Research
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Highlights
- Global Cement - Early company updates point to solid Q4; little by way of 2012 outlook; Lafarge to report Q4 results on February 17th
- 16 Feb 2012 (PDF)
- Q4 updates from the European cement sector have been generally ahead of expectations, boosted by an extended construction season in Europe and encouraging trends in US construction markets.
- Origin Enterprises - "Agrii" an important development in the Origin story; valuation undemanding; reiterate 'outperform' rating
- 08 Feb 2012 (PDF)
- The re-branding of the UAP and Masstock businesses under the "Agrii" heading is a further step towards realising the full potential that exists for Origin in the UK agriculture services market. Estimates of higher arable farm incomes and autumn plantings and the recent rise in the wheat price provide a favourable read-through for Origin
- C&C - Potential to capture more profit in beer; MillerCoors' entry into US cider market a positive; GB premium cider continues to grow
- 08 Feb 2012 (PDF)
- Regional consolidated beer markets offer good profit and margin expansion opportunity. MillerCoors' entry into the US cider market could be a catalyst for a step-change in category growth. Premium brands such as Magners and Kopparberg continue to grow, but mainstream cider is declining.
- Monthly Market Monitor - ISEQ enjoys a strong start to 2012 with 3.7% gain; global markets begin year in positive territory; US dollar falls while Brent oil increases
- 01 Feb 2012 (PDF)
- The ISEQ began the year strongly with a 3.7% gain and outperformed the E300 by 0.1%. The FTSE all world developed and emerging market indices surged 4.4% and 7.6% respectively. The E300 added 3.6% and the STOXX 600 advanced 4.0%. US markets also experienced a strong opening month with the S&P 500, DJIA and NASDAQ climbing 4.4%, 3.4% and 8.0% respectively.
- Ryanair Holdings - Stellar Q3 results; market leader powering ahead to its most profitable year ever
- 30 Jan 2012 (PDF)
- Ryanair delivered a stellar Q3 net income performance with a profit of €14.9m compared with a loss of €10.3m last year. The better revenue performance was driven by reduced seat capacity, longer sectors, higher competitor fares/fuel surcharges and benign December weather. Ryanair is also raising its FY2012 guidance to €480m (from €440m), implying Q4 yields of 12%.
Other Recent Research
- Davy Morning Equity Briefing - February 22nd 2012
- 22 Feb 2012 (PDF)
- Supply, Demand and Curve - Portuguese Curve Ball
- 20 Feb 2012 (PDF)
- Bank of Ireland - Results highlight deleveraging progress; funding, impairment headwinds
- 20 Feb 2012 (PDF)
- Davy on Construction - February 20th 2012
- 20 Feb 2012 (PDF)
- Saint-Gobain Group: Results as expected as momentum slows in second half; stock looks very much up with events after recent gains
- 20 Feb 2012 (PDF)
- Voestalpine - Increasing forecasts after Q3 results; April price negotiations key to profitability improvement; reiterate 'outperform' rating
- 16 Feb 2012 (PDF)
Regular Products
| Title | Date | Archive |
|---|---|---|
| Weekly Book | 21 Feb 2012 | |
| Weekly Market Comment | 20 Feb 2012 | Archive |
| Monthly Market Monitor | 01 Feb 2012 | Archive |