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May 25 2022, 07:00 IST/BST
We believe that FBD is now moving to a position where it can return material value to shareholders in the coming years through a combination of a release of surplus capital and balance sheet efficiency initiatives. On top of this, the underlying business is conservatively managed to produce consistent results and will be geared to rising rates in the coming years. This presents a material re-rating and income opportunity. We set a price target of €13.35 (from €13.2) and reiterate our ‘Outperform’ rating.