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Jan 20 2022, 07:00 GMT
Banks
2022: crystallising positive catalysts
- Sectors : Banks
- Companies : permanent tsb Group | AIB Group | Bank of Ireland
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| AIB Group | OUTPERFORM | 23/01/19 | Neutral | 14/08/18 | 258c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 598c |
| permanent tsb Group | OUTPERFORM | 04/02/21 | Neutral | 06/03/19 | 170c |
DAVY VIEW
Credit growth is emerging, providing further impetus to the unprecedented actions of 2021 and combining to bring sustainable returns into sight. 2022 is a year of execution followed by delivery in 2023 and beyond. The Irish banking landscape is set to deliver in the coming years with balance sheet growth, increased profitability and returns. This will unlock distribution potential – buy-backs are highly attractive at this juncture. Current valuations are undemanding against this backdrop; we retain our ‘Outperform’ ratings with material upside across all three banks.
