Good Afternoon ,
Apologies right away if my usual poor typing and resulting hilarious spelling errors which are typos (the Jesuits who taught me to spell would be horrified at my typing…) is even worse , I have moved desks in the last couple of weeks and this has led to the slow collapse of my technology… new box for my computer as the USB keys dies , New screen (one of four from my screen bank and today the keyboard died…pays to leave sleeping dogs lie…
Origin enterprises announced results today , strong results , a beat and a confident outlook picture being presented. The Agri business seems to be fine , the fishmeal business likewise and the cashflow position very comfortable. I am surprised that the stock did not make progress today but there are some sceptics who expressed a view to me today that the irrepressibly bullish management may not always be right. I think the stock is very cheap , a decent yield , a high ROCE and as Aryzta grows and particularly as Aryzta has such a stretched balance sheet now that the odds on a corporate transaction involving Aryzta and their 70% stake shorten. Meantime take the yield , enjoy the cyclical bounce and wait …
The Ryanair AGM was also today, Ryanair fell -2% as there was no news worth speaking of. O'Leary maintained guidance and there was no announcement of a Boeing Deal. (I am not sure that a deal now would be good news mind you especially as Boeing are clearly signalling that their business is booming. A Ryanair cave in on pricing would not be good news as the fleet ordering style has typically helped give Ryanair a pricing and cost advantage over their competition. The stock has been strong and with the special dividend ex-date already passed it is hardly a surprise that the stock moved lower. Next Wednesday Ryanair are hosting an analyst day , maybe there will be news then ?
Ryanair CEO mentioned that they would like to have another go at Aer Lingus which rose +1%. Having met the Department of Transport last year , I feel comfortable that their silence on the matter does not constitute agreement. It was clear that public policy is best served according to the Department by competition at
With markets across the board easier today and the QE news from the fed having about an hour long impact the follow through in
Smurfit Kappa continued to slide quietly lower as fears re pricing in the
CRH also continues to struggle and the news of further appointments at senior level by Summit Materials of executives who used to be with CRH's Oldcastle materials business is a definitie worry. Tom Hill is like the General who defected and who the troops cant help themselves but feel they need to move to be at his side. I hear also that CRH are spinning the story that they continue to strength in depth in the
The other building materials stocks across Europe and the UK were down as were Grafton -0.65% and Kingspan -1.1% (after its +2.5% gain yesterday)
The financials were weak today with Irish Life falling -7% , AIB -5% and Bank of Ireland falling -2.8% , even IFG fell -4.5% on thin volume and little news.
The Oil minnows sparked into life today with Cove energy rising +4.3% and Petroceltic +9.5%. There was even a story on Tullow saying that
Have a good Evening ,
Liam
___________________________________________
Liam Boggan
Merrion Stockbrokers
Tel.: 353-1-2404171
Mob:353-87-2313505
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Hi Liam !
ReplyDeleteStill reading your blog nearly every day . What's this about moving your computer ?
Your a rich stock broker so you should just throw out the old one and splash out on a state of the art new one , ( with 12 screens ! ) !
Only joking Liam !