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Analyst Insights
In-depth research on UK equities, sectors and market structure from the Openbook team. Each article carries its own byline.
easyJet: Catalysts, Risks and Final Recommendation
Final Hold rating on easyJet. Capex timing is the swing factor. Upside if capex normalises early and holidays scales; downside if fuel and capacity stay elevated. Part 5 of a 5-part series.
Read full noteeasyJet: Forecast Assumptions and DCF Valuation
easyJet DCF — five-year forecast, 12% revenue CAGR, 12% WACC, 2% terminal growth. Implied share price of 90p versus 470p market price. Part 4 of a 5-part series.
easyJet: Investment Thesis and Financial Analysis
Revenue growth is improving but it's volume-led, not pricing-led. Costs are mostly outside management's control. ROCE has rebuilt to 18%. Part 3 of a 5-part series.
easyJet: Industry Overview and Competitive Landscape
European travel demand remains supportive for easyJet, but Ryanair leads on scale and Wizz Air keeps the pressure on price. Part 2 of a 5-part easyJet series.
easyJet PLC: Hold — Recovery Intact, Free Cash Flow Is the Real Debate
easyJet has recovered from the pandemic, but the investment case still hinges on free cash flow during a heavy fleet investment cycle. Part 1 of a 5-part series.
The Openbook Top Stocks Portfolio: +17.5% in Five Months
Our Top Stocks portfolio is up 17.5% over the first five months of the year against 4.3% for the FTSE All-Share — roughly four times the index. An honest breakdown of what drove it, including how much rode on just three names.
UK Equities Are Pricing in a Stuck Bank of England. They Probably Shouldn't Be.
The FTSE 250's 30-40% discount to global peers reflects a market that has stopped believing in rate cuts. The pivot, when it comes, will be sharpest in real estate, utilities and selected consumer names.
Five FTSE Growth Stocks Worth Researching in 2026
The FTSE 100's value-and-income reputation hides a substantial cohort of compounders. We profile five of them — what drives the growth, what the consensus debate is, and what the risks look like.
Lloyds at Book Value: The Motor Finance Overhang Is the Whole Story
Lloyds trades close to tangible book value and yields over 5%. The relative cheapness is real. So is the FCA motor finance investigation that explains it.
Rolls-Royce After the Re-Rating: What the Flying Hour Number Actually Tells You
Rolls-Royce has risen more than 400% from its 2022 low. The debate now is whether the civil aerospace flying hour trajectory and the SMR optionality can carry a multiple that prices both.
The Highest-Yielding FTSE 100 Stocks in 2026 — and What the Yield Is Telling You
A 9% yield on a FTSE 100 stock is either a generational income opportunity or a warning the market is pricing a dividend cut. The difference matters. We profile five of the index's top yielders.
AstraZeneca at 30x Earnings: The Tagrisso Cliff Is What the Pipeline Has to Solve
AZN is the FTSE 100's largest company and one of its most expensive. The investment case rests on whether the late-stage oncology pipeline can replace Tagrisso revenue before biosimilar competition arrives at the end of the decade.
AI's Power Problem Is Rewriting the Investment Case for Nuclear
Hyperscaler PPAs with Vistra, TerraPower and Oklo signal that AI demand is now a primary driver of nuclear capacity decisions. The investable winners are not the technology developers.
Why the AI Capex Cycle Is a Tailwind for UK Grid and Waste Operators
Software multiples have compressed on disruption fears. The pick-and-shovel beneficiaries of the AI build-out — utilities, regulated infrastructure, waste — have not. We see the gap as the cleanest defensive play of 2026.
Small Modular Reactors: A Real Investment Case, or the Next NuScale?
Modular nuclear is the cleanest fit for the AI power story on paper. In practice, three commercial projects have already been cancelled or scaled back. Our view on the survivors.
The UK's £2.5bn SMR Bet Is Industrial Policy, Not Energy Policy
The decision to back Rolls-Royce over Westinghouse was a sovereign supply-chain choice as much as an engineering one. The investment case rests on whether the export pipeline converts.