DOCSLIB.ORG

Goodbody-2016-07-25.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Goodbody-2016-07-25.Pdf Ryanair Airlines Results season to date: ULCC’s 2 – others 0 Equity Research 25 Jul 2016 FY17 guidance unchanged Recommendation BUY Ryanair has followed Wizz from last week in leaving its FY17 guidance unchanged. Unchanged Visibility over the all important September quarter is clearer than it was for Price Target €18.15 easyJet, with 75% of its expected bookings taken as against easyJet’s 65%, giving from €16.60 RYA the ability to guide Q2 yields down ~6% vs our current forecast of -7.4%. Key Stock Data Q1 highlights why ULCC’s win in tough times Ticker: RYA ID Q1 NPAT came in 2.6% better than forecast at €256m vs our €249m estimate. Closing Price: €10.91 While yields were down 10.3% yoy (GBY est. -10.6%), pax numbers were up Market Cap / EV €14,061 / €14,532.6m 11.1%. Additionally, ex-fuel costs/pax were down 3.5% yoy (GBY est. -2.7%) Average Daily Volume 2.033m reflecting better than expected airport and route charges. RYA’s model works. Free Float 95% 52 Wk Hi/Lo €15.35 / €10.46 FY17 guidance unchanged, although we move our number up Price Perf (1m/3m/12m) -19.2% / -16.2% / -12.8% Other than adding 1m pax to its target, now 117m for the year, and firming up its Q2 yield target, Ryanair kept its other headline numbers unchanged, with H2 Ryanair Vs Factset Europe Airlines yields at -10-12% and ex-fuel costs -1%. We have adjusted our Q2 yield to -6% 16 and lifted our FY17 NPAT from €1,342m to €1,375m. FY18 is now €1,417m vs 15 14 €1,326m. This moves our target price on our FY18 base from €16.60 to €18.15. 13 12 € 11 Leading not following 10 9 RYA continues to be proactive in terms of yield and growth. It intends to cut 8 7 Stansted frequencies over the 2016/17 winter season, with a greater focus on 6 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 intra-Euro growth. On current data, it is scheduled to grow Germany by 28% yoy Ryanair Factset Europe Airlines Source: Factset in Q3 to December, while its CEE network is up 24% vs overall growth of 10%. Financial & Valuation Summary International Comparative Ratings Headline Figures Mar 16a Mar 17f Mar 18f Mar 19f Price Cal. Adj ROCE Cal. EV/EBITDAR lc 16f 17f 16f 17f Revenues (€m) 6,536 6,683 6,890 7,533 Ryanair 10.91 33% 30% 6.6 6.0 EBITDAR (€m) 2,003 2,242 2,359 2,602 Adj EPS (c) 92.1 106.0 109.2 121.4 AF-KLM 5.39 6% 6% 4.1 4.1 DPS (c) - - - - easyJet 10.27 15% 15% 5.6 5.7 Valuation Lufthansa 10.31 5% 5% 5.0 5.1 EV / EBITDAR 9.0x 6.5x 5.8x 4.9x P/E 14.2x 10.3x 10.0x 9.0x Free Cash Flow Yield 3.6% 4.3% 6.1% 7.5% Price / Adj Cap Employed 4.3x 2.9x 2.6x 2.4x Dividend Yield - - - - Balance Sheet Strength Adj Interest Cover (EBITDAR) 37.6x 28.3x 30.7x 33.9x Debt / Equity -8.7% -8.1% -20.8% -30.6% Analysts Net Debt / EBITDAe -0.2x -0.2x -0.5x -0.9x Mark Simpson Profitability +353-1-641 0478 [email protected] EBITDAR Margin 30.6% 33.6% 34.2% 34.5% Jack Diskin Adj ROCE 31.1% 33.1% 29.6% 29.4% +353-1-641 9193 ROE 32.5% 34.3% 27.6% 23.8% [email protected] 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 Ryanair Ryanair Share Price €10.90 Mkt Cap (m) €14,061 Sector Airlines Analyst Mark Simpson Recommendation Buy Avg Daily Volume 2.033m Ticker RYA ID Email [email protected] Price Target €18.15 Free float 95% Web Site www.ryanair.com Tel +353-1-641 0478 Value Drivers Mar 15a Mar 16a Mar 17f Mar 18f Mar 19f Financial Statements Mar 15a Mar 16a Mar 17f Mar 18f Mar 19f Key Operating Metrics Profit & Loss (€m) Passengers (m) 90.5 106.4 117.4 128.4 139.0 Passengers 4,260 4,967 4,989 5,079 5,536 Seat Capacity (m) 102.5 114.5 125.5 137.2 148.5 Cargo - - - - - Load factor (%) 88.3% 92.9% 93.5% 93.6% 93.6% Ancillary/Others 1,394 1,569 1,695 1,811 1,997 Traffic Revenue per pax 62.5 61.4 56.9 53.7 54.2 Sales 5,654 6,536 6,683 6,890 7,533 Passenger Rev/Seat 41.55 43.37 39.76 37.01 37.27 Fuel -1,992 -2,071 -1,804 -1,717 -1,943 Ancillary/Other Rev per seat 13.59 13.70 13.50 13.20 13.44 Labour costs -503 -585 -639 -700 -763 Total Rev/Seat 55.14 57.06 53.26 50.21 50.72 Airport & route costs -1,260 -1,454 -1,526 -1,627 -1,712 Op. Cost/Seat -44.97 -44.31 -40.18 -37.92 -38.15 Engineering costs -135 -130 -154 -164 -174 ex-Fuel Cost/Seat -25.54 -26.23 -25.80 -25.41 -25.07 Other operating costs -234 -293 -319 -323 -339 US$/t Hedged fuel cost 950 898 622 496 - EBITDAR 1,530 2,003 2,242 2,359 2,602 % Hedged 90% 92% 95% 55% - Lease Costs -109 -115 -111 -118 -117 US$/€ spot fuel cost 815 452 470 500 530 Depreciation & amortisation -378 -427 -490 -554 -618 FX: US$/€ 1.33 1.31 1.18 1.10 1.10 EBIT 1,043 1,460 1,641 1,687 1,866 FX: Stg£/€ 1.27 1.33 1.16 1.06 1.05 Net Financial Charge -56 -53 -79 -77 -77 Other Financial Items -4 -3 - - - Per Share Data - c PBT 982 1,404 1,562 1,610 1,790 Adj EPS 62.5 92.1 106.0 109.2 121.4 Tax -116 -163 -187 -193 -215 DPS 37.6 - - - - Minority Interests - - - - - Dividend cover 1.7x n/m n/m n/m n/m Discontinued Operations - - - - - No. of Shares (m) 1,385 1,341 1,289 1,289 1,289 Exceptional Items - 318 - - - Momentum PAT 867 1,559 1,375 1,417 1,575 Sales 12.3% 15.6% 2.3% 3.1% 9.3% EBITDAR 37.6% 30.9% 12.0% 5.2% 10.3% NOPAT 952 1,324 1,477 1,519 1,676 EBIT 58.4% 40.0% 12.4% 2.8% 10.6% Cashflow Statement (€m) Adj EPS 72.9% 47.4% 15.1% 3.1% 11.2% EBIT 1,043 1,460 1,641 1,687 1,866 DPS n/a -100.0% n/a n/a n/a Depeciation 378 427 490 554 618 Free Cashflow 82.2% -29.9% -4.2% 41.6% 23.0% Change in Working Capital 372 167 41 68 211 NAV 28.0% -8.0% 27.7% 32.1% 27.0% Other Operating Cashflows 42 -25 1 1 1 Profitability Metrics Operating Cashflow 1,834 2,030 2,173 2,309 2,696 EBITDAR margin 27.1% 30.6% 33.6% 34.2% 34.5% Net Interest -56 -53 -79 -77 -77 EBIT margin 18.4% 22.3% 24.6% 24.5% 24.8% Tax Paid -88 -128 -187 -193 -215 Adj ROCE 23.0% 31.1% 33.1% 29.6% 29.4% Capex -789 -1,218 -1,282 -1,183 -1,351 ROE 23.7% 32.5% 34.3% 27.6% 23.8% Other Items - - -20 - - - Asset Turnover - x 1.7x 1.9x 1.8x 1.6x 1.5x Free Cashflow 901 631 605 857 1,054 - PAT Margin - % 15.3% 19.0% 20.6% 20.6% 20.9% Dividends Paid -520 - - - - - Leverage - x 0.9x 0.9x 0.9x 0.8x 0.7x Acquisitions - - - - - Disposals - 398 - - - Balance Sheet Metrics Changes in Share Cap -98 -1,103 -557 - - Debt / Equity -9.0% -8.7% -8.1% -20.8% -30.6% FX Translation - - - - - Adj Net Debt / EBITDAR 0.3x 0.2x 0.2x -0.2x -0.6x Other -78 21 - - - Adj Interest Cover (EBITDAR) 27.2x 37.6x 28.3x 30.7x 33.9x Mvt in Net Debt 205 -53 48 857 1,054 Capex / Depreciation 208.8% 285.0% 261.6% 213.6% 218.4% Balance Sheet (€m) Cashflow Metrics Net Tangible Assets 5,471 6,262 7,073 7,702 8,435 Operating Cashflow per share 132.5 151.3 168.6 179.1 209.1 Goodwill - - - - - Free Cashflow per share 65.1 47.1 46.9 66.4 81.7 Other Net Intangible Assets 47 47 47 47 47 Cashflow Conversion 100.8% 49.4% 44.0% 60.5% 66.9% Financial Assets 926 89 89 89 89 FCF Yield (Mkt Cap) 8.0% 3.6% 4.3% 6.1% 7.5% Total Fixed Assets 6,443 6,397 7,209 7,838 8,570 Enterprise Value Stock 2 3 3 3 4 Market Capitalisation 11,311 17,508 14,061 14,061 14,061 Debtors 60 66 68 70 76 Capitalised Leases 738 786 775 827 819 Creditors -197 -231 -229 -236 -257 Net Debt -262 -338 -359 -1,216 -2,270 Working Capital -134 -161 -158 -163 -177 Pension 1 - - - - Other Liabilities -2,638 -2,950 -2,994 -3,057 -3,254 Minorities - - - - - Capital Employed 3,671 3,285 4,056 4,617 5,139 Adj Enterprise Value 11,788 17,956 14,477 13,672 12,610 Shareholders Funds 4,035 3,597 4,415 5,833 7,408 Valuation Net Debt -364 -312 -359 -1,216 -2,270 PE 13.1x 14.2x 10.3x 10.0x 9.0x Minorities - - - - - EV / EBITDAR 7.7x 9.0x 6.5x 5.8x 4.9x Net Pension - - - - - Dividend Yield 4.6% - - - - Capital Employed 3,671 3,285 4,056 4,617 5,139 Price / NAV 2.8x 4.9x 3.2x 2.4x 1.9x EV / Adj Cap Employed 2.5x 4.3x 2.9x 2.6x 2.4x Capitalised Leases 766 806 775 827 819 Price / Adj Cap Employed 2.5x 4.3x 2.9x 2.6x 2.4x Adj Capital Employed 4,437 4,091 4,831 5,444 5,957 Share Price Performance 1mth 3mth 6mth YTD 12mth Key Dates Share Price Movement -19.2% -16.2% -24.3% -27.3% -12.8% Last Report 14/07/2016 Ex Final Div n/a vs Factset Europe Airlines 4.2% 10.2% 6.2% 8.4% 20.7% 25/07/2016 Ex Interim Div n/a Forecast Change Next Update n/a Page 2 25 Jul.
Load more

Recommended publications
  • Morning Wrap
    Morning Wrap Today ’s Newsflow Equity Research 26 May 2020 08:37 BST Upcoming Events Select headline to navigate to article ARYZTA COVID-19 challenges to the fore, though liquidity Company Events robust 26-May ARYZTA; Q320 Results 27-May Hibernia REIT; FY Results FBD Holdings Business update on BI cover; test case to 28-May Non-Standard Finance; FY19 Results Norwegian Air Shuttle; Q120 Results go to commercial courts Irish Banks EBA paper on first insights into Covid-19 impact on EU banks Mondi Ferguson CFO joins Mondi Economic Events Ireland 28-May Retail Sales Apr20 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 ARYZTA COVID-19 challenges to the fore, though liquidity robust ARYZTA provided a Q3 update (end April) this morning with organic revenues down 21.5%. Recommendation: Hold ARYZTA now expects that COVID-19 will have a material impact on FY20 performance Closing Price: €0.44 though it is not possible to fully assess the consequences that will result from the short and longer-term impact.
    [Show full text]
  • Morning Wrap
    Morning Wrap Today ’s Newsflow Equity Research 19 Apr 2016 Upcoming Events Select headline to navigate to article Kerry Group Mixed set of results from customers Company Events 19-Apr Associated British Foods; Q2'16 results Origin Enterprises ABF sees declines in agri sales Danone; Q1'16 results 20-Apr Packaging Corp. of America; Q1'16 results Cairn Homes Cairn turns attention from buying to building Punch Taverns PLC; Q2'16 results UK Economic View Brexit “remain” campaign moves up a gear Economic Events Ireland United Kingdom United States 19-Apr Housing Starts Mar'16 Europe 19-Apr Current Account Feb'16 21-Apr Consumer Confidence Indicator Feb'16 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 Kerry Group Mixed set of results from customers Danone reported Q1 results this morning, with lfl Group sales growth of 3.5% (vs. 3.2% Recommendation: Buy forecast) and volume growth of 0.8% (vs. 1.3% forecast). This is a slight regression from Q3 Closing Price: €82.15 and Q4 when volumes grew by +0.8% and +1.3% respectively. The Waters and Medical Liam Igoe Nutrition division grew volumes strongly, at +6.4% and +5.2% respectively. However, the +353-1-641 9450 Fresh Dairy’s division was down 2.1% while Early Life Nutrition saw volume growth of 1.3%.
    [Show full text]
  • Key Themes This Week
    Monday, 17th December 2018 Key Themes This Week Major Markets Last Week The Week Ahead After a relatively quiet week in the US, Friday saw markets sell off as investors continue to question global growth expectations. The S&P closed on Value Change % Move a key technical level at 2600, which has been tested several times over the last month. European markets finished the week in positive territory in a week Dow 24101 -288.44 -1.18% where the ECB halted its asset purchase program. Political uncertainty S&P 2600 -33.13 -1.26% continues to weigh on the region as Brexit and French protests kept investors occupied. Asian markets posted gains as US-Sino relations look to be Nasdaq 6911 -58.59 -0.84% improving with China committing to increasing purchases from US farmers. Markets gave back their gains on Friday with weak data out of China fuelling growth concerns. UK Index 6831 109.17 1.62% After the ECB ended its historical non-standard monetary policy (Quantitative DAX 10846 224.29 2.11% Easing) on Wednesday, markets now look to the Fed. The FOMC are expected to increase the Federal Funds rate to a range of 2.25%-2.5%. While ISEQ 5519 110.09 2.04% the move is almost fully priced, the market is expecting a more dovish outlook from Chairman Powell. Investors are questioning the economy’s ability to withstand three rate hikes in 2019 as economic data starts to weaken and Nikkei 21507 287.38 1.35% expectations of global growth diminish. However, US employment data H.Seng 26113 360.65 1.40% remains at multi year lows, with inflation running slightly above its 2% target.
    [Show full text]
  • Morning Wrap
    Morning Wrap Today ’s Newsflow Equity Research 01 Jul 2016 Upcoming Events Select headline to navigate to article Cairn Homes Positioned to benefit from Irish homebuilding Company Events upswing 05-Jul IAG; June 2016 - Traffic Stats Persimmon; Q2 2016 Trading Update GVC Holdings Publishes notification of transfer to premium 06-Jul Norwegian Air Shuttle; June 2016 - Traffic Stats listing Topps Tiles; Q3 2016 IMS 07-Jul Air Berlin; June 2016 - Traffic Stats Commercial property Office market strength continues Associated British Foods; Q3 2016 results CPL Resources; Q2 2016 results Hibernia REIT Acquisition of 3 blocks in single estate for Marks & Spencer; Q1 2017 results €51.0m Kerry Group Robust performance from McCormick in Q2 Breedon Aggregates Hope Materials deal on track to complete in August Independent News & Media Trinity Mirror update is more evidence of print weakness Economic Events Ireland United Kingdom United States Europe 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 Cairn Homes Positioned to benefit from Irish homebuilding upswing We have updated our model to reflect acquisitions over the past few months and the FY15 Recommendation: Buy results. We are anticipating Cairn sells c.100 homes in 2016, ramping up to c.350 in 2017, Closing Price: €0.96 c.790 in 2018 and hitting its target run rate of 1,000+ in 2019.
    [Show full text]
  • Morning Wrap
    Morning Wrap Today ’s Newsflow Equity Research 31 Mar 2021 08:49 BST Upcoming Events Select headline to navigate to article Sumo Group FY20 First Glance – Strong performance and Company Events 31-Mar Sumo Group; FY20 Results growing revenue visibility 07-Apr Hilton Food Group; FY20 Results Irish Economic View Spending boost from large savings Yew Grove REIT; Final Q4 Div pool could be significant -Central Bank Irish Economic View House prices squeeze higher amid record low supply for sale Economic View Ireland’s COVID caution continues Irish Housebuilders Residential construction to re- commence on the 12th of April UK Housebuilders Nationwide House Price Index shows slower growth in March Builders Merchants Momentum building through Q121 Irish Banks Reopening still slow; spending of savings Economic Events Ireland patterns; sustainability plans Greencoat Renewables Seeking approval to add Solar in United Kingdom Ireland to the investment brief 31-Mar GDP Q4 Nationwide House Prices Mar21 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 Sumo Group FY20 First Glance – Strong performance and growing revenue visibility Following an earnings surprise in a strong January Trading update, Sumo announced FY20 Recommendation: Buy results this morning with Revenue of £68.9m (Goodbody:£68m), representing 40.7% yoy Closing Price: £3.62 growth.
    [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]
  • Bua Bulls Ucd Smurfit 1. Company: Kerry Group Plc
    2018 – 2019 GNAM INVESTING COMPETITION BUA BULLS | UCD SMURFIT TEAM: BUA BULLS UCD SMURFIT Back Row L-R: Colm Garrick Emma Farrell Hans Stauch FrontCOMPANY Row L-R: LOGO GOES HERE Ciara Close Shubham Sahai Swathi Shenoy 1. COMPANY: KERRY GROUP PLC 1.1 INTRODUCTION BUY BEST SP KERRY GROUP PLC is a leading international food corporation. Established in 1972, Kerry has enjoyed Price: €92 phenomenal success from its incorporation to its entry in Price Target: €100 American and Asia-Pacific markets Price Target Potential: 8.6% In 2000, they began investing in new technology platforms Price Target Period: 6 and have looked at ways of impactful use of technology in their business ever since. months Their main business areas are Dairy & Savory, Ingredients & Flavors and Taste & Nutrition. They generated a revenue of Euro 6.4 billion in FY 2017. Their business module is to combine their foundational values of authentic taste and technologies with innovative processes and applications based on culinary insights to provide taste and nutritional solutions to customers through various channels. They supply mainly to retailers and players of the food service industry. They reach consumers through global and regional retailers, chains, independent operators and emerging brands. 2018 – 2019 GNAM INVESTING COMPETITION BUA BULLS | UCD SMURFIT They want to explore new occasions in which their products can be used, new channels of distribution and a possible new customer base through which they can formulate future strategic and marketing plans. BUY They enjoy a better market position compared to their competitorsBEST SP in savory and dairy products, being ranked as the best in the world.
    [Show full text]
  • Irish Stock Exchange Listing Rules: Sponsor Regime
    Irish Stock Exchange Listing Rules: Sponsor Regime Irish Stock Exchange Daryl Byrne, Aisling McArdle & Orla O‟Gorman Mason Hayes & Curran Justin McKenna & Ciaran Healy 21 September 2016 FCA Listing Rules & ISE Listing Rules Recent Market Activity Key Entrants to Irish Equity Markets - Permanent TSB Group Holdings plc (2015 – MSM) - Irish Residential Properties plc (2014 – MSM) - Green REIT plc (2013 – MSM) - Hibernia REIT plc (2013 – MSM) - Applegreen plc (2015 – MSM) - Hostelworld Group plc (2015 – MSM) - Dalata Hotel Group plc (2014 – ESM, now MSM) - Malin Corporation plc (2015 – ESM) Notable Departures from Irish Equity Markets - Dragon Oil plc (2015 – MSM) - Aer Lingus Group plc (2015 – MSM) - Elan Corporation plc (2013 – MSM) - ICON plc (2013 – MSM) - Petroceltic International plc (2016 – ESM) Recent Market Activity Funds Raised on Irish Equity Markets (€m) 3500 3000 2500 2000 Funds Raised on Irish 1500 Equity Markets 1000 500 0 2012 2013 2014 2015 Irish PLCs The Irish PLCs that are relevant to UK firms for equity capital markets purposes are those listed on: i. London Official List and the Irish Main Securities Market ii. London Official List only iii. AIM and the Irish ESM iv. AIM only Irish Companies with Dual Listing on UK Official List and Irish MSM Market Capitalisation as of September 2016 UK Official List and Irish MSM Aminex plc Glanbia plc Kerry Group plc €80m €5.1bn €13.6bn Bank of Ireland Group Green REIT plc Kingspan Group plc €6.2bn €986m €4.5bn C&C Group plc Hibernia REIT plc Paddy Power Betfair plc €1.2bn €951m €9.1bn
    [Show full text]
  • Because We're Worth It: the Truth
    Because We’re Worth It The Truth about CEO Pay in Ireland – Issue 2 Spring 2018 Dr Peter Rigney Eileen Sweeney BRIEFING 3 Number of years it would take an average earner to earn what the CEO in each Smurfit Kappa company earned in 2016 Kerry Group 65 CRH 270 years years 98 DCC 121 years years Tullow Oil 101 years Aryzta CRH 62 Kerry Group 98 years Ryanair years Greencore 88 years 270 UCG 87 years Ryanair 87 years years 55 years Smurfit Kappa 65 years ICG 63 years DCC Aryzta 62 years Greencore ICG 121 Tullow Oil 63 years 88 years 101 years years 4 5 Contents Introduction ......................................................................................................................................................2 Methodology .....................................................................................................................................................2 The Composition of CEO Pay ................................................................................................................... 4 Basic Pay ....................................................................................................................................................... 4 Bonus Payments ......................................................................................................................................... 4 Long Term Incentive Plans (LTIPs) ..................................................................................................... 4 Pensions ..........................................................................................................................................................5
    [Show full text]
  • ISEQ® All-Share
    Factsheet 1/3 ISEQ ISEQ® All-Share Objective The ISEQ All-Share tracks the performance of the stocks admitted to listing on Euronext Dublin and Euronext Growth Dublin. A velocity threshold is applied during the selection, except for companies who are incorporated in Northern Ireland. Constituents are reviewed twice a year and they are weighted based on their full market capitalisation. The index serves as an underlying for structured products, funds and exchange traded funds. Investability Stocks are screened to ensure liquidity to ensure that the index is investable. Transparency The index rules are available on our website. Euronext acts as Supervisor. All our rulebooks can be found on the following webpage: https://live.euronext.com/en/products-indices/index-rules. Statistics Jun-20 Market Capitalization EUR Bil Performance (%) Fundamentals Full not mkt cap Q2 2020 15,92% P/E Incl. Neg LTM 28,62 Free float weighted YTD -16,84% P/E Incl. Neg FY1 19,18 2019 31,09% P/E excl. Neg LTM 28,71 2018 -22,14% P/E excl. Neg FY1 22,30 Components (full) EUR Bil 2017 7,99% Price/Book 2,55 Average 2,9 Price/Sales 2,32 Median 0,44 Annualized (%) Price/Cash Flow 14,39 Largest 23,75 2 Year -7,51% Dividend Yield (%) 0,35 Smallest 0 3 Years -4,35% 5 Years -0,63% Risk Component Weights (%) Since Base Date 04-Jan-1988 5,66% Sharpe Ratio 1 Year 0,14 Largest 26,86 Volatility 30 Day 25,95 Smallest 0,002 Top ten 92,34 Performance of other versions ISEQG ERI5G ISEQ All Share GR (%) Q2 2020 15,97% YTD -16,02% 2019 33,63% 2018 -20,78% 2017 9,49% This publication is for information purposes only and is not a recommendation to engage in investment activities.
    [Show full text]
  • Morning Wrap
    Morning Wrap Today ’s Newsflow Equity Research 11 Aug 2020 09:46 BST Upcoming Events Select headline to navigate to article Cairn Homes Order book and WIP investment underpin Company Events FY20 & FY21 forecasts 11-Aug Cairn Homes; Q220 Trading Update Derwent London; Interim Results Bellway Slower than expected ramp-up will impact gross Derwent London; Q220 Results Domino's Pizza Group; H1 Prelims margins Gamesys Group; Q220 Results ARYZTA Sales improve further in July, liquidity remains IPL Plastics; Q220 Results robust S & U; Q220 Results 12-Aug Glanbia; Q220 Results Domino’s Pizza Group – Solid H1 in the face of COVID Wienerberger; Q220 Results 13-Aug GVC Holdings; H1 Results but retain medium term caution 14-Aug Yew Grove REIT; HY Results 17-Aug Cranswick; Q121 Results Codemasters Group Strong Trading Update with material 18-Aug Persimmon; Q220 Results upgrade Derwent London H1-20 Results Irish Banks Minister hints at possible additional support for SMEs in October budget Economic Events Ireland UK Diversified Financials SUS trading update – 13-Aug CPI Jul20 readacross for PFG/CBG/OSB 14-Aug Trade Balance Jun20 UK Banks Cost trimming in focus at TSB and Shawbrook United Kingdom 11-Aug ILO Unemployment Rate Jun20 12-Aug Consturction Output Jun20 GDP Q2 Trade Balance Jun20 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.
    [Show full text]
  • JHVIT Quarterly Holdings 6.30.2021
    John Hancock Variable Insurance Trust Portfolio of Investments — June 30, 2021 (unaudited) (showing percentage of total net assets) 500 Index Trust 500 Index Trust (continued) Shares or Shares or Principal Principal Amount Value Amount Value COMMON STOCKS – 97.6% COMMON STOCKS (continued) Communication services – 10.9% Hotels, restaurants and leisure (continued) Diversified telecommunication services – 1.2% Marriott International, Inc., Class A (A) 55,166 $ 7,531,262 McDonald’s Corp. 155,101 35,826,780 AT&T, Inc. 1,476,336 $ 42,488,950 MGM Resorts International 86,461 3,687,562 Lumen Technologies, Inc. 208,597 2,834,833 Norwegian Cruise Line Holdings, Ltd. (A) 75,206 2,211,808 Verizon Communications, Inc. 858,032 48,075,533 Penn National Gaming, Inc. (A) 30,865 2,360,864 93,399,316 Royal Caribbean Cruises, Ltd. (A) 45,409 3,872,480 Entertainment – 1.9% Starbucks Corp. 244,224 27,306,685 Activision Blizzard, Inc. 160,872 15,353,624 Wynn Resorts, Ltd. (A) 21,994 2,689,866 Electronic Arts, Inc. 60,072 8,640,156 Yum! Brands, Inc. 62,442 7,182,703 Live Nation Entertainment, Inc. (A) 30,014 2,628,926 151,933,613 Netflix, Inc. (A) 91,957 48,572,607 Household durables – 0.4% Take-Two Interactive Software, Inc. (A) 24,146 4,274,325 D.R. Horton, Inc. 68,073 6,151,757 The Walt Disney Company (A) 376,832 66,235,761 Garmin, Ltd. 31,500 4,556,160 145,705,399 Leggett & Platt, Inc. 27,959 1,448,556 Interactive media and services – 6.3% Lennar Corp., A Shares 55,918 5,555,453 Alphabet, Inc., Class A (A) 62,420 152,416,532 Mohawk Industries, Inc.
    [Show full text]