Apr 24 2019
Recent Research
Market comment, Brexit back on the agenda
Apr 24 2019
CRH, Strong start supports further share buyback
Apr 24 2019
Falcon Oil and Gas, Learning through play
Apr 23 2019
Falcon Oil and Gas
Learning through play
This year’s drilling activity is structured to glean as much as possible from the various oil and gas targets identified in the Beetaloo Basin, Northern Australia. This will allow the most...
Irish banks
Monthly update: April showers
The agreed six-month Brexit extension, while removing the near-term risk of a catastrophic hard-Brexit scenario for Irish SMEs, does little to facilitate medium-term financial planning...
UK banks
Focus on capital returns given uncertain macro backdrop
Both Lloyds Banking Group (LLOY) and RBS continue to deliver towards their stated management ambitions – resulting in meaningful capital returns. The prospect of a ‘no deal’ Brexit...
Irish economy
Revising down our Irish GDP forecasts to 5% growth in 2019
We expect Irish GDP growth of 5% in 2019 (versus 5.6% previously) and 4.1% in 2020. Activity at end-2018 was a little weaker than expected, with some indicators such as the PMIs having...
Paddy Power Betfair
Investor day reinforces US opportunity
The land of opportunity or the home of the brave? We think the former. The Paddy Power Betfair (PPB) investor day in New Jersey reinforced our initial view that the US opportunity is...
FBD Holdings
Underwriting discipline and greater risk asset allocation to sustain returns
We reiterate our ‘Outperform’ rating given that FBD is well placed to achieve its targeted return to premium growth, while our channel-checking suggests that the rural AXA threat is...
Paper & packaging
Reducing forecasts on more cautious pricing; cash flow drives long-term value
While pricing for European containerboard and corrugated may be under pressure in the short term, the industry remains highly cash generative. This strong cash flow, combined with...
Monthly Market Monitor
Global equity markets extend gains in March; best Q1 since 1998
Global equity markets continued their strong start to the year with the MSCI AC World Index adding 1.3% in March. This brings the year-to-date (ytd) climb to 11.7% – the best Q1 outcome...
Irish economy
Mortgage approvals volumes down 5.7% in January
This morning’s mortgage approvals data are disappointing – €565m for house purchase, down 3.3% on the year (or by 5.7% in volume terms). The only part of the market seeing growth is...
Irish banks
Monthly update: letters from Frankfurt
FY 2018 demonstrated strong progress in reducing non-performing exposure (NPE) balances but also highlighted that this will be an ongoing focus in the coming years. The Single...
