Origin Enterprises - Controlling the controllables; cash flow the stand-out

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Key takeaways from the interim results include: (1) impressive cash generation, prompting resumption of the dividend payment; (2) operating profit improvement following more normalised trading conditions; and (3) the persistence of FX and weather factors. On first look, we will lower our FY 2021 EPS by c.7-8% – reflecting these externalities – while keeping our FY 2022 forecasts unchanged. We note the structural improvement in the group’s working capital profile continues to support cash generation and underpins our free cash flow forecasts (10.7% free cash yield).

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Bank of Ireland - Positive catalyst: material scale benefits from KBC Ireland exit

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Grafton Group - Announces strategic review of traditional merchanting operations in Great Britain

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HeidelbergCement AG - Q1 out-turn comfortably ahead of estimates

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Market comment - Irish residential property price inflation accelerates to 3%

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Wizz Air Holdings - Tough Q4 means weaker-than-expected full-year out-turn

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Travis Perkins plc - Big increase in underlying revenues in Q1

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Market comment - Stability Programme Update puts off difficult questions