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Jan 24 2023, 16:35 GMT
Banks
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- 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 | 375c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 949c |
| permanent tsb Group | OUTPERFORM | 04/02/21 | Neutral | 06/03/19 | 200c |
DAVY VIEW
2022 was a stellar year to be invested in Irish banks. The rate debate has now shifted to peak rates and overtightening, which at face value is not constructive but may create near-term upside to forecasts. However, for the substantial re-rating that has occurred, we do not believe distribution capability is valued appropriately. In our view, this will become a far greater focus for 2023 together with growth opportunities presented by market consolidation – which we also believe is underappreciated. We maintain our ‘Outperform’ ratings and continue to see material upside across all three banks.
