DAVY VIEW

Since the outset of its current strategy, FBD has delivered across all fronts, growing in its targeted areas and returning very high levels of capital via dividends. This was all achieved while demonstrating the resilience of the model in the face of adverse weather and retaining robust levels of capital. The strategy points to more of the same, with a greater emphasis on a higher sustainable dividend – providing further support to the valuation. We retain our ‘Outperform’ rating with a revised price target of €23.30.