Abstract
This case study focuses on Cairn Homes (C5H), leading to a BUY recommendation and a 12-month price target of €2.38. The equity valuation and the research process led to an estimation of 14.4% upside from the €2.08 close on 2 January 2026. The valuation process is based on an equal-weighted framework that combines DCF, relative valuation, sum-of-the-parts, and dividend discount models, as detailed throughout this report. Policy and regulatory assumptions and recommendations are informed by insights from eight industry experts, including senior economists at the ECB and the Central Bank of Ireland, who anchor macroprudential and interest rate projections. Near-term earnings visibility is supported by a €1.15bn forward order book (FOB) through FY26. In comparison, a €6.0bn Gross Development Value (GDV) pipeline provides scale and delivery flexibility in a supply-constrained Irish housing market, indicating Cairn Homes plc’s potential. The case study is supported by the integration and application of skills developed through the MSc in Finance and the Bachelor in Economics and Finance programme at Technological University Dublin in Ireland, reflecting the applied nature of students’ work and its experiential foundations.
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Recommended Citation
Kumar, Varun; Mehra, Payal; O'Byrne, Conor; Coyle, Charles; and Dua, Karan
(2026)
"From Classroom to Capital Markets: Developing Equity Research and Valuation Skills through a Cairn Homes plc Case Study,"
Critical Letters in Economics & Finance:
Vol. 3:
Iss.
1, Article 2.
doi:https://doi.org/10.21427/h5tr-2344
Available at:
https://arrow.tudublin.ie/clef/vol3/iss1/2
DOI
https://doi.org/10.21427/h5tr-2344