Davy Research

Financials

Financials

Q3 trading in-line and capital ahead of expectations; tracker issue manageable

Bank of Ireland’s IMS points to a solid trading performance during Q3 with net interest margin (NIM) and customer lending in-line with our expectations. The FL CET 1 outcome of 12.8% is...

Oct 26 2017 | Diarmaid Sheridan , Stephen Lyons | Company Report | 6 pages

Tracker mortgage redress updates provide much needed clarity

We view the coordinated release of details of the work already undertaken together with commitments on timeframes to complete the Tracker Mortgage Examination for impacted customers...

Oct 26 2017 | Diarmaid Sheridan , Stephen Lyons | Sector Report | 11 pages

Upgrading estimates to reflect improving performance

FBD’s brief trading update on October 24th reinforced the positive trends that were emerging in H1: better pricing and an improving underlying COR. A “low double digit return on...

Oct 26 2017 | Emer Lang | Company Report | 7 pages

Progress remains unfairly overlooked

Over the past few years, Bank of Ireland (BOI) has transformed its solvency position, building CET1 capital while reducing non-performing loans. It is now transforming its operating...

Sep 29 2017 | Diarmaid Sheridan , Stephen Lyons | Company Report | 34 pages

Davy annual financials site visit - key takeaways

Our 2017 annual financials site visit unsurprisingly garnered increased investor attention following AIB’s equity market return, BOI re-starting debt issuance for the sector and renewed...

Mortgage rate reductions may dampen expectations for further NIM gains

AIB’s reduction in mortgage rates marks a continuation of the competitive environment evident in the market for some time, albeit the magnitude (and so soon after the IPO) is earlier...

Sep 15 2017 | Diarmaid Sheridan , Stephen Lyons | Company Report | 5 pages

Improving returns to drive solvency rebuild

A solid first half provided further evidence of FBD’s encouraging turnaround and crucially, its return to solvency capital accretion. A medium-term target Solvency II range of 120-140%...

Sep 1 2017 | Emer Lang , Stephen Lyons | Company Report | 17 pages

Upgrading NAV forecasts

As indicated after the strong H1 2017 results, we are upgrading our NAV forecasts by 3-5% for each year and now forecast 2017 NAV at 780p/share versus 752p previously. As expected,...

Sep 1 2017 | Colin Grant | Company Report | 11 pages

NPL disposals cloud near-term outlook

PTSB’s accelerated non-performing (NPL) reduction targets will see a cleaner core franchise emerge more quickly but at a price to valuation as surplus capital is used towards...

Aug 29 2017 | Stephen Lyons , Emer Lang | Company Report | 37 pages

Hammerson plc - Initiating coverage with an 'Outperform' rating

Earnings as a percentage of net asset value (NAV) is currently at a level that has historically only occurred in periods of extreme financial stress. We feel this reflects hidden value...

Jul 20 2017 | Colin Grant | Company Report | 40 pages

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