Company Descriptions

AIB Group

AIB is Ireland’s leading bank, with No 1 market shares in the mid-30s in retail loans and deposits and mid-40s in SMEs. It operates out of 296 locations (plus partnership with post office) and operates a multi-channel omni-channel strategy. Its 36% market share, likely sustainable in the longer term given its c.40%+ share of younger less indebted 15-34 year olds, offers a direct exposure to Ireland’s resurgent mortgage market. After a €870m 3 year strategic IT investment, it is Ireland’s most digitally enabled bank with substantially improving and best in sector NPS ratings.

Air France-KLM

Headquartered in Paris, Air France-KLM offers passenger & cargo air transportation services. In addition, the company offers travel booking, catering, aircraft maintenance & pilot training services. Its network airlines provide short and long-haul services from its Paris and Amsterdam hubs. Its point-to-point flying outside of these hubs is operated by its LCC brand Transavia. The combined airlines carried 108 million passengers in 2015.

B&M European Value Retail

B&M Europe Value Retail is a leader in the UK discount retail sector through its core B&M brand (both FMCG and GM) and Heron Foods convenience. It also has a promising long-term growth potential through expansion of the B&M format in France. While FY25 might be a more modest year for EPS growth, we expect an acceleration to double-digit EPS growth thereafter, led by new space including expansion from c.740 B&M UK stores to at least 1,200 and for exponential new store opportunities in France (from 124 currently). BME’s capital light model provides operational flexibility and the potential for continued meaningfully special dividends/shareholder cash returns (£1.8bn returned in 4 years to FY24).

Bakkavor Group

Bakkavor Group plc is a leading private label manufacturer of fresh prepared food (FPF) in the UK where it commands a 30% market share. Within the UK, Bakkavor supplies leading UK grocery retailers across 4 main product categories: Meals, Salads, Desserts and Pizza & Bread. Products are manufactured from 24 facilities and typically have a short shelf-life. The International business consists of manufacturing of fresh prepared foods to US retailers and Western Chained Foodservice operators in China.

Bank of Ireland

Bank of Ireland is an integrated institution providing a range of banking and other financial services throughout Ireland, the UK & internationally. It has four principal divisions: Retail Ireland, Life, Corporate & Treasury and UK Retail. BOI possesses a market share in Ireland of over 20%+ of resources and loans outstanding, with it higher on new flows. In the UK, BOI has a 1-2% market share in the UK mortgage market and operates a JV with the UK Post Office.

Barratt Redrow

Barratt Developments plc is the largest UK housebuilder producing almost 17,000 units. It builds both private and affordable housing with a price range for houses outside of London of £70,000 to over £1m. A distinguishing factor for the company is its 5 star rating from the House Builders Federation which it has held for eight consecutive years.

Bellway

Bellway is a UK housebuilder that currently produces circa 10,000 houses and has ambitions to grow this to 14,000-15,000. Over the last ten years it has shifted the mix to more family homes for first-time buyers and has also increased the regional bias towards the south. While it tends to run a shorter landbank than peers and depends less on strategic land it does utilise a significant proportion of brownfield sites.

Berkeley Group

Berkeley Group is a UK housebuilder that produces 3,000-4,000 houses with a bias to London and the South of England. It is made of six autonomous companies: St George, St James, Berkeley, St Edward, St William and St Joseph. Differentiators for the group include its long land bank with a focus on large complex regeneration schemes and an order book that typically runs beyond one year.

Breedon Group

Breedon only began trading in 2010 and is already the largest independent construction materials group in the UK. Its operations are vertically integrated with the country’s largest cement plant, circa 60 aggregate quarries, 26 asphalt plants and almost 200 ready-mixed concrete plants. The Group employ approximately 2,300 people in England, Scotland and Wales.

Britvic

Britvic is the second largest soft drinks company in Ireland and Great Britain and has growing operations in France, Brazil and the US. The Group owns market leading brands in the dilute (Robinsons, Mi-Wadi, & Téisseire) and Kid’s juice (fruit Shoot) markets and also operates the Pepsi bottling franchise in Ireland and Great Britain.

Bytes Technology

Bytes Technology is a Value-Added Reseller of IT products in the UK and Ireland. Bytes serves both private sector companies public sector organizations, with its target market being any such company with over 100 employees. As of February this year, the group had 5,330 customers.

C&C Group

C&C is a leading player in the Irish and UK cider market, where it holds the number 1 and 2 market positions respectively. The key strategic goal of C&C Group today is to copper-fasten its Magners cider brand in the British long drinks market and develop the brand further internationally. In Scotland, the Group owns the market-leading beer brand, Tennents. In the US, C&C own the Woodchuck brand while all sales & marketing is operated through its JV with Pabst Brewing.

Cairn Homes

Cairn Homes is an Irish housebuilder founded in 2014 by Michael Stanley and Alan Macintosh. Cairn Homes raised €440m in its IPO in June 2015, with three subsequent capital raisings totalling c.€280m, with additional debt facilities of €250m, which it has used to finance residential land acquisitions and development, predominantly targeting the Dublin market and commuter counties. Management is targeting delivery of at least 1,200+ units per annum by 2019, when fully operational, and has been very active since IPO, with the acquisition of a core land bank in excess of c.12,700 units.

Ceres Power

Ceres Power is a developer of solid oxide fuelm cell (SOFC) and electrolysis cell (SOEC) technology. Spun out from Imperial College London, its distinctive ceria-based technology operates at a lower temperature, allowing cheaper stainless steel to be used in its SteelCell. Operates via a licensing model with partners including Bosch, Doosan, Weichai, Cummins and Miura.

Coca-Cola HBC

CCH is the franchise Coca-Cola bottler for Central & Eastern Europe, Italy, Ireland, Nigeria and Egypt amongst others. Despite significant external factors since 2020 (COVID, inflation, Russia’s war in Ukraine), the underlying business and earnings have proven to be resilient. Given several of these factors, 2023 is likely to see more modest earnings delivery with upside potential following a strong Q1 (guidance for top-end of +/-3% organic EBIT, GBYe +4%), however we expect an inflection in earnings back to prior DD+ EPS growth momentum from 2024 onwards including potential commodity tailwinds.

Compass Group

Compass Group is the world’s largest outsource foodservice catering company with a diversified portfolio across categories (Business & Industry, Education, Healthcare, Sports & Leisure) and geographies. FY24 should see >10% organic sales and c.15% EBIT growth with a 10% mid-term EPS CAGR (FY24 +13%) with some pricing momentum and M&A accretion. However with inflation normalising, we see downside risks to organic sales from FY25 and beyond and are mid-single digit below consensus at EPS. With valuation near all-time highs, both relative and absolute and earnings risks to the downside, we rate CPG a Sell.

ConvaTec Group

Convatec is a well-diversified, global medical products and technologies group which focuses on the management of chronic diseases. Its key markets include Advanced Wound Care, Ostomy Care, Continence Care, and Infusion Care.

Cranswick

Cranswick, founded in 1974 and listed on the London Stock Exchange in 1985, has become one of the UK’s leading food producers supplying fresh meat including fresh pork and poultry, as well as a range of convenience (cooked meats, continental products and ingredients) and gourmet products (pastry, sausages and burgers, bacon and gammon). Products are typically supplied as own-label products and then sold by retailers within their premium and super-premium offerings. Cranswick also has a strong presence in the “food to go” sector and a rapidly growing export business.

CRH

Headquartered in Dublin and with operations over 40 countries, CRH has a presence across the construction industry supply chain through three closely related core businesses: primary materials, value-added building products and distribution. CRH has circa 89,000 employees located over 4,000 locations worldwide. The Group is organised on a products basis with six divisions: US Materials, US Products, US Distribution, Europe Materials, Europe Products and Europe Distribution. CRH’s strategic vision is to be a leading international building materials group delivering superior performance and growth.

Dalata Hotel Group

Dalata Hotel Group is the largest hotel operator in Ireland, operating or managing 38 hotels and over 7,700 rooms in both the Ireland and the UK. Management is dominated by Ex-Jurys Doyle personnel.

Datalex

Datalex describes itself as providing a unified Digital Commerce Platform which combines pricing, shopping and order management with customer insights to deliver a competitive and differentiated retail experiences. Customers include Aer Lingus, Air China, Air Malta, Air Transat, Brussels Airlines, Copa Airlines, Edelweiss Air, HNA Group, HP Enterprise Services, JetBlue, Lufthansa Group, Philippine Airlines, SITA, STA Travel, Swiss International Air Lines, Virgin Atlantic and Virgin Australia. With its head office in Dublin the company also has offices across Europe, USA and China.

DCC

DCC is a business support services group that markets and distributes products to segments of the energy, IT and healthcare markets across Ireland, the UK and Continental Europe. The energy division distributes oil products and LPG in the UK, Ireland and Europe. Healthcare markets hospital supplies and health and beauty products mainly in Ireland and the UK. The IT division markets and distributes a broad range of computer hardware, software and storage products within Ireland, the UK and Continental Europe.

Devolver Digital

Devolver Digital is a high-quality, indie focused games publisher with a developer-first approach. Its founders Harry Miller, Rick Stults, Mike Wilson, Graham Struthers, and Nigel Lowrie set up Devolver in 2008 and having founded and exited other games publishing businesses before this to major industry publishers such as Take Two Interactive.

Diageo

Diageo is the global leader in International Spirits with a broad portfolio across price points and geographies including £d£1 positions in Scotch Whisky, Gin and strong positions in Rum, Vodka and Tequila as well as premium Beer (Guinness) and RTDs. The business has traded strongly though COVID-19 driven by Spirits segment tailwinds, strong execution and benefits from country/portfolio mix (i.e. North America >45% of EBIT). MT guidance of +5-7% organic sales and +6-9% organic EBIT CAGR FY23-25E looks reasonable, with further upside from M&A and share buybacks likely. The cooling of the COVID-linked US Spirits/cocktails boom (and associated customer inventory de-stocking) adds uncertainty to forecasts and investor sentiment in the near term.

Dole

Dole is the global leader in the fresh produce industry with revenues of almost $10bn, twice the size of its nearest competitor. In terms of its product mix, Dole has a well established offering across the entire fresh produce category with a particularly strong presence in the banana category as the global market leader. From a geographic mix perspective, Dole is also well-diversified, equally balanced between North America and Europe. It also has a small presence in Latin America, Africa and India.

DS Smith

DS Smith is a leading paper and packaging manufacturer with operations in the UK, France and across Continental Europe. The company is made up of three key divisions£pv£ UK Packaging , Continental European Packaging and Plastic Packaging. Through its recycling business in the UK, DS Smith is the leading player in the recovered paper market, collecting over 2.5m tonnes of recovered paper annually. As the No.2 player in the European containerboard market (9% market share) DS Smith has the capability to supply c.75% of the containerboard needs of its corrugated box business which is the No.2 player in Europe (15% market share).

easyJet

easyJet is one of Europe’s leading airlines, operating on some 700 routes across more than 30 countries with its Airbus fleet expected to reach 327 aircarft by the end of September 2018. The airline is expected to carry over 90m passengers this year, helped by the addition of airberlin’s assets at Tegel (25 planes).

Entain

Entain Plc is a global online gambling operator providing sports betting, casino, poker and bingo through brands including Sportingbet, Casino Club and Betboo. In 2015, the group agreed to acquire bwin.party, which completed in February 2016. The bwin.party acquisition increased the group’s brand portfolio with popular names such as bwin, PartyPoker, PartyCasino, FoxyBingo and Gioco Digitale. In March 2018, Entain completed a deal to acquire Ladbrokes Coral which transformed the group into one of the largest global gaming companies. The group changed its name to Entain from GVC in December 2020. The group has a 50% stake in the BetMGM JV operating in the US market.

Evoke

Evoke is a multi-vertical online gambling business offering B2C Casino, Poker, Bingo and Sports together with B2B services. In 2021, Evoke announced the acquisition of William Hill International from Caesar’s Entertainment.

FBD Holdings

FBD is a General Insurer that operates in the Irish market with its breakdown by business line more or less mirroring that of the market. It currently writes c.13% of premiums in Ireland. Motor is the main account, with about 40% of revenues. Premiums to the rural community account for c.45% of total. FBD’s non-insurance operations include FBD Life & Pensions, which is an independent life assurance, pensions and investment advisor.

FD Technologies

FD is a consulting and software provider to the financial services industry and other sectors challenged by high volumes of data, particularly streaming data. The company has a globally diverse client base of financial institutions, FX brokers and exchanges and has offices around the world. In consulting, it provides services across capital markets consulting, IT vendor services and data management. In Software, it has developed the Kx Suite of products which are offered on an annual licence and transactional based revenue model. The Kx Suite holds significant upside potential and the recent transaction with Kx Systems increases the addressable market, including into new vertical markets and the Internet of Things.

Ferguson

Ferguson is a global distributor of plumbing and heating products and a leading supplier of building materials. Its key markets are in the USA, UK and Canada. The Group operates through a network of circa 2,300 branches and the majority of sales are generated by businesses which are number 1 or 2 in their markets. From a sectoral perspective circa 60% of sales are derived from rmi markets.

Fever-Tree Drinks

Fever-Tree is a UK-based global brand of premium mixers with sales in over 75 countries. The company has an asset-light outsourced business model and works with partners to supply ingredients, for bottling and for distribution of products in various countries. Fever-Tree initially focused on premium tonics, but has now expanded to include 24 mixer variants, including flavoured tonics, diet versions, flavoured sodas, ginger beer and ginger ales.

Flutter Entertainment

Flutter Entertainment is a global, multi-channel betting and gaming operator. The group formed as a result of a merger of Paddy Power and Betfair in 2016 and continues to operate both Paddy Power and Betfair brands. It was renamed to Flutter Entertainment in 2019 and it completed the acquisition of The Stars Group in May 2020. It operates leading brands in the major online regulated markets globally. In the US, it owns and operates the market leading FanDuel business.

Forterra

Forterra is a leading producer of bricks, blocks and complementary bespoke products in the UK. The Group has a strong market position in its core products of bricks and blocks which comprise 75% of its turnover and 90% of its EBITDA. The Group is the number 2 player in the consolidated brick sector and is the sole manufacturer of premium priced Fletton bricks in the UK. The Group operates solely in the UK, with its end markets comprising c.55% Residential new build, c.40% Residential RMI and c.5% Commercial.

Frontier Developments

Frontier Developments plc is a software technology company incorporated in the UK. It is focused on videogame development across a wide variety of genres and platforms, with a proven track record of progressive development and innovation spanning several decades

Games Workshop Group

Games Workshop is the leading developer of miniature products globally in the fantasy-based games genre. Founded in 1975, and now with almost 75% of revenue coming from outside the UK, Games Workshop is a leading player in a highly-concentrated market lacking any real competitors, which is currently growing at c 9% per annum.

Glanbia

Glanbia is the global leader in sports nutrition products. It owns international brands such as Optimum Nutrition, BSN and Isopure. Within Glanbia Nutritoinals, the company operates two divisions: i) US Cheese which is a leading cheddar cheese manufacturer in the US (20% share)£pv£ and ii) Nutritional Solutions which supplies dairy and non-dairy (primarily vitamin and mineral pre-mixes) solutions to global and regional players. Within Joint Ventures and Associates, the Group holds a 40% share in Glanbia Ireland (Glanbia co-op owns the remaining 60%) while it also includes the 50/50 JV SouthWest Cheese in New Mexico.

Glenveagh Properties

Glenveagh Properties PLC (‘Glenveagh’) is an Irish housebuilder founded by John Mulcahy, Justin Bickle and Stephen Garvey. It was listed in October 2017, raising gross proceeds of €550m. The group develops homes for itself or on behalf of third parties, with a primary focus on starter homes for first time buyers in the Greater Dublin Area, with an ASP of c.€330k in FY17 (ex. VAT). Glenveagh aims to become one of Ireland’s largest housebuilders, targeting 2,000 completions per annum by FY23 and has set out a detailed roadmap of how it intends to get there. Glenveagh has also set a number of financial targets, including a gross margin of 20%+ from FY21 and ROCE of 25%+.

Grafton Group

Grafton Group is a leading supplier of building materials, which trades from circa 600 locations in Ireland, Britain, the Netherlands and Belgium. Its Irish businesses are the market leaders in builders merchanting and DIY. In Britain, Grafton operates the third largest builders merchanting business and is among the top four plumbers merchanting businesses. Overall, it has circa 10% of the UK merchanting market and trades under the Buildbase, Plumbase, Jackson, Selco and Macnaughton Blair brands. Grafton is also the No.1 builders merchant in Belgium and has a presence in the Netherlands as a leading specialist distributor of tools and fixings.

Greencoat Renewables

Greencoat Renewables PLC (the “Company”) is an owner and operator of renewable infrastructure energy assets. The Company listed on the ESM market of the Irish Stock Exchange and the AIM market of the London Stock Exchange in July 2017 and is currently invested in wind farms in the Republic of Ireland.

Greencore

Greencore is one of the largest manufacturers of convenience food products in the UK. It holds market leadership in most of the categories of own-label products in which it has a presence. Key product areas include sandwiches, quiche, Italian ready meals and chilled sauces. Greencore’s strategy entails optimising its position in the UK market by further expansion into new distribution channels and product range. Expansion outside the UK has included selective investment in the US through acquisition, notably Peacock in 2016, in addition to strong organic growth arising from demand from foodservice companies, like Starbucks, and also convenience stores such as 7-Eleven.

Greggs

Greggs is a leading UK food-to-go retailer with over 2,300 shops in the UK only, offering a wide range of fresh baked goods, sandwiches and drinks. Most of the revenue is generated from company-managed shops (retail activities), while a small portion of revenue is generated from franchise and wholesale operations.

Hammerson

Hammerson plc is one of the largest listed property companies in the UK. The firm switched to tax-efficient REIT status in 2007. Hammerson is a pure play retail property investor with its primary direct holdings in the United Kingdom, but also has significant and growing assets in France and Ireland. The group focuses on destination retail acquiring, developing and managing best-in-class shopping centres and retail parks. In addition, Hammerson have significant investments in two European designer outlet shopping groups£pv£ Value Retail and VIA Outlets.

Heidelberg Materials

Heidelberg Materials, headquartered in Germany, is one of the leading producers and distributors of cement and aggregates in the world. It also offers a range of downstream construction material products including ready-mixed concrete, concrete products, and concrete elements. The Company, through its five geographical operating segments, namely Western & South Europe, North & East Europe, North America, Africa-Mediterranean Basin, Asia Pacific and Group Services, has its presence in circa 60 countries. HeidelbergCement is listed on various stock exchanges of Germany including Frankfurt Stock Exchange and Munich Stock Exchange.

Hostelworld Group

Hostelworld Group is a social network focused online travel agencyfor young and independent travellers (18 to 35 years).

Howden Joinery

Howden Joinery Group is the largest supplier of kitchens and joinery products to the trade, specifically to the local builders, in the UK. Their extensive distribution network, comprising over 550 depots, serving more than 300,000 customers across the UK. Howdens model allows local builders to access quality stock with no lead time, provides credit and offers everyday low prices. The company also has a small presence in Northern France under the name Houdan Menuiseries.

IAG

Formed in January 2011, International Airlines Group (IAG) is the parent company of British Airways, Iberia, Vueling and Aer Lingus. It is one of the world’s largest airline groups with 549 aircraft as at end June 2017 (275 on balance sheet). In 2017 the group carried 104.8 million passengers. Aer Lingus was acquired in 2015 and added 51 aircraft to the fleet and an estimated €1.7bn of annualised revenue, representing some 8% of the enlarged group’s turnover. It is expected that IAG will continue to make further acquisitions.

Ibstock

Ibstock Plc manufactures, markets, and distributes building materials. The Company manufactures clay bricks, brick components, concrete roof tiles, stone masonry substitutes, concrete fencing, pre-stressed concrete products and concrete rail products. Ibstock offers its products to the housing, repair, maintenance and infrastructure markets in the United Kingdom and United States.

Irish Continental Group

Irish Continental Group is a shipping company, which operates passenger car ferries, roll-on roll-off freight transport and lift-on lift-off freight services between Ireland and Continental Europe. It operates five ships, four of which ply the Irish Sea and one serving Ireland-France. The company operates a low cost model compared to many of its peers, having outsourced much of its staffing needs in 2006.

Irish Residential REIT (IRES)

Irish Residential REIT (IRES) was founded by CAPREIT in April 2014 to acquire hold and manage residential property investments, predominantly in Dublin, but also in other major urban locations. IRES raised its initial €200m of funding in an IPO in April followed by a secondary raise of €215m at the end of March 2015. IRES has built an attractive portfolio of assets and is currently implementing its own asset management programme at these assets. IRES is currently the largest private institutional residential landlord in Ireland with 2,450 income producing units and the potential to construct an additional 600 units at existing sites. All of the current holdings are located in Dublin.

ITM Power

ITM is a developer of PEM (Proton Exchange Membrane) electrolysers for hydrogen production. Production is currently based in Sheffield, and Linde is a key partner and shareholder.

J D Wetherspoons

J D Wetherspoon’s is a UK managed pub group operating over 900 pubs with a focus on value, quality and choice across its food and beverage offerings. In 2014, the business began expanding in the Irish market with a target of 30 pubs.

Jet2

Jet2 is a leisure holiday business which operates its own branded fleet of aircraft. The business is looking to grow this summer’s fleet to 112+ aircraft deployed. Long term, the business will be driven by its significant order book of A320 and A321neos, with a total option for up to 146 aircraft for delivery to 2031. We are looking for total passenger carried to reach 18.2m this year vs the pre-pandemic peak of 14.6m carried in the 12mths to March 2020.

Johnson Matthey

JM is a long established world leader in Platinum Group Metals catalysis, now divided into Clean Air (auto catalysts), Catalyst Tech (indl & consumer chems), Hydrogen and PGM services (recycling).

Kainos Group

Kainos is an IT Professional services company specialising in Digital Transformation services, Workday implementation and has developed its own software based on the Workday Inc platform.

Kerry Group

Kerry Group is a leading player in two distinct segments of the food industry, through its Kerry Foods business in the UK & Ireland and its Global Ingredients operation. In the food manufacturing sector, Kerry has focused on the “fridge” segment (e.g. ready meals, breakfast items, pies and cooked meats). In ingredients, the bulk of Kerry’s food ingredients is in what might be called “application food ingredients”, where it is the largest player in the world. Here, product offerings, which started in dairy ingredients, have been expanded through acquisition into other areas like seasonings (for snack foods), particulates (for breakfast cereals), flavours (for both foods and beverages) and bio-ingredients.

Kingfisher

Kingfisher PLC is an international home improvement company with over 1,400 stores. It operates in eight countries across Europe under the B&Q, Castorama, Brico Dépôt, Screwfix, TradePoint and Koçtaş banners. Kingfisher sells home improvement products and services to retail customers and trade professionals.

Kingspan

Kingspan comprises of five core manufacturing divisions – Insulated Panels, Insulation Boards, Light & Air, Environmental and Access Floors. It has circa 100 manufacturing facilities and operates in over 70 countries. The Group has been successful in establishing market leadership positions in its chosen product sectors. Kingspan’s preferred market segments are those that have greater organic growth potential than underlying construction markets, due to regulatory changes and structural trends.

Lufthansa

Deutsche Lufthansa AG, provides passenger and cargo air transportation worldwide, offering flight and connection programs in co-operation with Star Alliance partners from North America, Scandinavia and Asia. In addition to transportation, Lufthansa also provide travel agency, catering and aircraft maintenance services.

LungLife AI

LungLife is a California-based, diagnostic company that is focused on the early detection of lung cancer. Its first product (LungLB) is used in the analysis of “indeterminate nodules” which are growths appearing on CT scans which may or may not be malignant.

Marston’s

Marston’s is a leading UK hospitality business with c.1,600 pubs operating under managed, tenanted & leased and franchised formats. In addition, the Company operates an ale brewing business with brands such as Pedigree and Hobgoblin.

Mitchells & Butlers

Mitchells & Butlers is one of the UK’s largest managed pub restaurant business with an estate of c.1,700 pubs. Well-known brands include Harvester, Toby Carvery, O’Neills Irish pubs and Browns restaurant. The business has a number of large shareholders including Joe Lewis (27%), John Magnier and JP McManus (together 22%).

Molten Ventures

Originating in 2006 Molten Ventures is a leading venture capital firm investing in and developing high growth digital technology businesses across Europe. The current portfolio incorporates holdings in c.70 companies, c.20% of which account for 70% of Group NAV.

Mondi

Mondi is an international paper and packaging group having operations in more than 30 countries with focus on Central Europe, Russia, and South Africa. It manufactures packaging paper, converted packaging products, consumer packaging and uncoated fine paper (UFP). The Company has fully integrated operations from wood harvesting to pulp manufacturing and conversion into corrugated packaging, industrial bags and coatings. The stock is a dual listed company trading on the Johannesburg stock exchange and on the London Stock Exchange.

NCC Group

NCC group provides cyber security and managed services solutions across multiple sectors, geographies, and technologies including UK, APAC, North America, and Europe. It operates in two distinct service lines (Assurance and Software Resilience).

Origin Enterprises

Origin Enterprises is one of Europe’s leading players in the agronomy industry, with a leadership position in the UK and a significant share of the Polish market. The research driven nature of the company places it at the forefront of progressive farm enterprises that are seeking to expand output as a result of increasing global demand for cereals. This agronomy business will form the basis for future expansion outside current served markets.

Permanent TSB

Permanent TSB is a leading retail bank in Ireland. It serves c.1.1m customers and has c.2,300 employees. It has 77 branches across the Republic of Ireland. It has total assets of c.€30bn. It had a c.12% share of new mortgage lending in 2017 and has a target to grow to 12-15% over the next few years.

Persimmon

Persimmon Plc is a leading UK housebuilder producing 16,000-17,000 houses. The main focus is on family homes with c.90% of sales traditional house types and just under 50% are below prices of ££200,000. Through a focus on operational efficiency and capital discipline it generates sector leading returns. It also has a track record of converting strategic landholdings to land with planning permission, a process that can create value for shareholders.

Playtech

Playtech, a B2B provider, is a global leader in online gaming software. Its expertise lies in its knowledge of online gaming and it has industry leading software across casino, bingo, poker and sports. Online operators consisting of prevalent online gaming and sports betting brands (Paddy Power, William Hill, Bet365, etc.) and land based companies, leverage their own expertise and brands with Playtech’s products. Playtech is involved in the gaming machine market through its ownership of Videobet. Since May 2015, Playtech has also operated a financial trading business in TradeFX which has both a B2C (branded as markets.com) and B2B offering.

Rank Group

Rank Group is multi-channel, multi-product gambling operator headquartered in the UK with venues in the UK, Belgium and Spain. The group operates 85 bingo venues and 56 casinos under the Mecca and Grosvenor brand respectively, as well as 9 bingo halls in Spain under the Enracha brand. In recent years the group has focused on growing its online offering, which is relatively small compared to other multi-channel operators in the UK.

Renalytix

Renalytix is an artificial intelligence-enabled in vitro diagnostics company which has developed a novel, bioprognostic test (KidneyIntelX) which is able to predict which patients with diabetic kidney disease (DKD) are at high risk for rapid disease progression or kidney failure.

Ryanair

Ryanair operates from 87 European bases, flying over 2,000 daily flights across 33 countries in Europe. We expect it to carry c.130m passengers in FY18. The carrier’s fleet stood at 383 B737-800s at the end of FY17 and delivers services off the lowest unit costs of any airline in Europe. Key target markets for growth in the next year include Germany, Spain and (recently) France. Its long-term ambition to take a 20% share of the German market could add over 20m passengers by 2020, while a 25% target share in Spain would add a further 10m. France could add a further 10m. Ryanair Labs is now providing a platform to develop a standalone OTA. We put a €5.65bn value on this for 2021, with a heavily discounted NPV of €1.14/share.

SIG

SIG plc is a leading European supplier of specialist products to the building and construction industry. The group’s operations are evenly split between the UK and mainland Europe. It focuses on three business sectors: Insulation and Energy Management, Exteriors and Interiors. SIG is the largest specialist supplier of insulation and related products in Europe. This focus on insulation offers the company a structural growth story, which looks set to strengthen due to tightening regulations for energy efficient buildings across Europe. Furthermore, the Exteriors division offers exposure to the more stable repair and maintenance markets.

Smith+Nephew

Smith+Nephew is a multinational portfolio medical technology company that focuses on orthopaedics, sports medicine, and wound care. The company’s purpose is “life unilimited” which refers to restoration of a person’s body to enable them to live normally.

Smurfit Westrock

Smurfit Kappa Group is one of the leading producers of paper based packaging globally. Approximately 75% of the group EBITDA is earned in Europe, where the company operates a fully integrated business model and is the largest player in both the corrugated and containerboard markets. The remainder of the business is based in the Americas where the operations are focussed predominantly on Mexico with leading positions in Columbia, Argentina and Venezuela. Overall, c. 60% of the Group’s revenue is exposed to the fast moving consumer goods market (FMCG), which offers a relatively more stable volume backdrop for the company.

SSP Group

SSP Group is a global food and beverage concessions operator providing services in travel locations. It is the number two global player with podium positions in the UK and Continental Europe and a growing presence in North America and Rest of World.

Tate & Lyle

Tate & Lyle is global provider of ingredients and solutions for the food, beverage and industrial markets, operating for over 160 years. Its core F&B Solutions business has 3 key platforms: Sweetness, Texturants/Mouthfeel, and Fibres with a particularly strong presence in the Dairy, Beverage and Soups, sauces and dressings end-use markets.

Taylor Wimpey

Taylor Wimpey plc is a UK housebuilder that produces circa 15,000 houses, which includes a wide range of types from one- and two-bedroom apartments to five bedroom detached houses. This is across a broad range of prices including both private and affordable homes. It also operates a small regional housebuilding business in Spain, representing less than 5% of the group.

Team17 Group

Team17 s a leading video games label and creative partner for independent (“indie”) developers. The Group supports both owned first party IP and third party IP–through partnering with indie developers globally – in the development and publishing of games across multiple platforms typically for a fixed revenue share. The Group focuses on premium, rather than free to play games, and its portfolio comprises over 100 games.

tinyBuild

Tinybuild is a publisher of both indie and AA IP with an increasing focus on owning the IP it publishes. The company mainly operates in Eastern Europe, with sites also located in the US and the UK.

Travis Perkins

Travis Perkins is a leading distributor of materials to the building and construction sector operating solely in the UK. Its merchanting business consists of close to 1,500 locations. This is split 836 General Merchanting, 168 Contracts and 449 Plumbing & Heating. The retail business includes the brands of Wickes, Tile Giant and Toolstation, trading from almost 600 branches. In terms of merchanting, Travis Perkins is the no.1 player with over 20% market share, while in DIY it is no.3 with a 6% share.

Trustpilot Group

Trustpilot is an online review platform headquarted in Denmark. It runs a freemium SaaS business model, with businesses taking out subscriptions to analyse their reviews. The company has a globally diverse client base of consumer facing businesses.

Uniphar

Uniphar is an international, diversified healthcare services business which works with over 200 pharmaceutical and medical technology manufacturers. The Group’s ambition is to enhance patient access to medical products by focusing on key stakeholders across the pharmaco-medical supply chain and enhancing connectivity between them.

Vistry Group

Vistry Group is a UK housebuilder and partnerships business that was formed in January 2020 when Bovis Homes acquired Linden Homes and the Galliford Try Partnerships business from Galliford Try. Vistry is split into two broad divisions: i) A housebuilding business which operates under the Bovis Homes and Linden Homes brands£pv£ and ii) A Partnerships business which is predominantly Galliford Try’s partnerships business.

WH Smith

From its start as a UK-based high street convenience retailer, WHSmith is now a leading international travel player with expansion over the last 15 years led by both organic concession wins across Europe and Asia Pacific and M&A-led expansion in North America. With a broad exposure across travel convenience categories (including electronics, food and beverages, books and other travel essentials), SMWH is well placed to continue to gain from the post-pandemic recovery in global air passenger travel. In the short term, fears over the resilience of the UK consumer (c.2/3 of sales and EBIT) is likely to continue to weigh on shares with valuation back at pre-pandemic levels and no obvious catalyst for outperformance from here.

Whitbread

Whitbread is the largest hotel operator in the UK. It operates over 760 hotels and 68,000 rooms in the UK. The hotels business is supported by a restaurant division which has 417 restaurants in the UK primarily located next to Premier Inn hotels. It also owns Costa Coffee which is the largest coffee store operator in the UK. While 99% of its EBIT is generated from the UK, both Premier Inn and Costa Coffee operate a small international business.

Wickes Group

Wickes Group is a home improvement retailer operating through a network of 233 branches across the UK. The business offers three tailored propositions aimed at local trade, do-it-for-me and traditional DIY.

Wizz Air

Wizz Air is the largest low-cost carrier in Central and Eastern Europe. It operates from 28 bases in 12 CEE countries, with flights to 144 destinations on over 440 routes in 43 countries. Wizz Air carried 23.8m passengers on more than 143,000 flights in the financial year ended 31 March 2017. The company is expected to carry 30m pax this year. The fleet will reach 87 aircraft by year end, with 66 A320s, with a 180 seat configuration, and 21 A321s with 230 seats. A further 35 A321s are due for delivery by March 2020, with 20 of these A321neos.