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Category: Finance

DALATA HOTELS’ BALANCE PROBLEM

Pat McCann

GOLDHAWK was not surprised to see Dalata Hotels boss Pat McCann talking of expansion into Europe by the group when announcing its underwhelming 2019 results. Fans of The Phoenix will be aware that the hotel chain has been hugely unbalanced with around a 25% share... Read more »

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JACOBS INN THE MONEY

Basil Good

EVANGELIST AND businessman Basil Good must stunned by the fantastic profits generated by subsequent owners of the huge Jacobs Inn tourist hostel that he developed many moons ago. The latest deal has resulted in a very sweet profit being tuned in the space of 16... Read more »

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MARY O’BRIEN’S BAD DIAGNOSIS

Mary O'Brien

A CREDITORS meeting has been called for Videodoc Ltd, the online GP service established by Kenmare-based Mary O’Brien. This will not come as a surprise to fans of Goldhawk, as The Phoenix reported that the UK parent had quietly gone into administration back in July... Read more »

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BEHIND THE FBD SHARE SURGE

Fiona Muldoon

THE BIG jump in profits signalled this week by FBD Insurance will not surprise fans of Moneybags who were told in December that the company’s shares “look cheap”. With a jump of 9% on foot of FBD’s update to the market yesterday, clearly this was... Read more »

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TONY SMURFIT’S DIVIDEND STRATEGY

Tony Smurfit

THE CHIEF executive of Smurfit Kappa, Tony Smurfit, must have been happy with the media reaction this week to the latest figures for the big paper and cardboard group. Highlighted was the hike in dividends, which is the kind of move that tends to placate... Read more »

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GREENCORE’S SHARE-PRICE RISE DEFIES LOGIC

Patrick Coveney

A READING of Greencore’s 2019 annual report could suggest a highly successful business that claims to be focusing on “sustained growth and returns from an industry-leading UK business”. It is headed up by Paddy Coveney, whose take-home package was a hefty €2.35m. Although Greencore has... Read more »

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WILLIE WALSH’S STERLING RECORD AT IAG

Willie Walsh

The decision by Willie Walsh to parachute out of IAG (09/01/2020) will leave a pretty big space in the cockpit. As noted by Moneybags last year (see below, originally 24/01/2019), he has managed to turn IAG into the most profitable airline in the world and... Read more »

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DERMOT DESMOND AND THE DATALEX DISASTER

Dermot Desmond

THE COMPANY that has provided the most entertainment to market watchers this year is without a doubt Datalex, the deeply troubled airline booking software provider. The turbulence surrounding the company since January has only grown stronger and it is unclear if it can pull out... Read more »

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FINE GAEL’S PHONEY CLAMPDOWN

Michael Noonan

ONLOOKERS were no doubt astonished by the revelation in Paschal Donohoe’s budget speech that vulture funds “have engaged in aggressive behaviour to avoid tax”. As well as promising to introduce new “anti-avoidance measures”, the finance minister announced that his officials will “intensely scrutinise activities in... Read more »

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TROUBLE BREWING AT KARELIAN DIAMONDS

AT THE age of 86, Dick Conroy is running two mineral exploration companies – Karelian Diamonds and Conroy Gold and Natural Resources. Both of these have been the subject of dissident shareholder activity, with Karelian currently in the sights. It seems likely that, as with... Read more »

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NAMA’S 10 TERRIBLE YEARS

Brendan McDonagh

NAMA is a complex organisation, but one of its most significant aspects has been its role in the housing crisis that currently exists in the country. Last month’s annual report announcement was accompanied by much back slapping, but there is no cause whatsoever for celebration... Read more »

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FALCON OIL HOPING FOR GOOD NEWS DOWN UNDER

FRACKING is a hugely controversial issue in this country and elsewhere. The Australian government introduced a moratorium on hydraulic fracturing in September 2016 – a move that badly affected Falcon Oil & Gas, which has been managed by Philip O’Quigley since he was appointed CEO... Read more »

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O’LEARY UNSCATHED BY RYANAIR’S PROFIT TAILSPIN

Michael O'Leary

ANNOUNCING RYANAIR’S results for the year to March 2019, Mick O’Leary tried to minimise the negatives while advising that earnings had fallen a very hefty 29% from €1.45bn to just on €1bn. These are not the full figures as they exclude the impact of Laudamotion... Read more »

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AMINEX SHARES FAIL TO REFLECT POTENTIAL IN TANZANIA

Sheikh Mohammad Al Zubair

AMINEX HAS farmed out the development of its gas discovery in Tanzania with a $105m development deal, wherein it is fully carried through to full production and looking at a potential distributable annual $40m net cash flow in two years. The stock market has, however,... Read more »

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NAMA: THE ‘PROFIT’ AND THE CRISIS

BRENDAN McDonagh and Frank Daly – chief executive and chairman respectively of Nama, kept straight faces yesterday when announcing that the bad bank would earn a €4bn surplus by the time it winds up (some time in 2021 apparently). It takes some impressive contortions to... Read more »

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TOTAL PRODUCE’S DOLE PROBLEM

Carl McCann

INVESTORS IN Total Produce would be forgiven for not getting the full picture from the 2018 annual report. The acquisition of only a 45% stake (so far) of the giant Dole fruit business means the results do not have to be fully consolidated. As a... Read more »

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TOASTING STEPHEN GLANCEY AT C&C

Drinks behemoth C&C has said that competition in the Irish cider market has made the company “sharper”. Back in February, Goldhawk analysed how C&C’s strategy started to pay off. Read more on this story here.

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CHOPPY WATERS IN STORE FOR ROTHWELL’S ICG

Eamonn Rothwell

LAST YEAR was a bad one for Eamonn “Rottweiler” Rothwell’s Irish Continental Group (ICG). He is now looking to bounce back, but the shares will remain on a demanding price-earnings multiple at a time when competition is heating up on the Irish Sea. Read more... Read more »

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GREEN REIT SALE DOESN’T MAKE SENSE

Stephen Vernon

THE ANNOUNCEMENT by Steve Vernon on April 15 that the Green Reit board “has taken a decision to initiate a process for the sale of the company or its portfolio of assets” came as a real surprise. What should happen now, rather than selling out,... Read more »

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IAN CURLEY’S EXIT

FOLLOWING the announcement of the impending exit of Malin Corp executive chairman Ian Curley, read Goldhawk’s October 2018 analysis of the company’s recent turbulence below.  BAD MEDICINE AT MALIN CORPORATION THE SAME week that Malin Corporation had its explosive AGM (September 13), Don Panoz –... Read more »

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THE INCREDIBLE €240M CASH TAKEOUT OF IFG

Kathryn Purves

AHEAD OF IFG’s final AGM, read Goldhawk’s analysis of the company’s audacious sale in the latest issue below.  The £200m Elysian Fuels controversy is still unresolved and a further £5m provision has had to be made to cover potential further sanction charges and mediation costs... Read more »

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WHY I-RES SHOULD END THE CANADIANS’ SWEET DEALS

Margaret Sweeney

I-Res Irish CEO Margaret Sweeney  IRELAND’S HOUSING crisis has provided opportunities for certain players, notably Irish Residential Properties Reit (I-Res), where the Canadian founders have been doing very well for themselves, not least courtesy of lucrative management service contracts.  Read more in the latest issue. ... Read more »

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ALBERT MANIFOLD’S €8 MILLION

Albert Manifold

NOT TOO surprising to see former Bank of Ireland boss Richie Boucher defending the whopping €8m remuneration package of CRH’s chief executive, Albert Manifold. This is an eye-watering sum, especially for a CEO who has just delivered an annual report that features a number of... Read more »

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DATALEX’S TURBULENCE SHOULD NOT SHOCK

PIC: Datalex CEO Aidan Brogan Fans of Goldhawk will not be surprised by the news that shares in the company plummeted by 20% yesterday. The Phoenix raised questions about Datalex’s accounts 16 months ago.  Read January 2018’s Moneybags analysis here to find out more. 

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CHOPPY WATERS

Eamonn Rothwell

Fans of Goldhawk will not have been too surprised by the €600,000-plus fall in remuneration for the loaded boss of Irish Continental Group boss Eamonn Rothwell, whose performance on the bridge has been far from assured over the last year.  As our profile noted, “the... Read more »

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KENMARE RESOURCES INCREASINGLY TEMPTING AS TAKEOVER TARGET

Mick Carvill

PIC: Mick Carvill Things are looking good for Kenmare Resources with outturn last year of $262m in sales and ebitda of $93m.  Read the full article in the latest issue out now. And you can read Goldhawk’s prediction from last year that Kenmare Resources “should... Read more »

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O’BRIEN COULD GET €100M IN INM TAKE-OUT

Denis O'Brien

IT IS hard to believe the news emerging of a pending takeover bid for Independent News & Media (INM). With Denis O’Brien sitting on a 30% shareholding and his pal, Dermot Desmond (invited in at a hefty discounted 7c a share five years ago), sitting... Read more »

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BIG REWARDS BUT SMALL RESULTS AT GREEN REIT

Stephen Vernon

PIC: Stephen Vernon Green Reit has been put up for sale causing a long overdue spike in its share price. Read Goldhawk’s previous analysis of the company’s underperformance and the very generous rewards on offer to the principal’s. 

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WILL GRAFTON TAKE OUT CRH’S EUROPEAN BUSINESS?

Grafton Group

SINCE TAKING over as CEO at Grafton Group in 2011, Gavin Slark has too partially fulfilled former boss Mike Chadwick’s ambition to lessen the company’s dependence on the British Isles by expanding into mainland Europe, building up significant footprints in Belgium and The Netherlands. Now... Read more »

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PADDY POWER’S US BET MAY NOT PAY OFF

Paddy Power

Will Paddy Power’s US bet pay off? Read Goldhawk’s analysis in the latest issue to find out more.  You can also scan through this previous article that explores the betting giants pursuit of the “Yankee Dollar.”

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