekly Book November 25 2021 | UPCOMING EVENTS Breedon Group - trading update November 14 2021 easyJet FY results November 30 2021 MusicMagpie FY results November 30 2021 Treatt plc FY results November 30 2021 Greencore Group FY results November 30 2021 Recent Research 1 2 3 4 5 Banks Macroprudential stance broadly unchanged Macroprudential policy remains broadly unchanged, with a minor operational change in the mortgage rules and no change in the countercyclical (CCyB) or domestically systemically important... Nov 26 2021 Diarmaid Sheridan Sector Report 6 pages Financials Serco Group plc Capital Allocation Day The upcoming Capital Markets Day at Serco (December 2nd) is an excellent platform for management to set out its stall for the next three years. However, while it is useful to... Nov 23 2021 David Greenall Company Report 13 pages Business Support Services UK recruitment Better conversion rates to drive forecasts Following last quarter’s figures, we commented that conversion rates continued to be underestimated at the UK recruitment companies. We have revisited this point, conclude that this is... Nov 22 2021 David Greenall Sector Report 11 pages Business Support Services Harworth Group On a path to £1bn Harworth Group is a company that is shifting gears to a higher pace of delivery in the coming years, which will see it provide significant growth in net development value (NDV). Its... Nov 19 2021 Colin Sheridan CFA , Andrea Collins Company Report 41 pages Financials C&C Model update: accelerated profit rebuild Following a stronger-than-expected revenue and profit rebuild through H1-22, we upgrade our outer year revenue and profit forecasts. For FY23 and FY24, we model EBIT of €103.3m... Nov 12 2021 Cathal Kenny , Gary Martin CFA Company Report 12 pages Food and beverage Marshalls Premium business, premium rating Marshalls is an impressive company with a robust business model and a super track record. The group has been transformed in less than a decade from a low margin, low returns business... Nov 10 2021 Robert Gardiner , Flor O'Donoghue Company Report 46 pages Industrials Flutter Entertainment Adjusting estimates; medium-term story firmly intact While the scale and timing of Flutter estimate revisions have caught many by surprise, the much-anticipated Gambling Act review has meant that UK Online forecasts for all operators... Nov 9 2021 Michael Mitchell , Jack O'Halloran Company Report 12 pages Gaming Watkin Jones Growth outlook extended to FY24; increasing price target to 282p Watkin Jones provided a Q3 trading update along with hosting its Capital Markets Day (CMD) on November 2nd, with both events highlighting the strength/resilience of its underlying... Nov 8 2021 Andrea Collins , Colin Sheridan CFA Company Report 13 pages Industrials Essentra Essent-ial reading... Essentra has been a forgotten stock. Considering the share price performance over the last six-and-a-half years and the fact that Essentra’s multi-divisional organisation is complex,... Nov 8 2021 David Greenall Company Report 58 pages Business Support Services Genuit Group A Next Gen building products offering but fairly valued at present 2021 has been an auspicious year for Genuit. Momentum lost due to the pandemic was regained; platform acquisitions have deepened the offering; an equity raising provided additional... 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