DOCSLIB.ORG

A Round up of the Main Financial Stories of Interest from the Weekend Papers

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A Round up of the Main Financial Stories of Interest from the Weekend Papers @CantorIreland Cantor Fitzgerald Ireland A round up of the main financial stories of interest from the weekend papers. 2nd March 2020 Pages 2 - 4: Press Summary Page 5: Links to Our research publications and market insights https://cantorfitzgerald.ie/ Cantor Fitzgerald Ireland Ltd (Cantor) is regulated by the Central Bank of Ireland. Cantor Fitzgerald Ireland Ltd is a member firm of the Irish Stock Exchange and the London Stock Exchange Weekend Press Summary Saturday 29th of February 2020 Sunday 1st March 2020 The Saturday Irish Times Sunday Business Post CRH reported results on Friday which saw EBITDA jumping 25 percent driven by acquisitions and widening margins. The company also plans a 15 percent rise in dividend while aiming to cut its Voxpro founders add fintech firm Trezeo to portfolio carbon emissions. Linda and Dan Kiely, who sold their Voxpro firm in a €145 million deal, have added a new investment to their rapidly expanding Joe Brennan in the Market Beat column reviews the results and Regsont portfolio. The Kiely’s are seed-level investors in fledgling questions whether the company had done enough to silence the fintech firm Trezeo, it has emerged, bringing the Cork couple’s start- Swedish based activist shareholder Cevian. up investments to almost a dozen to date. Trezeo was founded by former banker Garrett Cassidy, who previously ran the European Stephen Garvey, CEO of Glenveigh Properties expects the headquarters of Circle, the US cryptocurrency company, which was industry to build up to 23,000 houses in 2020. Noting a strong backed by billionaire Facebook investor Jim Breyer. Trezeo has performance for the company ‘operationally and financially’ he did devised pay software to help casual workers regulate their incomes, question how the 35,000 homes experts say are needed will be with a focus on the British market. built. CRH hoping to benefit from rising infrastructural spend. Mark Paul notes the fall in globa markets as a result of the On Friday, the Irish firm proposed a 15 per cent increase in its CoVid 19 virus fears, however despite the falls Rools Royce gained annual dividend to 83 cent after reporting a 25 per cent jump in 6.6 percent, the most in. 18 months, on positive nenes relating to earnings before interest, taxation, depreciation and amortisation the engine it manufacturers for the Boeing 787. (Ebitda) to €4.2 billion. CRH also hinted at a likely continuation of Cantillon notes the lack of visibility for airlines over the coronavirus the share buyback programme it initiated in 2018. with IAG and EasyJet reporting falling demand. Glenveagh spends €5m on factory for timber frames. CSO data saw retail sales volumes fall 3.4 percent in January, The company said that the building, near to some of its active however compared with the same month a year ago the volume of construction sites in the Dublin area, will be leased to a company sales increased by 3.7 percent. called Keenan Timber Frame which will produce exclusively for Glenveagh. When the new factory is open in April, Glenveagh said it will have the capacity to deliver about 800 timber frame units a year. It will also have the opportunity to expand the facility to raise its output. The Saturday Independent Ian Guider: The $3tn Wipeout that shook the world’s stock markets. The huge drop, equivalent to the entire annual output of India’s economy, conveys the widespread fear that the coronavirus could wreak havoc on an already shaky global economy CRH hints at further buybacks after hiking 2019 dividend CRH has continued to ramp up a return of capital to shareholders, Johnson backer Odey raises his bet against Tullow Oil. announcing a 15pc hike in its full-year dividend and hinting strongly The hedge fund boss has increased his short trade position to 1.37 at further share buybacks. per cent – or £6.3 million – of the company’s shares. 'No magic wand' to boost housing supply, warns Glenveagh Banks forced to cut costs as rock-bottom interest rates cripple growth. CEO Stephen Garvey, CEO of Glenveagh Properties, said there The reality is that 2019 was another year of running to stand still for was "no magic wand" to fix the housing crisis, adding "you are not a banking sector dogged by legacy issues and still suffering from a going to get 100,000 houses in a flash". The demand for more rock-bottom interest rate environment that is holding back their housing is "obviously there", he said. "What the Government needs ability to grow. This year is likely to be the same. Conor O’Kelly, to focus on is how they stimulate supply into the market." head of the National Treasury Management Agency, suggested last week that the state shouldn’t wait too long to flog off its remaining 'Heavy price' for climate apathy faced by taxpayers Effective shares in Irish banks. climate action is going to result in higher taxes here as revenues from some sources sink, but the cost of inaction is even greater and Dalata ‘watching Covid-19 situation very carefully’. the State faces fines that could run into billions of euro if it fails to Last week, the Dalata chief executive had good reason to be in high meet agreed limits on emissions, according to the Irish Fiscal spirits as Ireland’s largest hotel group reported a 13 per cent jump in Advisory Council. earnings to €135 million on the back of a near 10 per cent increase in revenues to €429.2 million. 12,000: the total number of bedrooms the group will have when new hotels in the pipeline come Markets count losses in trillions as virus spreads Irish and to fruition. 3.1%: RevPAR (revenue per available room) fell from global equities have lost more than a tenth of their trillions in value €93.24 to €92.11 in Dublin last year this week, a plunge of historic speed that could last until the coronavirus fear factor peaks. Pay flat for Kingspan’s top brass despite record profits Chief executive Gene Murtagh saw his pay come in at just shy of €2 million for a second year in a row. Murtagh, who has been chief executive since 2005, was paid a salary of €870,000 and a bonus of €870,000. When pension, benefits and other payments are added in his total pay package came to €1.9 million. CANTOR FITZGERALD IRELAND Page 2 Weekend Press Summary How Fexco became a success story in the Kingdom The Sunday Times The employees of Kerry-based financial services behemoth Fexco have swapped the grind of the city for a bucolic brand of rural life. Could their experience point the way forward for thousands of other In the first opinion poll since the election, the Sunday Times workers around Ireland? Fexco has grown into a multinational reports that Sinn Fein’s support has surged by 10% to 35% at the financial services business operating in 29 countries and employing expense of almost all other parties. 2,500 workers across the world. According to the company, it has about 1,000 people in Killorglin in various offices in the town. Quoted housebuilder Glenveagh is lining up the sale of 450 planned apartments to property group Round Hill Capital for about Greencoat Renewables gives an energy reading (Monday) €250m. Round Hill is in exclusive talks with Glenveagh about a so- Greencoat Renewables releases its full-year results. It comes the called pre-fund deal for the project on East Road in Dublin near the month after the Irish energy company bought a 14.1 megawatt wind north docklands. It is the first time than Glenveagh have entered farm in Clare for €35.4 million in a deal that took its wind assets discussions about this type of deal. portfolio to 476MW. The farm consists of six Enercon E92 turbines that have been operational since December. KBC bank is preparing to ditch its insurance partner Irish Life, as it turns to its Belgian parent to help drive a push into life cover, Cairn Homes shows financial foundations (Tuesday) pensions and investments next year. The bank has been reviewing Cairn Homes announces its full-year results. In a trading update in its options since the Irish operation was deemed to be core by its January, the builder said its revenues for 2019 grew by about 29 per parent in 2017. cent to €434 million. Cairn said there was strong demand for homes and that its average selling price rose from €366,000 in 2018 to Sinn Fein’s success at the polls has put a mooted sale of waste €372,000. In the same month, An Bord Pleanála gave Cairn company Key in doubt. Sin Fein is committed to bringing the permission to build 426 homes near Greystones, Co Wicklow. industry back under municipal control according to its environment spokesman. ICG announces its full-year results (Thurs) Irish Continental Group releases its full-year results. The shipping Dundrum Town Centre is to spend €16m to reconfigure the company reported an 8.2 per cent increase in group revenues in the former House of Fraser outlet into a new premise for Brown year to November 23, which it attributed to “improved schedule Thomas. The Centre is owned by Hammerson and Allianz and the integrity” at its Irish Ferries division after disruptions in 2018. ICG work is expected to start mid-year. Penney’s is reported to be said its group revenue rose to €308.8 million over the period, a interested in the remaining available space. year-on-year increase of €23.5 million.
Load more

Recommended publications
  • Morning Wrap
    Morning Wrap Today ’s Newsflow Equity Research 31 Jul 2019 08:53 BST Upcoming Events Select headline to navigate to article Glanbia Guidance lowered on back of weak International Company Events GPN 31-Jul Air France-KLM; Q219 Results Hibernia REIT; Q120 Trading Update Smurfit Kappa Solid update, dividend increased Ibstock; Q219 Results International Personal Finance; Q219 Results Hibernia REIT Solid trading update in a health occupier INTU Properties; Q219 Results LafargeHolcim; Q219 Results market Lloyds Banking Group; Q219 Results Travis Perkins Strong H119 but group remains cautious Smurfit Kappa; Q219 Results Taylor Wimpey; Q219 Results near-term Travis Perkins; H1 results 01-Aug Barclays; Q219 Results Taylor Wimpey Solid performance, remains top pick Eurocell; H1 results Ibstock Bang in line, supplementary dividend announced FBD Holdings; Q219 Results Mondi; Q219 Results UK Commercial Property INTU HY19 results see income Standard Chartered; Q219 Results 02-Aug IAG; Q219 Results challenged as interim dividend suspended RBS; Q219 Results 05-Aug HSBC; Q219 Results Mitchells & Butlers Continues to deliver good 06-Aug Norwegian Air Shuttle; Q219 Results performance in Q3 07-Aug Flutter Entertainment; Q219 Results Greencoat Renewables; Trading Statement Keywords Studios Strong Trading Update for H1 boosted UDG Healthcare; Trading Statement by cloud-gaming Economic Events Air France-KLM Q2 beat; Outlook reads better than Ireland expected Irish Commercial Property Construction costs forecast to United Kingdom rise further United States Economic View Central Bank ups Irish economic forecasts, but all hinges on an orderly Brexit Europe UK Economic View Bump in consumer confidence, but still deeply negative This document is intended for the sole use of Goodbody Stockbrokers and its affiliates Goodbody Capital Markets Equity Research +353 1 6419221 Equity Sales +353 1 6670222 Bloomberg GDSE<GO> Goodbody Stockbrokers UC, trading as “Goodbody”, is regulated by the Central Bank of Ireland.
    [Show full text]
  • Key Themes This Week
    Monday, 19th August 2019 Key Themes This Week Major Markets Last Week The Week Ahead Another volatile week in markets as investor position themselves ahead of several important upcoming events. The S&P had two down days and three up days last week, however, the index finished 1% lower. Europe delivered Value Change % Move similar price action with the STOXX 600 Index finishing 0.53% down on the Dow 25886 -401.43 -1.53% week. Bond markets continue to garner headlines, as the US yield inverted across the 2- and 10-year tenors last week. This week sees trade S&P 2889 -29.97 -1.03% developments likely continue to dominate sentiment, while global central Nasdaq 7896 -63.15 -0.79% bankers meet at the Jackson Hole Symposium. Meanwhile European economic data continues to weaken amid political uncertainty across the region. MSCI UK 15697 -177.63 -1.12% Last week saw trade dominate the headlines as President Trump delayed DAX 11649 -30.70 -0.26% tariffs on a range of consumer goods to the 15th of December. A move which ISEQ 5814 -28.34 -0.49% was interpreted as the US “blinking” first. China retaliated by halting the import of US agricultural products and proposing an “unreliable entities” list, which could blacklist foreign companies operating in China. The outlook for Nikkei 20563 -121.66 -0.59% the US economy continues to weaken under the cloud of trade, with the manufacturing sector slowing and corporate earnings having entered an H.Seng 26292 467.12 1.81% earnings recession in Q2. The US consumer remains strong at present and should be enough to stave off a recession for now.
    [Show full text]
  • Key Themes This Week Major Markets Last Week the Week Ahead
    Monday, 22nd June 2020 Key Themes This Week Major Markets Last Week The Week Ahead After it looked like markets were set for a rocky week following an initial 2.5% Value Change % Move decline on Monday morning, global equity markets resumed their upward trajectory to finish circa 3% higher on the week. Within this move higher, Dow 25,871 265.9 1.04% normal order was restored, as technology regained the upper hand in performance terms over value stocks, while growth stocks also achieved a S&P 3,098 56.4 1.86% degree of outperformance. And so one of the most impressive, but mistrusted Nasdaq 9,946 357.3 3.73% rallies in recent stock market history continues apace with the S&P 500 now almost 45% above its mid-March lows, and the NASDAQ Composite once again testing all-time highs. MSCI UK 14,065 492.9 3.63% As has been the case with this impressive 3 month market rally, this recovery DAX 12,331 381.4 3.19% from a weak opening session to the week was down to the Fed with its announcement last Tuesday that as well as buying corporate bond ETF’s as ISEQ 6,175 265.9 4.50% part of its enormous asset purchase programme, it would also buy individual bonds, subject to specific criteria. This surprise move was significant firstly, because the Fed is now venturing into areas of market support never seen Nikkei 22,437 906.3 4.21% before from the central bank, but also by buying investment grade bonds and potentially some high yield paper, it was providing a mechanism to contain the Hang Seng 24,435 658.3 2.77% yield spread between investment grade & sub-investment grade paper and the risk free US 10 Year Treasury yield.
    [Show full text]
  • 28-June-18 AUSTRALIA 1.Margin 2.Can Go 3.Guaranteed Stock Ticker Rate Short?* Stop Premium
    28-June-18 AUSTRALIA 1.Margin 2.Can go 3.Guaranteed Stock Ticker Rate short?* stop premium AGL Energy Limited AGL.AX / AGL AU 5% ✓ 0.3% ALS Limited ALQ.AX / ALQ AU 10% ✓ 1% AMA Group Limited AMA.AX / AMA AU 75% ☎ 1% AMP Limited AMP.AX / AMP AU 5% ✓ 0.3% APA Group APA.AX / APA AU 10% ✓ 0.3% APN Outdoor Group Limited APO.AX / APO AU 10% ✓ 1% APN Property Group Limited APD.AX / APD AU 25% ✘ 1% ARB Corporation Limited ARB.AX / ARB AU 20% ✓ 1% ASX Limited ASX.AX / ASX AU 10% ✓ 0.3% AVJennings Limited AVJ.AX / AVJ AU 25% ✘ 1% AWE Limited AWE.AX / AWE AU 25% ✘ 0.3% Abacus Property Group ABP.AX / ABP AU 20% ✓ 0.7% Accent Group Limited AX1.AX / AX1 AU 25% ✓ 1% Adelaide Brighton Limited ABC.AX / ABC AU 10% ✓ 0.3% Admedus Limited AHZ.AX / AHZ AU 25% ✘ 0.7% Ainsworth Game Technology Limited AGI.AX / AGI AU 25% ✓ 0.7% Alkane Resources Limited ALK.AX / ALK AU 25% ✘ 1% Altium Limited ALU.AX / ALU AU 15% ✓ 1% Altura Mining Limited AJM.AX / AJM AU 25% ☎ 1% Alumina Limited AWC.AX / AWC AU 10% ✓ 0.3% Amcil Limited AMH.AX / AMH AU 25% ✘ 1% Amcor Limited AMC.AX / AMC AU 5% ✓ 0.3% Ansell Limited ANN.AX / ANN AU 10% ✓ 0.3% Ardent Leisure Group AAD.AX / AAD AU 20% ✓ 1% Arena REIT ARF.AX / ARF AU 25% ☎ 1% Argosy Minerals Limited AGY.AX / AGY AU 25% ✘ 1% Aristocrat Leisure Limited ALL.AX / ALL AU 5% ✓ 0.3% Artemis Resources Limited ARV.AX / ARV AU 25% ✘ 1% Asaleo Care Limited AHY.AX / AHY AU 20% ✓ 0.7% Asian Masters Fund Limited AUF.AX / AUF AU 10% ✘ 0.3% Atlas Arteria Limited ALX.AX / ALX AU 10% ✓ 0.3% Aurelia Metals Limited AMI.AX / AMI AU 25% ☎ 1% Aurizon Holdings
    [Show full text]
  • Key Themes This Week Major Markets Last Week the Week Ahead
    Monday, 24th June 2019 Key Themes This Week Major Markets Last Week The Week Ahead Equities reacted positively to unexpected dovish Draghi (ECB) comments and a further dovish bias by the Fed, with both central banks ready to react if data Value Change % Move continues to deteriorate. Expectations are now that the ECB will cut rates by Dow 26719 629.40 2.41% 10bps and the Fed by c.50bps by year end. Equities in June so far have regained most of the lost ground recorded in May. S&P 2950 63.28 2.20% Nasdaq 7728 249.21 3.34% In addition, with investors already positioned fairly defensively and portfolio cash levels close to record highs (as per BOFA FMS last week) - the prospects of a Xi/Trump truce at the upcoming G20 has pressured investors MSCI UK 2133 18.10 0.85% into adding some element of risk. DAX 12339 243.21 2.01% Positioning defensively has been justified. Economic data has been trending ISEQ 6133 -21.01 -0.35% lower at an increasing pace. Global manufacturing data is now contractionary in many countries with the German IFO index this morning implying business conditions are the worst in 5 years. There is no doubt that the US/China tariff Nikkei 21258 141.05 0.67% war and Brexit are negatively impacting CEO investment plans. A greater concern would be if this negative business sentiment started to weigh on the H.Seng 28473 1355.36 5.00% US consumer which seems to be holding in. We monitor US home sales, durable goods, personal income and Japan IP data this week for the latest STOXX600 384 5.95 1.57% trends.
    [Show full text]
  • The Facts Behind Bear and Bull Runs from a Different Animal
    10 The Sunday Times November 25, 2018 BUSINESS BRIEFING DALATA MARKET WATCH DAVID QUINN prices of more than €300,000 a room. Ten years on from the negative returns in most THE ISSUE Dalata management has a UK Lehman collapse and the portfolios over 12 months. NO-DEAL BREXIT growth plan that is focused on the top The facts mayhem of 2008, US stock No-one likes to see a fall in 20 UK cities. prices this summer hit an value in their portfolio so its Dalata Hotel Group’s share price has all-time high in what is the only natural to want to time declined 35% since July and now behind longest bull market run in the market and get out at the trades close to an 18-month low, modern history. Yet last top. There are two problems despite the group being on course THE ANALYST Monday alone, $150bn with this strategy. First, we Robbins for record earnings when it reports DARREN McKINLEY, CANTOR (€131bn) was written off the have no idea if this is the top, offers an its results for the latest financial year bear and value of FAANG (Facebook, or just a consolidation before outsider’s in late February. We view the weakness as a great Amazon, Apple, Netflix and further gains. Second, if we view of Dalata shares have been punished opportunity to consider an investment Google owner Alphabet). do sell now and wait for the investing by its British exposure, with the group in Dalata. Its Irish business is a cash cow bull runs Fears of a market crash, will we be able to get full of operating 1,968 rooms in the UK (out and will help the group turn free cash meltdown are never far away.
    [Show full text]
  • Initial Public Offerings Law Review
    Law Review Law the Initial Public Offerings Offerings Public Initial Initial Public Offerings Law Review Third Edition Editor David J Goldschmidt Third Edition Third lawreviews © 2019 Law Business Research Ltd Initial Public Offerings Law Review Third Edition Reproduced with permission from Law Business Research Ltd This article was first published in April 2019 For further information please contact [email protected] Editor David J Goldschmidt lawreviews © 2019 Law Business Research Ltd PUBLISHER Tom Barnes SENIOR BUSINESS DEVELOPMENT MANAGER Nick Barette BUSINESS DEVELOPMENT MANAGER Joel Woods SENIOR ACCOUNT MANAGERS Pere Aspinall, Jack Bagnall ACCOUNT MANAGERS Sophie Emberson, Katie Hodgetts PRODUCT MARKETING EXECUTIVE Rebecca Mogridge RESEARCH LEAD Kieran Hansen EDITORIAL COORDINATOR Gavin Jordan HEAD OF PRODUCTION Adam Myers PRODUCTION EDITOR Helen Smith SUBEDITOR Janina Godowska CHIEF EXECUTIVE OFFICER Paul Howarth Published in the United Kingdom by Law Business Research Ltd, London 87 Lancaster Road, London, W11 1QQ, UK © 2019 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply. The information provided in this publication is general and may not apply in a specific situation, nor does it necessarily represent the views of authors’ firms or their clients. Legal advice should always be sought before taking any legal action based on the information provided. The publishers accept no responsibility for any acts or omissions contained herein. Although the information provided
    [Show full text]
  • The New Ireland Fund, Inc. Portfolio Manager Commentary Quarter Ending October 31, 2019
    The New Ireland Fund, Inc. Portfolio Manager Commentary Quarter Ending October 31, 2019 Performance Review The New Ireland Fund, Inc.’s (“Fund”) returns are summarized in the table below. Period to October 31, 2019 Benchmark* IRL NAV IRL NAV Return Return Return Relative to Benchmark Quarter +6.15% +8.53% +2.38% Six months +1.23% +0.53% -0.70% 1 year +6.40% +5.38% -1.02% 3 years +7.73% +2.45% -5.28% 5 years +7.01% +4.88% -2.13% Since inception +7.06% +7.11% +0.05% *Benchmark is the MSCI All Ireland Capped Index (“MSCI Ireland”) from August 1, 2015. Prior to July 31, 2015 the benchmark was the Irish Stock Exchange Index (“ISEQ”). Prior to July 31, 2011 it was the ISEQ ex Bank of Ireland. Investment Overview Portfolio The Fund has posted a very positive quarter returning 8.53% and ahead of the benchmark by 238 basis points. Of note, the Fund’s NAV return is now in positive territory over every period in the table above. All in all, a very positive turnaround helped by positive signs surrounding US- China trade, and of direct relevance to Ireland, Brexit clouds lifting. Top performers for the quarter saw a mix of cyclical names such as Ryanair, Glenveagh and Dalata perform strongly alongside names driven more by M&A such as Amryt and Flutter. Flutter announced their proposed merger with Toronto based Stars Group to become the largest on-line gaming company globally. On the negative side defensive names such as Covanta underperformed as did Glanbia, Mincon and AIB Group all of who had relatively downbeat earnings reports.
    [Show full text]
  • Morning Wrap
    Morning Wrap Today ’s Newsflow Equity Research 01 Mar 2021 08:36 GMT Upcoming Events Select headline to navigate to article Bank of Ireland FY20 First Glance - Better on revenue and Company Events impairments 01-Mar Bank of Ireland; FY20 Results Bunzl; FY20 Results Bunzl - More optimistic tone in FY20 outlook Greencoat Renewables; FY20 Results 02-Mar Dalata Hotel Group; FY Results Greencoat Renewables FY20 In-line Flutter Entertainment; FY20 results Supermarket Income REIT; HY Results UK Housebuilders 95% LTV mortgage scheme to be Travis Perkins; FY20 results 04-Mar Entain; FY20 Results announced in the Budget Irish Economic View AIB Manufacturing PMI points to continued optimism among industry UK Economic View A “Spend & Pay Later” Budget OneSavings Bank Announces acquisition of £55m mortgage portfolio Economic Events Ireland 01-Mar Retail Sales Jan21 03-Mar ILO Unemployment Rate Feb21 05-Mar Foreign Direct Investment Q4 08-Mar GDP Q4 Industrial Production Jan21 United Kingdom 01-Mar BoE Mortgage Approvals Jan21 CIPS Manufacturing PMI Feb21 03-Mar CIPS Services PMI Feb21 04-Mar CIPS Constuction PMI Feb21 United States Europe This document is intended for the sole use of Goodbody Investment Banking and its affiliates Goodbody Capital Markets Equity Research +353 1 6419221 Equity Sales +353 1 6670222 Bloomberg GDSE<GO> Goodbody Stockbrokers UC, trading as “Goodbody”, is regulated by the Central Bank of Ireland. In the UK, Goodbody is authorised and subject to limited regulation by the Financial Conduct Authority. Goodbody is a member of Euronext Dublin and the London Stock Exchange. Goodbody is a member of the FEXCO group of companies.
    [Show full text]
  • Morning Wrap
    Morning Wrap Today ’s Newsflow Equity Research 21 Dec 2020 08:18 GMT Upcoming Events Select headline to navigate to article Breedon Group Further upgrades point to double-digit Company Events growth in H2 ARYZTA Elliott offer rejected, further update on strategic plans Harworth Group Further land sale as busy Q4 continues to deliver Greencoat Renewables €123m forward funding deal with Statkraft Economic Events Ireland 22-Dec PPI Nov20 Wholesale Price Indsx Nov20 United Kingdom 22-Dec GDP Q3 Exports Q3 Imports Q3 Current Account Q3 United States Europe This document is intended for the sole use of Goodbody Investment Banking and its affiliates Goodbody Capital Markets Equity Research +353 1 6419221 Equity Sales +353 1 6670222 Bloomberg GDSE<GO> Goodbody Stockbrokers UC, trading as “Goodbody”, is regulated by the Central Bank of Ireland. In the UK, Goodbody is authorised and subject to limited regulation by the Financial Conduct Authority. Goodbody is a member of Euronext Dublin and the London Stock Exchange. Goodbody is a member of the FEXCO group of companies. For the attention of US clients of Goodbody Securities Inc, this third-party research report has been produced by our affiliate, Goodbody Stockbrokers Goodbody Morning Wrap Breedon Group Further upgrades point to double-digit growth in H2 Breedon Group has released an update this morning highlighting that the positive trading Recommendation: Buy that the group noted in its Nov 18th trading update has continued. Management notes that Closing Price: £0.87 trading has continued to “exceed expectations across the Group” with like-for-like revenues David O'Brien in November trending positive yoy.
    [Show full text]
  • The New Ireland Fund, Inc. Portfolio Manager Commentary Quarter Ended October 31, 2018
    The New Ireland Fund, Inc. Portfolio Manager Commentary Quarter ended October 31, 2018 Performance Review The New Ireland Fund Inc.’s (“Fund”) returns are summarized in the table below: Period to October 31, Benchmark* IRL NAV IRL NAV Return 2018 Return Return Relative to Benchmark Quarter -11.38% -13.71% -2.33% 6 months -11.85% -17.23% -5.38% 1 year -9.77% -21.54% -11.77% 3 years +3.15% -1.26% -4.41% 5 years +5.93% +4.28% -1.65% Since inception +7.09% +7.17% +0.08% *Benchmark is the ISEQ ex Bank of Ireland up to July 31, 2011, the ISEQ from August 1, 2011 up to July 30, 2015, combined with MSCI All Ireland Capped Index (“MSCI Ireland”) from August 1, 2015. While Ireland is performing poorly this year, it is pretty much in line with the overall broad Euro Stoxx 50 index and the UK FTSE 250 indices for the 3 and 12-month periods. Investment Overview: Portfolio Performance wise the portfolio had a negative return for the quarter in absolute and relative terms and for the calendar YTD. The Irish market has experienced its most difficult year since the global financial crisis. As distinct from 10 years ago when the Irish downturn was largely self-inflicted, the Irish market is more a victim of global events and generally negative sentiment. The following reasons are pertinent to highlight, especially as Ireland is a small open economy with a stock- market that is vulnerable to swings in either global fundamentals or sentiment: • Fears escalating for a global trade war from US-China dispute; • A slowdown in the European economy from the 3% growth rates seen at the beginning of the year to much slower 1% growth has caused fears of a return to recession in Europe; • Playing into these European fears were concerns such as about Turkey or Italian politics; • The big issue pertinent to Ireland remains Brexit and the roller coaster of mainly fear it has induced and which has garnered increased attention as the deadline looms; • Economically sensitive stocks were generally under pressure because of the above.
    [Show full text]
  • M&A Tracker Quarter 4 2020
    Corporate Finance Review of Irish trade sales, buyouts and acquisitions Q4 and Full Year 2020 Prepared by Investec Corporate Finance Contents 1. Introduction 2. Quarterly Commentary 3. Significant Transactions During 2020 – By Deal Value 4. Transaction Values 5. Sector Analysis 6. Type of Transactions 7. Outlook for 2021 Appendix 1: 2020 Transactions by Sector Review of Irish trade sales, buyouts and acquisitions 1. Introduction There were a total of 291 transactions announced in the 12 months to December 2020, 29 transactions less than the prior year. Deal volume increased in the second half of the year as the initial shock caused by Covid-19 started to recede somewhat. This saw a 25% increase in deal volume in H2’20 (162 deals), but no doubt some of this was due to delays in deals that would have ordinarily closed on Q2’20. Following a slow start to the year in terms of value, we saw over €4.6bn in M&A activity in Ireland in the final quarter of 2020. This represented more than 54% of the total disclosed value for the entire year, bringing the total disclosed deal value for the year to €8.5bn. Not surprisingly, due to Covid-19, there was a decrease in the total number of deals in 2020 versus 2019 – however a reduction of deals by only 9% is much less than one would have thought likely earlier in the year, and the market for deals has been shown to be very resilient. For the second year in a row, gaming giant Flutter Entertainment was involved in the largest transaction of any Irish company with its acquisition of a 37.2% stake in FanDuel Inc.
    [Show full text]