Banks

Ireland’s call: investment opportunities in 2019

Ratings

Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
AIB Group NEUTRAL 14/08/18 Outperform 28/03/18 368c
Bank of Ireland OUTPERFORM 11/03/13 Neutral 14/08/12 486c
CPL Resources OUTPERFORM 30/06/09 N/A N/A 580c
Dalata Hotel Group OUTPERFORM 09/09/14 Under Review 03/09/14 474c
FBD Holdings OUTPERFORM 01/09/17 Neutral 29/02/16 824c
Grafton Group OUTPERFORM 15/12/15 Neutral 07/09/15 643p
Green REIT OUTPERFORM 23/01/14 N/A N/A 135c
Hibernia REIT OUTPERFORM 11/11/14 N/A N/A 125c
Irish Continental Grp OUTPERFORM 30/08/18 Neutral 19/02/18 425c
IRES REIT OUTPERFORM 08/05/15 N/A N/A 135c
permanent tsb Group OUTPERFORM 01/08/18 Neutral 03/08/17 152c
Applegreen OUTPERFORM 23/07/15 N/A N/A 610c
Cairn Homes OUTPERFORM 26/08/15 N/A N/A 107c
Glenveagh Properties OUTPERFORM 10/11/17 N/A N/A 70.6c

DAVY VIEW

The 21% decline in the Irish equity market in 2018 was at odds with on-going strength in the economy. With economic growth expected to exceed 5% in 2019 (subject to an on-going fudge on Brexit), companies exposed to the Irish economy are likely to benefit – particularly given attractive valuations. These include the banks (Bank of Ireland our preferred choice), housebuilders (Glenveagh Properties), REITs and a number of others including Dalata Hotel Group, Irish Continental Group, Cpl Resources, Applegreen and Grafton Group.

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Jan 2 2019, 07:15 GMT

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