May 13 2024
Recent Research
IAG, Q1 profitable; outlook unchanged
May 10 2024
Greencoat Renewables
A differentiated approach
The listed renewable infrastructure sector has entered a new phase. We expect the less favourable macroeconomic environment to drive a divergence in prospects across the sector,...
IMI plc
Solid Q1 update, although end markets remain very mixed
IMI shares have hit an all-time high as it delivers another period of solid mid-single-digit organic revenue growth. While the end market performance was very mixed, as expected, the 4%...
Paper & packaging
Packaging pricing power
Following 2022/23 declines, Q1 2024 saw US and European box demand return to growth - supporting containerboard increases and higher box prices from mid-2024. Our updated packaging...
SCA
Demand recovery supports price hikes
While lower prices saw Q124 EBIT fall 33% to SEK1.08bn, positively, following successful 7% sequential quarter-on-quarter (qoq) Q124 price increases, SCA is targeting additional Q224...
Irish banks and housebuilders
Sinn Féin investor briefing
In a recent briefing with Davy, Sinn Fein’s Pearse Doherty said that the party recognises the key strengths of the Irish economy and the need to maintain policies to support key...
Smurfit Kappa Group
Encouraging Q124; Westrock merger on track for July 2024
Smurfit Kappa Group (SKG) reported 3% Q124 European box volume growth, with an encouraging outlook supporting additional Q224 European containerboard price increases. Our upgraded...
Huhtamaki
Price and FX headwinds but continued margin expansion
Huhtamaki reported a 4% fall in Q124 revenues (-2% organic, -2% FX) but delivered 7% adjusted EBIT growth to €98.8m (benefit of lower raw materials and restructuring). In 2024E,...
Associated British Foods
Model upgrades – next phase of equity story
We believe that Associated British Foods (ABF) has reached an inflection point in its equity story, having established a sustainable margin corridor for Primark, which paves the way for...
Oxford Instruments
FX headwinds increase
We have reviewed our forecasts following the recent full-year pre-close update. The key takeaway was that FYMar24 is in line with expectations. However, FX headwinds have increased...
UPM
Q1 beat with positive outlook
The €333m UPM Q124 comparable EBIT was a 27% consensus beat due to higher-than-expected 1) Fibre (pulp) and 2) Energy division profits. Positively, customer de-stocking across UPM...