Aug 9 2019
Financials
Recent Research
IRES REIT, H1 2019 results preview
Aug 6 2019
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IRES REIT
Strong H1 2019 results
IRES has reported 18% year on year (yoy) growth in net rental income (NRI) in H1 2019. This has been driven by organic rent growth and acquisitions, which exclude the recent XVI...
Banks
Banks update: looking ahead to H1 results
Looking ahead to UK and Irish banks’ interim results – which kick off next week – the focus will be on pressures from the weakening macro and lower rate outlook. This in turn...
IRES REIT
Acceleration in growth profile
IRES’ acquisition of the Marathon XVI portfolio and associated capital raise is transformational. The deal is immediately accretive and has led to a step-change in the EPS growth rate,...
Hibernia REIT
Upgrading NAV forecasts
We are publishing new forecasts on Hibernia, reflecting the impact of the full year results, as well as revisiting some of our underlying assumptions. The stock trades at a discount to...
CYBG plc
Running hard to stand still
CYBG is working hard to offset the challenging UK retail banking backdrop – repositioning its balance sheet and seeking further cost efficiencies. We expect returns to increase in the...
Irish banks
Monthly update: curveball
The seismic shift in the interest rate outlook fundamentally challenges all banks’ core business models as lower-for-longer interest rates impair profitability from maturity...
UK banks
A constrained consumer; initiating on CYBG at ‘Neutral’ and upgrading LLOY to ‘Outperform’
Retail banking in the UK remains challenging, not helped by an uncertain macro environment. We initiate on CYBG with a ‘Neutral’ rating (price target: 159p). The Virgin Money (VM)...
Irish banks
Monthly update: another brick in the wall
There was little to surprise in Irish banks’ Q1 updates, where margin resilience proved to be the consistent theme. Instead, the greater surprise in the month was the announcement that...
Real estate
The latest trends in the Irish real estate market
The latest data on the Irish real estate market suggest that rent growth continues in all sectors with particular strength in industrial. The trend in yields is more varied as retail...
Irish banks
Monthly update: April showers
The agreed six-month Brexit extension, while removing the near-term risk of a catastrophic hard-Brexit scenario for Irish SMEs, does little to facilitate medium-term financial planning...
