Financials

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Green REIT

Significant upgrades to forecasts

Green REIT’s FY 2018 results were well above forecast, and we are making associated upgrades. With yield compression spreading, we are now also including some uplifts from this. Given...

Lloyds Banking Group

With low growth prospects, continuation of buybacks is the most likely outcome

In the coming years, we see little change in Lloyds Banking Group’s (LLOY) top-line prospects, yet capital generation remains strong and pressure on management’s capital ratio target...

Irish banks

Monthly update: Annual banks site visit takeaways

Irish banks’ performance was relatively unchanged on the month, with PTSB up 2% post its interim results, BOI up 1% and AIB down 1% - which compared with a 2% gain for the wider sector...

permanent tsb Group

Accelerated NPL reductions provide capital comfort

Non-performing loan (NPL) reductions so far in 2018 give confidence that further significant reductions will occur in the near term. NPL sales by PTSB and elsewhere in the market have...

Irish banks

Monthly update: Key take-aways from interim results

Irish banks were outperformers in the month, with BOI up 5.7%, PTSB up 5.5% and AIB up 1.4% versus a wider market decline of 1.8% caused by macro and geo-political concerns elsewhere....

Davy Conviction List

Removing Kingfisher and HeidelbergCement on earnings concerns

We are removing HeidelbergCement and Kingfisher from the Davy Research Conviction List. Both names had a disappointing performance in H1 due to challenging end-markets and associated...

Bank of Ireland

Primed for growth

H1 2018 results, showing lending growth and cost reduction, provided early evidence of progress in BOI’s recently announced strategy. While the finalisation of the review of internal...

AIB Group

On track with key financial targets, but reducing forecasts on flatter margin and higher RWAs

H1 results showed that AIB remains on track to hit its financial targets, supported by strong NPE momentum and capital generation. However, we reduce our forecasts to include a...

Bank of Ireland

Early signs of delivery on strategic priorities; impairment and capital beat

BOI’s H1 2018 results demonstrate early progress on its strategic priorities with loan growth and reductions in operating expenses. The other notable highlights were an impairment...

Irish banks

Monthly update: Countercyclical capital buffer (through the cycle)

It was another month of mixed performance for the Irish banks against the backdrop of a flat sector that recovered from a poor start. PTSB outperformed while Bank of Ireland (BOI)...