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Dalata Hotel Group Agrees to Acquire the Clarion in Sligo Company Events for €13.1M 20-Jan Britvic; Q1 2016 Results J D Wetherspoon; Q2 Trading Update

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Dalata Hotel Group Agrees to Acquire the Clarion in Sligo Company Events for €13.1M 20-Jan Britvic; Q1 2016 Results J D Wetherspoon; Q2 Trading Update Morning Wrap Today ’s Newsflow Equity Research 19 Jan 2016 Upcoming Events Select headline to navigate to article Dalata Hotel Group Agrees to acquire the Clarion in Sligo Company Events for €13.1m 20-Jan Britvic; Q1 2016 Results J D Wetherspoon; Q2 Trading Update 26-Jan easyJet; Q1 2016 Results Economic View Business sentiment supports strong Marston's; Ryanair; Q1 IMS growth Banks Fitch reiterates positive outlook on the Irish banks, impairment exposure a concern Kerry Group Unilever sees sales growth in Food division Economic Events Ireland 25-Jan Property Prices MoM United Kingdom 19-Jan CPI YoY CPI YoY 20-Jan Employment Change 3M ILO Unemployment Rate 3 Mths 21-Jan RICS House Price Balance 22-Jan Retail Sales Ex Auto Fuel YoY United States 20-Jan CPI Ex Food and Energy YoY CPI YoY 21-Jan Philadelphia Fed Business Outlook 22-Jan Markit US Manufacturing PMI Europe 19-Jan CPI YoY CPI Core YoY 21-Jan ECB Main Refinancing Rate 22-Jan Markit Eurozone Services PMI Markit Eurozone Composite 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 Dalata Hotel Group Agrees to acquire the Clarion in Sligo for €13.1m Dalata announced this morning that it has entered into an agreement to acquire the Clarion Recommendation: Buy in Sligo for a consideration of €13.1m, with plans to invest a further €0.75m in a Closing Price: €4.93 refurbishment programme. In 2015, the hotel generated EBITDA of €0.93m implying a Kevin McDermott multiple of 14.9x including the refurbishment investment. The Clarion Sligo is a 4 star hotel +353-1-641 9162 with 162 bedrooms, situated on 5.5 acres, with extensive meeting and conference facilities [email protected] and a leisure centre. Since April 2013, Dalata has been operating this hotel under a management contract and following completion of the acquisition the hotel will be rebranded as a Clayton hotel. This deal had been well flagged in the media over the past few weeks. Prior to going into receivership c.€45m had been spent on its development and therefore the hotel is well invested. At 14.9x, and with the potential to deliver small synergies and revenue uplift, the multiple is broadly in line with what we would expect the group to pay. Following this deal, management has c.€185m available to invest in the business. Dalata is a top pick for us in 2016 and we re-iterate our BUY recommendation. Home… Economic View Business sentiment supports strong growth According to the latest Irish Business Sentiment Survey from KBC, and reported in the Irish Juliet Tennent +353-1-641 9469 media this morning, business sentiment was at a nine year high in the final quarter of 2015. [email protected] This positive sentiment is a result of a broadly based, strong increase in output that is in line with the economic growth in the economy. There is increasing confidence in the domestic economy with Irish firms also experiencing strong growth. However, there was a note of caution on costs, which are building. Some of this can be attributed to the “scaling up” of activity, while higher import prices are also having an impact. In addition, wage costs are increasing with the majority of companies planning to award pay increases this year. This strong business sentiment survey supports our positive view on the Irish economy, particularly in relation to the domestic economy, which we outlined in our Q1 Health Check last week. We expect economic growth to underpin both employment and wage growth in the coming year, something that is also reflected in the survey. Home… Page 2 19 Jan. 16 Goodbody Morning Wrap Banks Fitch reiterates positive outlook on the Irish banks, impairment exposure a concern Fitch rating agency has advised that it could upgrade AIB and Bank of Ireland over the next Eamonn Hughes +353-1-641 9442 12 – 24 months if the improvements in their asset quality and capital position continue. The [email protected] agency notes the banks’ exposure to impaired loans as a cause of concern, in particular, the banks vulnerability ‘to severe shocks’ in the commercial property space. However, the Colm Foley +353-1-641 6042 agency cited the progress made at the two pillar banks on their impaired loan books as a [email protected] positive, noting the €6bn reduction in bad loans in the first half of 2015 (c.15% of total bad Sarah Dunne loans at that date). +353-1-641 0482 [email protected] We agree with Fitch’s positive outlook for the Irish banks and expect non- performing loans to continue to decline through 2016, in particular at AIB. Home… Kerry Group Unilever sees sales growth in Food division Unilever released its FY 2015 results this morning with underlying sales growth for the Food Recommendation: Hold division coming in at 1.5% for the full year. Food sales growth was 1.7% in Q4, a small Closing Price: €74.00 improvement on the Q3 figure of 1.6%. Key to the improvement in 2015 was innovation Liam Igoe around health and wellness. +353-1-641 9450 [email protected] Kerry Group is a supplier into Unilever’s Food division so the improvement in sales growth in Q4 provides a positive backdrop for Kerry ahead of its full-year results on 23rd February. Home… Page 3 19 Jan. 16 Goodbody Morning Wrap Market Data Top 10 Covered Companies Company Price Mkt Cap Absolute Relative to European Sector P/E (LC) (LCM) 1 Day 1 Week 1 Mth Ytd 1 Day 1 Week 1 Mth Ytd 2016f 2017f Ryanair 14.42 19,734 0.1 -3.6 -3.9 -4.0 0.5 -0.2 5.6 6.9 15.4 12.6 CRH 22.97 18,735 -1.0 -7.0 -12.5 -14.0 -0.7 -3.7 -3.8 -4.2 14.7 11.9 IAG 5.46 11,089 -1.0 -7.5 -7.3 -10.6 -0.6 -4.2 1.9 -0.5 6.9 5.5 AIB Group 5.00 13,655 -5.7 -25.4 -50.0 -24.9 -5.3 -22.7 -45.0 -16.4 9.8 15.2 Kerry Group 74.00 13,009 -1.1 -0.8 -1.4 -3.0 -0.8 2.7 8.4 7.9 22.4 19.6 HeidelbergCement 63.89 12,677 -0.5 -7.4 -11.9 -15.5 -0.2 -4.1 -3.2 -6.0 11.9 11.4 Wolseley 32.95 8,569 -1.8 -3.8 -9.8 -10.7 -1.0 -2.3 -5.2 -3.9 13.5 12.0 Bank of Ireland 0.30 9,812 -1.0 -5.6 -8.2 -10.4 -0.6 -2.3 0.9 -0.2 11.1 10.1 easyJet 16.01 6,359 -0.7 -6.8 -5.0 -8.0 0.1 -5.4 -0.2 -0.9 10.7 9.7 Mondi 11.97 5,812 0.9 -1.6 -9.6 -10.3 1.3 1.8 -0.6 -0.1 10.2 10.0 Indices ISEQ performance % Price 1 Day 1 Week 1 Mth Ytd ISEQ 6,279.71 -0.67 -4.19 -6.94 -7.54 6,800 FTSE 100 5,779.92 -0.42 -1.57 -4.50 -7.41 6,600 6,400 DAX 30 9,521.85 -0.25 -3.09 -10.24 -11.37 6,200 CAC 40 4,189.57 -0.49 -2.86 -9.42 -9.65 6,000 FTSE Eurofirst 300 1,293.29 -0.29 -3.13 -8.88 -10.03 5,800 Nasdaq 4,488.42 - -3.22 -8.83 -10.36 5,600 S&P 500 1,880.33 - -2.25 -6.24 -8.00 5,400 Dow Jones 15,988.08 - -2.50 -6.66 -8.25 5,200 Jan-15 Apr-15 Jul-15 Oct-15 Nikkei 225 16,955.57 -1.12 -4.19 -10.70 -10.92 Exchange Rates Current Px 1 day Px 1 Week Px Dec15 Avg Ytd Stg/€ 0.762 0.765 0.747 0.737 0.747 STOXX 600 performance US$/€ 1.088 1.095 1.085 1.086 1.084 CHF/€ 1.095 1.094 1.087 1.087 1.089 420 410 JPY/€ 127.673 127.991 127.377 130.676 128.187 400 Bonds 390 380 Yield 1 Day Yld 1 Wk Yld 1 Mth Yld 3 Mth 370 360 US 2 Yr 0.85 - 0.85 -0.09 0.24 350 US 10 Yr 2.04 - -0.14 -0.17 0.00 340 330 UK 2 Yr 0.46 0.02 -0.06 -0.13 -0.08 320 Jan-15 Apr-15 Jul-15 Oct-15 UK 10 Yr 1.69 0.03 -0.08 -0.14 -0.00 BD 2 Yr -0.40 -0.01 -0.01 -0.40 -0.13 BD 10 Yr 0.47 -0.00 -0.07 0.47 -0.08 Irish 10 Yr 0.97 0.01 -0.04 -0.09 -0.18 Commodities FTSE 250 performance % Current 1 day 5 day 1 Mth 1 Yr Brent (ICE $/bbl) 28.55 -1.35 -5.81 -22.59 -43.09 18,000 Gasoline (NYM $/Gal) 1.02 - -3.00 -19.88 -24.85 Heat Oil (NYM $/Gal) 0.93 - -3.62 -15.61 -43.91 17,500 Nat.Gas 2.10 - -7.45 18.85 -32.84 17,000 Gold $/oz 1,089.20 -0.42 0.10 2.51 -14.74 16,500 Silver $/ozt 13.88 0.58 0.36 0.43 -17.97 Copper U$/MT 4,360.00 1.15 -0.46 -6.24 -22.97 16,000 Wheat $/BU 4.74 - -0.89 -2.67 -11.07 15,500 Jan-15 Apr-15 Jul-15 Oct-15 Source : FactSet Page 4 19 Jan.
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