Lias Last Post : Better tone to sentiment , results season re-assures , more to come

Good Afternoon ,

 

This week was marked in Ireland by a series of  big moves in stocks . The week was characterised by nervousness ahead of the individual company results and by assured management performances and good performances by the stocks afterwards.

 

I particularly instance Kingspan , AIB and Grafton as the stars. Next week there is more companies to report

 

Aer Lingus - FY 2009 Results Preview (due Tuesday, 9th March)

We expect a €72m increase in 2009 operating loss to €90m, and a FY cash outflow of over €322m

reflecting the severity of the current crisis. Finalisation of the cost restructuring is essential to minimise

cash burn, and is the only operational basis for protecting (and unlocking) the value within Aer Lingus.

Buy.

 

Tullow Oil - 2009 Results Preview (due Wednesday, March 10th)

Tullow's 2009 financial results are unlikely to contain many surprises due to the high level of disclosure in

the January operating and trading update. Investors will focus on exploration/appraisal drilling results

and programs, as well as any development news, especially in Uganda and offshore Ghana. BUY.

 

Glanbia - Results preview – due Wednesday March 10th

We expect earnings to be in line with the pre-close statement issued on 6th January with EPS expected

to be 30.4c (guidance 30-31c). Focus will be on 2010 outlook which will be driven by global commodity

prices, negotiations with Irish farmers on milk price, growth expectations in the Nutritionals businesses,

and JV performances (including an expected boost from increased SW Cheese capacity). HOLD. Full

preview attached.

 

There are results also  due from Aryzta , Origin , and CPL  and previews will be published before the numbers.

 

No major surprises in the results so far , a better tone to the comments of management and as Greek fears recede somewhat , there is an increased appetite for equities.

 

I am away next week doing altitude training ….skiing with some mates and our families.

 

I already miss you , Talk next week.

 

Have a good week,

 

Liam

 

 

___________________________________________

Liam Boggan

　

Merrion Stockbrokers

Tel.: 353-1-2404171

Mob:353-87-2313505

www.merrion-capital.com

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