Feb 20 2020
Financials
Recent Research
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Lloyds Banking Group
2019 miss; mixed 2020 outlook but reiterates capital guidance
FY 2019 results missed our expectations on lower other income and higher remediation costs, but the dividend is in line with our expectations. Guidance for 2020 is mixed with lower net...
IRES REIT
FY 2019 results reflect strong performance
IRES has reported EPRA NAV per share of 154.6c, up 8.9% year-on-year (yoy) and 4% ahead of our forecast, helped by the Marathon acquisition and yield compression. Earnings were...
Banks
Further downward moves in mortgage pricing announced
Mortgage pricing reduction announcements in Ireland continue apace, with the targeted nature of reductions in keeping with 2019. The non-banks and smaller providers have been most...
Bank of Ireland
FY 2019 preview: refocus on fundamentals
Political uncertainty has weighed on Bank of Ireland’s valuation for some time with a heightened risk premium applied for much of the last 24 months, a factor that is unlikely to fade...
REITS
Irish Central Bank moves could support listed real estate sector
Several commercial real estate funds in Ireland have recently experienced redemptions due to their exposure to the retail sector. The Central Bank of Ireland (CBI) is now looking at...
IRES REIT
FY 2019 results an opportunity to refocus investor attention
The share price has weakened recently due to uncertainty surrounding Ireland’s general election and talk of a rent freeze. IRES will report its FY 2019 results on February 20th, and...
Hibernia REIT
Trading statement
Hibernia has published a trading statement for Q3 confirming that the uptick in tenant activity noted with its full year results in November has continued. This aligns with our view that...
FBD Holdings
Positive trading flags solvency strength and results preview
FBD’s trading update ahead of full-year results, while largely exceptional in nature, further raises income return prospects and casts further scrutiny on its share price...
AIB Group
Surprise additional €300m tracker mortgage charge
The provision comes as a surprise given our understanding that the industry-wide Tracker Mortgage Examination (TME) had moved on to the enforcement stage. The magnitude of the...
Irish banks
Irish banks’ 2020 outlook: buffers, Brexit and politics
Irish banks’ performance in 2019 was particularly impacted by their heightened sensitivity to the lower-for-longer rate environment alongside Brexit-related volatility. For 2020, we...
