• Macro: US markets fell yesterday with the S&P 500 and Nasdaq down -1.22% and -0.35%. Europe was lower with the Stoxx 600 broad index falling -2.14%. Later this morning, in Europe, we have France, Germany, Eurozone and UK PMI releases, as well as the Ireland unemployment rate for February. In the US, we get MBA Mortgage Applications and the ADP Employment change, followed by PMI figures, Factory Orders, Durable Goods Orders and ISM Services. The Fed will release it Beige book at 19:00. From Central Banks, Bailey, Pill, Greene and Taylor from the BOE will be speaking.
• Stock: We have updates on AIB, Irish Continental Group, Flutter, and our recent meeting with the Glanbia investor relations team. (Comment attached)
• Debt: Core bond yields were flat in Europe yesterday but spiked overnight following Germany’s plan to increase its defence expenditure.

Opportunities this week:

• This morning Greencoat Renewables released its H1 2024 results to the end of June, which provides some extra details in addition to the NAV factsheet released on 25th July. (BUY PT €1.20)  
• On Friday, we met with the CEO of PTSB to discuss H1 results and business and balance sheet strategy at the bank. We came away reassured about the outlook for the bank’s medium-term growth and position within the Irish banking market. We maintain the stock on a Buy rating with PT of €1.83, upside 10%.  
• Last week we met with the CFO and IR of Uniphar to discuss the H1 results and business strategies and outlook. We continue to rate the stock as a Buy with PT €3.5 (29.4% upside) given the low valuation levels for this well run, steadily growing business, with a strong niche business model.