DOCSLIB.ORG

Morning Wrap

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Morning Wrap Morning Wrap Today ’s Newsflow Equity Research 23 Sep 2020 08:27 BST Upcoming Events Select headline to navigate to article Origin Enterprises Well placed to recover from tough Company Events FY20; Valuation compelling 23-Sep Origin Enterprises; FY20 results SSP Group; Q4 update SSP Group Losses in the middle of the guided range, good 24-Sep SIG; Q220 Results outcome on liquidity 29-Sep Ferguson; FY20 Results Greggs; Q3 trading update 30-Sep 888 Holdings; Q220 Results Draper Esprit Participation in ICEYE Series C Round S & U; Q220 Results Economic View Further supports required for the long winter Building Materials Architectural billings in August still show little sign of improvement Irish Banks BOI voluntary redundancy targets well on way to being met Economic Events Ireland 28-Sep Retail Sales Aug20 United Kingdom United States Europe 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. 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 Origin Enterprises Well placed to recover from tough FY20; Valuation compelling Origin has this morning reported adj. EPS of 25.69c (GBY 24c) which is at the top end of the Recommendation: Buy company guided range (23c-26c). FY20 was a challenging year for the business given the Closing Price: €3.17 impact from extreme weather conditions (i.e. 5th wettest autumn on record, wettest February on record and drought conditions in March-June), particularly in its largest market, Jason Molins +353-1-641 9141 the UK. Consequently, Group operating profit declined 46.4% to €44.1m mainly due to [email protected] weaker volumes and margins in Ireland and the UK. Encouragingly, a key focus on cash preservation in the second half of the year, particularly around working capital management and the benefit of UK COVID-19 VAT deferrals, has resulted in net debt (pre-IFRS 16) coming in at €53.2m (GBY €95m) and is down c.€40m yoy. The key highlights from today’s update were as follows: i) Ireland & the UK reported a 61.4% decline in operating profit to €23.3m with underlying volumes in agronomy services and crop inputs down 14.4%. The unfavourable weather conditions throughout the year were a significant negative factor for the agronomy services and fertiliser businesses, while the Amenity business was particularly impacted by COVID and the associated closure of sporting venues. The Feed business performed reasonably despite lower volumes; ii) Continental Europe achieved a more robust performance with underlying profit down just 2.3% to €13.2m and margins being held flat yoy. Despite a challenging operating environment, underlying volumes declined by 1.9%. Solid results in Poland and Romania helped offset weaker outcomes in Belgium (impacted by weather and global raw material prices) and Ukraine (ongoing market challenges and volatile currency); iii) Brazil profit came in at €7.1m (GBY €7.0m) with underlying volume and revenue growth of 4.3% and 6.4% respectively. Operating profit improved by 4.9% on an underlying basis, with reported profit impacted by the weakening of the Brazilian Real. Origin also announced that it had divested its 20% stake in Ferrari back to its existing shareholders; and iv) CFO appointment: TJ Kelly, formerly CFO of Hostelworld and Glanbia, has been appointed Origin’s CFO and will commence no later than March 2021. Overall, while FY20 has proved a challenging year, we believe that in a more normalised weather environment and given the inherent strength of the business, Origin should be well placed to deliver substantial growth in FY21. From a valuation perspective, Origin trades on just 7.4x FY21 PE, a c.25% discount to its 3-year historic average which offers an attractive entry point. This document is intended for the sole use of Goodbody Stockbrokers and its affiliates Home… Page 2 23 Sep. 20 Goodbody Morning Wrap SSP Group Losses in the middle of the guided range, good outcome on liquidity SSP this morning issued a pre-close update. Revenue for the year was c.£1.45b Recommendation: Buy and operating loss has been guided to broadly in the middle of the £180-£250m range for Closing Price: £1.81 H2, indicating a FY EBIT loss of c. £216m. Overall revenues are expected to be -86% lower yoy in H2 and current weekly sales are noted as running at 76% below last year, Paul Ruddy +353 1 641 6024 representing an improvement from Q3 (c.-93%). Revenue and EBIT came in below our [email protected] forecasts of £1.58b & -£151m respectively, but we had flagged previously that our numbers were too high given the global restrictions still hampering air travel in Q4. Cash burn is better than we anticipated, guided to a range of £250m to £270m (we expected £290m cash burn with a smaller EBIT loss) and better than previous guidance, although it does mention rent deferrals. This means liquidity at the end of the current financial year will be £480 to £500m with current monthly cash burn of £25m per month. On current trading weekly sales are now c.-76% below last year recovering from -90% in June and -95% in April and May. Continental Europe has performed best with weekly sales down c.-66% yoy as it benefits from its rail business reopening and some recovery in regional air travel. North America, the UK and the Rest of World regions are down around - 80-85%. The UK also saw a small recovery in the air sector during the summer from leisure customers while the rail sector was very weak in the third quarter but is now seeing signs of a slow recovery. The group has now reopened c. 1,100 units which is over a third of its total. The reopening’s are selected in locations that can achieve break-even level of sales at low levels of passenger numbers. On outlook, the group notes that more recently it has seen some limited improvement in travel with sales at c. 24% of pre-COVID levels. It flags that demand may well remain subdued during the winter and it will continue to re-open sites dynamically when there is demand. On a more medium term view, it believes that demand for travel will return and the actions it has taken together with the evolving market backdrop will ensure SSP emerges as a fitter and stronger business. Operating losses for FY20 are more than our forecasts and at the higher end of the consensus range, however this should not come as much of a surprise given the disruption to global travel that continued into the late summer. However, liquidity is better than we anticipated and current cash burn is manageable, helped by government supports. We will reduce forecasts for FY21 to reflect the slow re-build of the travel market with sales only running at c.75% of pre-COVID levels. A key This document is intended for the sole use of Goodbody Stockbrokers and its affiliates question for the conference call at 9am will be what its expectations are for cash burn as government supports begin to reduce later this year. Overall, a good outcome on cash burn and liquidity is a positive in the context of the challenges facing the travel and leisure sector. Home… Page 3 23 Sep. 20 Goodbody Morning Wrap Draper Esprit Participation in ICEYE Series C Round A statement from Draper Esprit yesterday indicated that it has participated in the latest Recommendation: Buy funding round in recent core portfolio addition ICEYE. The satellite imaging company has Closing Price: £5.36 secured $87m in a Series C funding round, led by True Ventures, with participation from Gerry Hennigan cornerstone investor OTB Ventures, Finnish Industry Investment (Tesi), DNX Ventures, +353-1-641 9274 Draper, Seraphim Capital, Promus Ventures and Space Angels. [email protected] Originating in 2014, ICEYE’s synthetic-aperture-radar (SAR) technology, which can operate day and night and through cloud cover, has to date launched five satellites. Initially focused on providing data analysis to the maritime industry as an aid to sail among icebergs — which is how the company got its name – the technology is increasing being deployed by corporates and government agencies in areas covering disaster management, insurance, finance, security and intelligence. Draper Esprit originally invested £3.7m as part of ICEYE’s $34m Series B round in May 2018. The latest funding round, which according to ICEYE was significantly larger than originally planned, will be employed to launch an additional four satellites this year and a further eight in 2021, materially increasing 24/7 data availability for all the continents. Valued at £13.9m in the Draper Core Portfolio in March, with an interest in the range of 6% - 10%, the ability of assets to raise funding against the backdrop of the pandemic bears testament to portfolio quality, providing confidence in the ability of Draper to achieve a forecast 20% uplift to FY21 ‘fair value’ relative to a NAV per share of 555p outlined in March. Home… This document is intended for the sole use of Goodbody Stockbrokers and its affiliates Page 4 23 Sep.
Load more

Recommended publications
  • Origin-Annual-Report-2020.Pdf
    Strength throughAnnual Report and Accounts 2020 challenging times. INNOVATE COLLABORATE SUSTAIN OUR VISION To be the leading and trusted partner of choice to the farmers, growers and amenity professionals we serve. OUR PURPOSE Optimising sustainable agriculture and food production through innovation, research & development and agronomic expertise. LOCAL 320 EXPERTISE Strong Operational Team Agrii UK employs approximately 320 operational staff during the peak of the season to successfully support >2,600 its customers People Employed in 7 Countries + See Agrii UK Case Study on page 33 103 €64.3m Distribution of free cash fl ow Centres demonstrating strong cash generation + More on pages 35 >30 GLOBAL Farms attended daily by each of our UK delivery drivers at peak season COLLABORATION + More on pages 33 320 Strong Operational Team Agrii UK employs approximately 320 operational staff during the peak of the season to successfully support its customers + See Agrii UK Case Study on page 33 103 €64.3m Distribution of free cash fl ow Centres demonstrating strong cash generation GLOBAL COLLABORATION CONTENTS Strategic Report Governance Financial Statements At a Glance 6 Board of Directors 74 Directors and Other Information 114 Our Segments 7 Directors’ Report 76 Statement of Directors’ Chairman’s Statement 8 Chairman’s Overview 79 Responsibilities 115 Chief Executive’s Review 10 Corporate Governance Statement 81 Independent Auditors’ Report 116 Financial Review 12 Nomination and Corporate Consolidated Income Statement 124 Alternative Performance
    [Show full text]
  • Origin Enterprises Plc Annual Report and Accounts 2018 About Us
    Origin Enterprises plc Enterprises Origin Annual Report and Accounts 2018 Report Accounts and Annual Origin Enterprises plc Annual Report and Accounts 2018 About Us Strategic Report Origin Enterprises plc 1 Highlights 2 Origin at a Glance 4 Chairman’s Statement is a leading Agri-Services 6 Our Business 8 Market Review 12 Chief Executive’s Review group, employing over 2,400 16 Strategy 18 Business Model 20 Key Performance Indicators people across six countries. 22 Strategy in Action 28 Sustainability Report 34 Risk Report The Group has leading market positions in Ireland, the UK, 40 Financial Review 47 Our Progress Since Establishment Belgium, Poland, Romania and Ukraine. Origin is listed on the ESM and AIM markets of the Irish and London Governance 48 Board of Directors Stock Exchanges. 50 Directors’ Report 53 Chairman’s Overview 54 Corporate Governance Statement 61 Audit Committee Report 65 Remuneration Committee Report The Group operates in six countries across 71 Annual Report on Remuneration Ireland, the UK and Continental Europe. 76 Nomination Committee Report Find out more about Our Businesses on page 3 Financial Statements 79 Statement of Directors’ Responsibilities 80 Independent Auditors’ Report 85 Consolidated Income Statement 86 Consolidated Statement Details of the markets in which we operate, of Comprehensive Income are set out in this review. 87 Consolidated Statement of Financial Position Find out more about our Market Review on pages 8 to 11 88 Consolidated Statement of Changes in Equity 89 Consolidated Statement of Cash Flows 90 Group Accounting Policies 98 Notes to the Group Our objective is to grow a sustainable Agri- Financial Statements Services business which optimises value for 137 Company Accounting Policies 139 Company Balance Sheet our stakeholders.
    [Show full text]
  • Creating Impact – Achieving Results
    30% Club Ireland CEO & Chairs Third Annual Conference Creating Impact – Achieving Results 25 January 2017 #30pcImpact National Gallery of Ireland Clare Street, Dublin 2 3.45pm Registration 4pm Seminar 6:15-7.30pm Reception & Networking @30percentclubIE www.30percentclub.org 30% Club Ireland Creating Impact Achieving Results 25 January 2017 2 Creating Impact Achieving Results 25 January 2017 Agenda 4.00pm Opening Remarks An Tánaiste and Minister for Justice and Equality, Frances Fitzgerald TD 4.15pm Welcome Marie O’Connor, Partner, PwC, Country Lead, 30% Club Ireland 4.25pm Painting the Picture: Research Update 2016 Facilitator: Conor O’Leary, Group Company Secretary, Greencore Anne-Marie Taylor, Management Consultant - Women in Management and Women on Boards: the Irish picture Darina Barrett, Partner, KPMG - The Think Future Study 2016 Dr Sorcha McKenna, Partner, McKinsey – Women Matter: Women in the Workplace 2016 4.45pm Sasha Wiggins introduces Lady Barbara Judge Sasha Wiggins, CEO, Barclays Bank Ireland introduces Lady Barbara Judge, Chair, Institute of Directors 5.00pm Taking Action Facilitator: Melíosa O’Caoimh, Senior Vice President, Northern Trust Anne Heraty, CEO, CPL Resources and President of Ibec Gareth Lambe, Head of Facebook Ireland Pat O’Doherty, CEO, ESB Brian O’Gorman, Managing Partner, Arthur Cox 5.25pm Leadership Commitment and Accountability - Perspective of the Chair Facilitator: Bríd Horan, Former Deputy CEO, ESB Rose Hynes, Chair, Shannon Group and Origin Enterprises Gary Kennedy, Chair, Greencore Gary McGann, Chair, Paddy Power Betfair 5.45pm Diplomacy, Diaspora and Diversity Anne Anderson, Ambassador of Ireland to the United States 6.00pm Future Plans & Closing Remarks Carol Andrews, Global Head of Client Service and Prime Custody (AIS), BNY Mellon Please note that this is an on the record event and views expressed are not necessarily representative of all 30% Club members.
    [Show full text]
  • The New Ireland Fund, Inc. Portfolio Manager Commentary Quarter Ending January 31, 2018
    The New Ireland Fund, Inc. Portfolio Manager Commentary Quarter Ending January 31, 2018 Performance Review The New Ireland Fund Inc.’s (the “Fund” or “IRL”) NAV per sharereturns are summarized below. Period to January 31, 20181 Benchmark* IRL NAV Net NAV Return Relative Return Return to Benchmark Quarter +5.8% -1.8% -7.6% Fiscal Year to Date +5.8% -1.8% -7.6% 1 year +28.9% +19.8% -9.1% 3 years +14.3% +13.5% -0.8% 5 years +14.6% +14.6% +0.0% Since inception +7.9% +8.2% +0.3% *The Benchmark is the MSCI All Ireland Capped Index. Prior to August 1, 2015, the Benchmark was the Irish Stock Exchange Index. Prior to July 31, 2011, the Benchmark was the Irish Stock Exchange Index ex Bank of Ireland. The performance of the MSCI Ireland Index compared to peer global indices is summarized below. Ireland generally performed well over the quarter with a small lag versus other markets. Market Quarter ended January Year ended January 31, 31, 2018 Returns 2018 Returns Local US $ Local US $ Ireland SE Overall (ISEQ) -0.1% +6.8% +10.4% +27.2% MSCI All Ireland Capped -1.0% +5.8% +11.8% +28.9% US Equities (S&P 500) +10.2% +10.2% +26.4% +26.4% US Equities (NASDAQ) +10.4% +10.4% +33.4% +33.4% UK Equities (FTSE 100) +1.1% +8.3% +10.4% +24.8% Japan Equities (TOPIX) +4.2% +8.5% +23.3% +27.1% European (Euro STOXX 50) -1.4% +5.4% +15.4% +33.1% German Equities (DAX 30) -0.3% +6.6% +14.3% +31.8% French Equities (CAC 40) -0.1% +6.8% +19.1% +37.3% Note-Indices are total gross return Investment Overview: Portfolio Review Within the portfolio the banks had a better quarter with Bank of Ireland and AIB strong, BOI finally made up some lost ground versus AIB.
    [Show full text]
  • Commercial Property
    Morning Wrap Today ’s Newsflow Equity Research 21 Oct 2015 Upcoming Events Select headline to navigate to article Economic View Mortgage credit standards tightened in Q3 Company Events 21-Oct Home Retail Group; Q2 2016 Results 22-Oct Ladbrokes; Q3 2015 Results US Building Materials ABI back into positive territory in Norwegian Air Shuttle; Q3 2015 Results Travis Perkins; Q3 2015 IMS September 23-Oct William Hill; Q3 2015 Results 27-Oct Carpetright; Q2 2016 Results Geberit; Q3 2015 Results Kerry Group Strong FY15 from Chr. Hansen 28-Oct C & C Group; Q2 2016 Results St Gobain; Q3 2015 Results Origin Enterprises Yara positive update Fyffes Announce expansion of farming capacity Paper & Packaging PCA notes lower containerboard Economic Events export prices, guidance for Q4 below expectations Ireland Economic View New Governor maintains CB independence United Kingdom 22-Oct Retail Sales Ex Auto Fuel YoY United States Kenmare Resources Weak outlook from Base Resources 23-Oct US Manufacturing PMI Europe Commercial Property NAMA reports H115 net income of 22-Oct ECB Main Refinancing Rate 23-Oct Eurozone Services PMI €473.5m, exceeds FY14 Euro Area Second Quarter Government Debt Eurozone Manufacturing PMI Eurozone Composite PMI Mincon Group Mining remains a headwind for Atlas Copco in Q3 Goodbody Capital Markets Equity Research +353 1 6419221 Equity Sales +353 1 6670222 Bloomberg GDSE<GO> Goodbody Stockbrokers (trading as Goodbody) is regulated by the Central Bank of Ireland. For the attention of US clients of Goodbody Securities Inc, this third-party research report has been produced by our affiliate Goodbody Stockbrokers. Please see the end of this report for analyst certifications and other important disclosures.
    [Show full text]
  • Annual Report 2015
    Annual Report 2015 Origin Enterprises plc Annual Report 2015 Origin Enterprises plc Overview Origin – At a Glance Origin Enterprises plc Our businesses is a leading Agri-Services and locations business with operations Ireland and UK IRL Agrii in Ireland, the UK, Poland, Goulding UK Origin Fertilisers Ukraine and Romania. PB Kent Rigby Taylor Origin Northern Ireland The Group’s focus is to be the leading provider R&H Hall Trading of value added services, technologies and Poland strategic inputs that support sustainable Dalgety Agra Polska and profitable food production systems for primary food producers. Romania Redoxim Origin is listed on the ESM and AIM markets of the Irish and London Stock Exchanges Ukraine respectively, is headquartered in Dublin, Agroscope Ireland and currently employs over 1,600 people. Highlights: 2015 Group Revenue Total Group Adjusted Diluted Dividend per Share (€bn) Operating Profit* (€m) EPS*** (cent) (cent) 3.0% 0.1% 4.5% 5.0% 8 0 1.45 93.0 92.9 € 1.418 1.415 90.7 0 € € 60.1 € € € 57.51 1.340 € 82.3 21.0 € 52.11 20.00 45.16 17.25 15.00 3 4 2 3 2 3 2 3 2 4 4 4 5 5 5 201 201 201 201 201 201 201 201 201 201 201 201 2015 201 201 201 Annual Report and Accounts 2015 Overview Overview Our Strategy and Business Model 02 Agri-Services 04 Agronomy Explained and in Practice 06 Insights into UK Agronomy 08 Agri-Services – UK Case Study 10 Agronomy – Central and Eastern Europe 12 Business Review Chairman’s Statement 15 Review of Business Operations 16 Business Review Financial Review 21 Our Progress Since Establishment
    [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]
  • Annual Report and Accounts 2017 Origin Enterprises Plc Is a Leading Agri-Services Group, Employing Over 2,300 People Across 136 Operating Locations* in Five Countries
    Annual Report Annual and Accounts 2017 Origin Enterprises plc Annual Report and Accounts 2017 Origin Enterprises plc is a leading Agri-Services group, employing over 2,300 people across 136 operating locations* in five countries. 05 Chairman’s Statement A strong underlying performance in 2017 and continued progress of strategic initiatives. Dear Shareholder, Details of our financial performance are set out Board Strategic Report in the Financial Review on pages 33 to 38. Our Markets As a Board, we are committed to excellence in Performance governance practices to facilitate the effective I am pleased to report a solid set of results Strategy stewardship and long-term success of the for the year ended 31 July 2017. During the Our core strategic priority is to grow a Group. Full details of our approach are set out 01 Highlights year we had a strong underlying operational sustainable Agri-Services business which in the Corporate Governance Statement on and financial performance across the Group. optimises value for our stakeholders. pages 46 to 51. Details of the markets in which we While market conditions were highly competitive We will deliver this by focusing on our 02 Origin at a Glance The Board currently comprisesp05 six Non-Executive in 2017, the Group responded well and delivered key strategic priorities. These are: an improved underlying business performance Directors and three Executive Directors. Each of underpinned by good volume growth and higher > Application Research and Innovation. these Directors brings a wealth of knowledge, operate, both in Ireland and the UK margins. This performance more than offset > Operational Excellence.
    [Show full text]
  • Annual Report and Accounts 2019 Total Produce Is at the Forefront of the Global Fresh Produce Industry
    Annual Report and Accounts 2019 Total Produce is at the forefront of the global fresh produce industry. Operating primarily across Europe, North America and South America, Total Produce is involved in the growing, sourcing, importing, packaging, marketing and distribution of an extensive selection of fresh fruits, vegetables and flowers – ranging from the familiar to the truly exotic. Financial Highlights Revenue 1 Adjusted EBITDA 1 €6,173m €202.8m +22.4% on prior year +52.1% on prior year Adjusted EBITA 1 Shareholders’ Equity €150.1m €451.1m +53.1% on prior year +4.2% on prior year Adjusted EPS 1 Adjusted EPS (Pre-leasing) 1 14.12 cent 14.86 cent +34.3% on prior year +41.4% on prior year Dividend per Share (Total) 3.4899 cent +1.8% on prior year 1 Key performance indicators are defined on pages 181 to 185. 1. Strategic Report 2. 3. Strategic Report Where We Operate 2 History and Growth 4 Chairman’s Statement 6 Our Strategy and Business Model 8 Our Supply Chain and Product Portfolio 10 Financial Growth 12 Risks and Risk Management 14 Sustainability 20 Chief Executive’s Review 46 Financial Review 50 Governance Board of Directors and Secretary 58 Directors’ Report 60 Corporate Governance Report 63 Audit Committee Report 70 Compensation Committee Report 73 Nomination Committee Report 79 Financial Statements Statement of Directors’ Responsibilities 81 Independent Auditor’s Report 82 Group Income Statement 87 Group Statement of Comprehensive Income 88 Group Balance Sheet 89 Group Statement of Changes in Equity 90 Group Statement of Cash Flows
    [Show full text]
  • Morning Wrap
    Morning Wrap Today ’s Newsflow Equity Research 23 Sep 2015 Upcoming Events Select headline to navigate to article Origin Enterprises Results in-line; caution on year ahead Company Events 23-Sep Origin Enterprises; Q4 2015 Results 28-Sep ARYZTA; Q4 2015 Results Smurfit Kappa Bio-Pappel to implement 15% box price 29-Sep Wolseley; FY15 Full Year results 30-Sep GameAccount Network; H115 Results increase in Mexico US Building Materials Step back in headline ABI only temporary given strength of pipeline Cairn Homes Ulster Bank readying sale of 1,850 acres of development land Greencore Competitor 2 Sisters investing in Ready Meals production Economic Events Ireland Global Economic View Chinese manufacturing PMI sinks United Kingdom to lowest in 6 years 24-Sep BBA Loans for House Purchase United States 23-Sep US Manufacturing PMI 24-Sep Durable Goods Orders New Home Sales 25-Sep GDP Annualized QoQ Core PCE QoQ US Composite PMI U. of Michigan Sentiment Europe 23-Sep Eurozone Manufacturing PMI Eurozone Services PMI Goodbody Capital Markets Equity Research +353 1 6419221 Equity Sales +353 1 6670222 Bloomberg GDSE<GO> Goodbody Stockbrokers (trading as Goodbody) is regulated by the Central Bank of Ireland. For the attention of US clients of Goodbody Securities Inc, this third-party research report has been produced by our affiliate Goodbody Stockbrokers. Please see the end of this report for analyst certifications and other important disclosures. Goodbody Morning Wrap Origin Enterprises Results in-line; caution on year ahead Reported Group profits were similar to FY14 (slightly behind our estimates), though 3.3% Recommendation: Buy lower on a lfl basis.
    [Show full text]
  • American Celtic Ball 2019
    31ST ANNUAL AMERICAN CELTIC BALL 2019 HONORING LEADERS IN BUSINESS PHILANTHROPY, EDUCATION AND THE ARTS ALBERT SCHWEITZER’S LEADERSHIP FOR LIFE FromFrom IIrelandreland toto AAmericamerica The place where Thethere’s place always where a there’s always a warm welcome. warmThe place welcome. where there’s always a warm welcome. SERVINGSERVING+20 +20 destinationsdestinations worldwideSERVING+20 worldwidedestinations irelandwestairport.com worldwide irelandwestairport.com irelandwestairport.com The place where there’s always a warm welcome. SERVING+20 destinations worldwide irelandwestairport.com Sir Michael W.J. Smurfit,KBE Co-Founder and International Chairman The Ireland Chamber of Commerce – United States Mr. Maurice A. Buckley Co-Founder, President and Chief Executive Officer The Ireland Chamber of Commerce – United States Master of Ceremonies Mr. Moody McCarthy Comedian —Honoring— Sir Michael Smurfit Business Achievement Award Mr. Edmond Scanlon Executive Director and Group CEO, Kerry Group plc Ms. Heather Bresch Chief Executive Officer, Mylan N.V. Ms. Rose Hynes Chairman, Shannon Group plc Chairman, Origin Enterprises plc Mr. Mervyn Greene Group Managing Director, The chq Building Director, EPIC The Irish Emigration Museum Albert Schweitzer’s Leadership for Life Award Mr. Kevin Schmiegel Lieutenant Colonel, USMC (Ret.) Chief Executive Officer, Operation Gratitude THURSDAY, OCtoBER 10, 2019 AT THE PLAZA HotEL, NEW YORK CITY 31st Annual American Celtic Ball 3 What would you say if we told you our packaging could help build your business? Packaging can do so much more than protect your products – it can make your business stronger. Packaging has the power to deliver growth, optimise costs, manage risk and protect brand equity. We’re proving it all over the world, every day.
    [Show full text]
  • Because We're Worth It
    Because We’re Worth It The Truth about CEO Pay in Ireland by Dr Peter Rigney January, 2019 and Eileen Sweeney Contents Introduc on . 5 Methodology . 5 The Composi on of CEO Pay . 7 Basic Pay . 7 Bonus Payments . 7 Long Term Incen ve Plans (LTIPs) . 7 Pensions . 8 Benefi t in Kind . 8 Changes in Remunera on . 8 Bonuses . 12 Pensions . 13 Percentage Payments of Various Elements of CEO Pay . 14 Pay Ra o . 15 Execu ve and Board Pay . 17 Conclusions . 19 APPENDIX 1: Descrip on of companies . 21 APPENDIX 2: Major Irish private companies ranked by Irish Times Top 1000 . 28 1 2 Number of years for CRH KERRY average worker GROUP to earn what 230 214 CEOs earned in 2017 YEARS YEARS TULLOW PADDY DCC OIL POWER RYANAIR 141 107 97 87 YEARS YEARS YEARS YEARS ICG UDG GRAFTON GLANBIA 62 60 53 52 YEARS YEARS YEARS YEARS DALATA SMURFIT GREENCORE KINGSPAN KAPPA 45 45 44 41 YEARS YEARS YEARS YEARS BANK OF ARYZTA KENMARE IRELAND C&C 41 34 32 28 YEARS YEARS YEARS YEARS ORIGIN CAIRN TOTAL FBD ENTERPRISES HOMES PRODUCE 28 27 21 20 YEARS YEARS YEARS YEARS PERMANENT AIB INM TSB AMINEX 16 14 13 9 YEARS YEARS YEARS YEARS 3 4 It would take 230 years for the average worker to equal the 2017 earnings of one of Ireland’s top paid CEOs. Introduction This is the second update of our report on CEO pay, fi rst published in January 2017. Our analysis of twenty-six companies shows that the average total pay for CEOs is s ll increasing at a rate of 6% per annum.
    [Show full text]