Philip O'Sullivan's Market Musings

Financial analysis from Dublin, Ireland

Market Musings 26/6/11

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Overall it’s been a quiet couple of days since my last recap of what’s going on in the business world, but I’ve still managed to pick up a couple of interesting nuggets of information.


The Dublin Airport Authority (DAA) released its 2010 annual report which revealed that net debt was €765 million at the end of last year versus €616 million at the end of 2009, while the pension deficit currently stands at €20m. By its own admission, the DAA’s “credit rating was reduced twice by S&P during the course of the year under review from a level of A-/Negative Outlook at the beginning of 2010 to BBB/CreditWatch Negative”. That is the lowest “investment grade” rating that an entity can have under S&P’s ratings system.


Stockbrokers NCB had an interesting footnote to the impending listing of Continental Farmers Group, a stock I’ve mentioned before. According to NCB’s number crunching, Origin Enterprises’ stake  is worth just €9.3m based on the IPO price, which is less than half what it paid to acquire it. CFG lists on both the AIM and ESM markets on Tuesday.


The team in Fisher Investments have put together a really useful primer on the IEA’s release of 60m barrels of oil over 30 days that’s well worth a read. Those of you who are on Twitter would do well to follow them – they are always putting out useful briefing notes. Speaking of useful briefing notes, I had the pleasure of attending (and for the sake of full disclosure, I also helped organise) a great presentation by Cormac Lucey on the causes of Ireland’s economic misery. Cormac puts forward a very cogent argument, and I would encourage you to download his slides. Finally, another brilliant presentation that I encountered in recent days was IceCap Asset Management’s latest offering, “Hitting the Fan“.


(Disclaimer: I am a shareholder in Glanbia plc) From an Irish corporate perspective, I see that Merrion Stockbrokers are bullish on Glanbia. You can read my latest views on the company here.


This is an interesting article – 10 brands that will disappear in 2012.


Lastly, I got a good reaction both on Twitter and by email to yesterday’s article on this blog about the Irish stocks that I would consider buying when markets settle down. If you’ve any thoughts on them, or indeed alternative suggestions, then why not leave a comment on it?


Written by Philip O'Sullivan

June 26, 2011 at 3:52 pm

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