Research
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Highlights
- Deficit reduction plan - Updated plan dependent on robust nominal growth, but net debt position is under-appreciated
- 17 May 2012 (PDF)
- Ireland's updated deficit reduction plan is based on nominal growth in the economy exceeding 3% by 2013 and 4% from 2014 onwards. Ireland's debt position will ultimately depend on the realisable value of financial sector assets; the transfer of loss-making mortgages to a warehouse vehicle could improve banks' profitability
- Monthly Market Monitor - Pullback in global markets in April; ISEQ loses 0.9% in fallout, suffering first monthly loss since September 2011
- 02 May 2012 (PDF)
- The ISEQ fell 0.9% in April, recording its first monthly loss since September 2011. The fall sees the year-to-date gain reduced to 11.1%. Global markets were down as the economy and European debt crisis weighed on investor sentiment. Q1 earnings were however solid.
- DCC - Opportunities in the UK petroleum products market that need not be covered in snow
- 25 Apr 2012 (PDF)
- DCC Energy is targeting the transport fuels segment for organic growth. Assuming DCC attains 10% of both the retail transport fuels and aviation fuels markets in the UK and that each litre of fuel delivered in these markets generates 1c in operating profit, the incremental EBITA is €39m.
- Thyssenkrupp - American Dream back on track; investigation shows that Brazilian plant has turned a corner; upgrading rating to 'outperform'
- 18 Apr 2012 (PDF)
- A report conducted by Metal Bulletin Research, commissioned by Davy, shows that ThyssenKrupp's CSA plant in Brazil has turned a corner. With Steel Americas likely to be sold, the focus is now on the Technology businesses. We are raising our FY2013 EBITA estimate to €2.3bn (EPS €2.43) and are moving ThyssenKrupp to an 'outperform' rating.
- UK economic forecasts - UK economy still struggling with fiscal consolidation
- 17 Apr 2012 (PDF)
- We forecast that UK GDP will expand by 0.5% in 2012 and 1.2% in 2013. The UK looks set to avoid a 'technical' double-dip recession, with GDP expected to rise marginally in Q1 2012 following a 0.3% contraction in Q4 2011. However, our view remains that the UK economy is not well placed to adjust to the planned fiscal consolidation.
Other Recent Research
- Davy Morning Equity Briefing - May 18th 2012
- 18 May 2012 (PDF)
- TVC Holdings - Full-year results highlight an undervalued opportunity; currently trading at 30% discount to book value
- 15 May 2012 (PDF)
- Davy on Construction - May 14th 2012
- 14 May 2012 (PDF)
- Monthly debt digest - Plus ça change, plus c'est la mème chose?
- 11 May 2012 (PDF)
- Glanbia - Maintains FY guidance; Global Nutritionals driving growth
- 09 May 2012 (PDF)
- Davy on Food and Beverages - May 9th 2012
- 09 May 2012 (PDF)
Regular Products
| Title | Date | Archive |
|---|---|---|
| Weekly Book | 18 May 2012 | |
| Weekly Market Comment | 14 May 2012 | Archive |
| Monthly Market Monitor | 02 May 2012 | Archive |