Mar 20 2023
Financials
Recent Research
FBD Holdings, Strong cash return
Mar 13 2023
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Banks
Model updates: exceeding guidance in an uncertain world
Events elsewhere have resulted in an abrupt U-turn on market expectations for central bank rates and, as a result, bank earnings outlooks for European banks. We apply a conservative...
FBD Holdings
Strong cash return
FBD has re-rated significantly in the past year, largely reflecting its strong capital position and the benefits of higher interest rates. We argue that franchise growth should also be...
FBD Holdings
Capital significantly ahead; engagement on capital return
Following its recent update, FBD’s headline profitably was broadly known, with FY results showing a small beat versus the c.€70m profit before tax expectation. The key highlights today...
Bank of Ireland
FY 2022 ahead; three-year plan – higher returns on and of capital
FY 2022 results are ahead of expectations. Ordinarily this might attract more focus, but the focus today will be squarely on the higher returns on equity and distributions Bank of...
Harworth Group
Model update ahead of FY results
Ahead of Harworth’s full year results, we revise our 2022 estimate for FY EPRA NDV downwards to 192.7p. This revision follows the group’s recent trading update, which highlighted the...
IRES REIT
FY2022 results
IRES has reported FY2022 results that reflect very strong operating metrics with high occupancy levels and broadly stable margins. The valuers have widened gross yield assumptions,...
Banks
SSM SREP highlights conservative approach to Ireland
We have known for some time, and the 2023 Supervisory Review and Evaluation Process (SREP) disclosure is another reminder, that Irish banks are subject to stricter capital requirement...
Banks
Proceed to the next level
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...
Harworth Group
Taking a cautious stance on end-2022 valuations
Given the current downbeat property environment, where the size of possible downgrades is still widely unknown, we are taking a more conservative view on year-end valuations for...
IRES REIT
New forecasts to reflect the move in yield curves
Yield curve movements have impacted the wider real estate sector. The increase in EURIBOR leads us to raise our interest charge forecasts each year at IRES and lower our EPRA EPS...
