Davy Research

permanent tsb Group

NPL disposals cloud near-term outlook
Banks
permanent tsb Group

DAVY VIEW

PTSB’s accelerated non-performing (NPL) reduction targets will see a cleaner core franchise emerge more quickly but at a price to valuation as surplus capital is used towards disposals. NPL sales represent a different resolution outcome to current provisions assumptions, particularly for treated home loans. We re-affirm our 205c price target and a ‘Neutral’ rating as we expect limited visibility on NPL sales ahead of early next year.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • permanent tsb Group

    Closing Price: 184c

  • RATING 03/08/17

  • PREVIOUS RATING 03/10/16

    Outperform

Analyst(S)

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