DAVY VIEW

FBD will release FY 2020 results on February 26th. The conclusion of the Business Interruption (BI) case should enable FBD to provide greater clarity on the impact; we expect an additional provision of €20m with FY 2020 results. The conclusion of the case will enable focus to return to the underlying business and its solvency position, which we expect to remain robust. We retain our ‘Outperform’ rating with a price target of €11.40.