Also attracting the attention of stockbrokers is IWP, with Goodbody issuing a long-term buy recommendation. The household products to cosmetics group has reported strong earnings in the six months to the end of September, largely due to restructuring at management and operational level, which is nearing completion. The shares are trading at a discount to their peers and the market is unlikely to re-rate them until the benefits of the changes start to bear fruit. As the next opportunity to assess IWP's progress will be the release of the final results next June, Goodbody believes the shares are unlikely to move ahead in the short term.

However, provided the predicted benefits start to flow through and profit growth is in line with forecasts, it suggests the shares will begin to climb. Goodbody is also recommending Ulster TV (UTV) as a buy for investors. The television station has announced the proposed acquisition of County Media Limited, a Cork-based radio broadcasting business, for £31.5 million (€40 million).

County Media operates three local independent radio licences and gives it a strong focus on regional issues within Cork. Goodbody estimates the acquisition will boost UTV's earnings for next year by 13 per cent and has set a price target of £4.20 for the shares.