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Aug 9 2023, 07:30 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||958c|
|permanent tsb Group||OUTPERFORM||04/02/21||Neutral||06/03/19||212c|
We forecast revenue, earnings and returns resilience in the coming years running contrary to ‘peak earnings’ themes. Strong capital positions and attractive organic capital generation results in further distribution capacity. Not alone are earnings multiple attractive, total distribution (in our view) underwrites the investment. We retain our ‘Outperform’ ratings, seeing significant upside from current valuations.