Research
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Highlights
- Short-haul European airlines - 2020 vision: all about cash generation for low-cost leaders Ryanair and easyJet
- 07 Sep 2010 (PDF)
- We believe that European LCC leaders Ryanair and easyJet represent a unique investment in the industry. The average age of their fleets is approximately three years, and both are entering a period of consolidation and more modest investment.
- Irish Banks - Funding squeeze is manageable as sector restructuring enters crucial phase
- 07 Sep 2010 (PDF)
- We assume the guarantee will be extended, the cost of which significantly weighs on our 2011 numbers. This cost may also be increased as a condition of any extension. We have moved our rating for both Allied Irish Banks and Bank of Ireland to 'neutral'.
- US Construction - Stimulus 2: The sequel - President Obama proposes $50bn infrastructure investment to jump-start job creation
- 07 Sep 2010 (PDF)
- President Obama has announced plans to implement a second stimulus for highways, rail and runways in the US. This will be achieved by an upfront investment in infrastructure to 'jump-start' additional job creation (an amount of $50bn has been proposed) and by a long-term framework to reform and expand the nation's investment in transportation infrastructure.
- Monthly Market Monitor - Poor month for equities; global markets fall 3.6% with ISEQ losing 7.3%
- 02 Sep 2010 (PDF)
- The ISEQ's August fall of 7.3% was its worst performance for the month since 1998 and resulted in an underperformance of 5.7% against the E300. Irish financials fell a further 11.5% and are now down 26.0% for 2010. European and US markets all suffered, with developed markets underperforming emerging markets for the fourth successive month.
- Independent News & Media - Delivering on guidance; upgrading 2010 earnings but leaving 2011 forecasts unchanged
- 02 Sep 2010 (PDF)
- The H1 results of INM showed that the group performed well, growing profitability in all divisions despite top-line declines in Ireland and South Africa. We are upgrading our 2010 EBITDA forecasts by €13.7m to €264.9m, driven by the good momentum in cost savings.
Other Recent Research
- Davy Morning Equity Briefing - September 8th 2010
- 08 Sep 2010 (PDF)
- Conference Call Invitation - The outlook for US cement demand over 2010/2011 with Ed Sullivan, Chief Economist, Portland Cement Association
- 07 Sep 2010 (PDF)
- Davy on Food and Beverages - Sector performance and valuation update; key investment considerations for CSM
- 07 Sep 2010 (PDF)
- Davy on Construction - September 6th 2010
- 06 Sep 2010 (PDF)
- Supply, Demand and Curve - Conundrum redux
- 06 Sep 2010 (PDF)
- William Hill - Long-term value remains but consensus estimates for 2011 now look too high; short-term risk is to the downside
- 03 Sep 2010 (PDF)
Regular Products
| Title | Date | Archive |
|---|---|---|
| Weekly Book | 07 Sep 2010 | |
| Weekly Market Comment | 06 Sep 2010 | Archive |
| Monthly Market Monitor | 02 Sep 2010 | Archive |
| Davy on the Irish Economy | 28 Apr 2010 | Archive |