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...