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Oct 18 2021, 06:45 IST/BST
Ratings and price correct at time of issue
|Company||Rating||Date||Previous Rating||Date||Closing Price|
|Bank of Ireland||OUTPERFORM||11/03/13||Neutral||14/08/12||517c|
|permanent tsb Group||OUTPERFORM||04/02/21||Neutral||06/03/19||155c|
Irish banks have re-rated materially in the last year, reversing most of the discount to the broader euro banks index. The backdrop remains conducive to further re-ratings with positive earnings momentum and upside from the housing market and asset quality. 2022 will be a year of capital deployment, enabling material increases in distribution capability. We continue to see significant upside from our valuation across all three banks and reiterate our ‘Outperform’ ratings. It’s getting better all the time.