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Sep 29 2017, 06:30 IST/BST
Over the past few years, Bank of Ireland (BOI) has transformed its solvency position, building CET1 capital while reducing non-performing loans. It is now transforming its operating capability, which will structurally improve its operating efficiency. We believe the market has digested the cost of transformation but is not currently incorporating any of the resultant benefits. We reiterate our ‘Outperform’ rating with a price target of €9.20.