Davy Research



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...

August 14 2018 | Stephen Lyons , Diarmaid Sheridan , Jack O' Halloran | Company Report | 15 pages

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...

July 30 2018 | Diarmaid Sheridan , Stephen Lyons | Company Report | 6 pages

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)...

July 11 2018 | Conall MacCoille , Diarmaid Sheridan , Stephen Lyons | Sector Report | 26 pages

Alpha at a discount

Green REIT and its predecessor, Green Property plc, have achieved historical returns far above benchmarks, whereas the sector has underperformed. The risk/return outlook for Green...

July 4 2018 | Colin Grant | Company Report | 38 pages

Growth in balance sheet and additional efficiency measures to drive earnings growth

Bank of Ireland’s (BOI) investor day set out ambitious lending growth targets together with an acceleration of efficiency gains. While capital is somewhat lower as a consequence of...

June 14 2018 | Diarmaid Sheridan , Stephen Lyons | Company Report | 8 pages

Monthly update: NPL progress helps insulate Irish banks from wider market volatility

With European banks under pressure over the last month, falling 6%, Irish banks were notable outperformers. PTSB was up 2%, Bank of Ireland (BOI) was unchanged and AIB fell 1%. We...

June 11 2018 | Stephen Lyons , Diarmaid Sheridan , Guest | Sector Report | 21 pages

Solvency rebuild supports growth ambition

FBD’s turnaround story gathered pace markedly in 2017 through a much improved solvency position. Supported by a better underwriting performance, despite the slow pace of claims...

June 1 2018 | Stephen Lyons , Diarmaid Sheridan , Guest | Company Report | 25 pages

Acquisition in Finglas and Q1 2018 trading update

IRES has confirmed the acquisition of 128 units at The Square in Hampton Wood, Finglas. This is the company’s first deal since August 2016 and brings the total number of units to 2,579....

May 9 2018 | Colin Grant , Colin Sheridan CFA | Company Report | 6 pages

Keeping it in-House

While the underlying businesses of IFG have the potential to produce attractive earnings, legacy issues continue to cast a shadow over overall performance while the cost of the...

April 6 2018 | Diarmaid Sheridan , Stephen Lyons | Company Report | 10 pages

2018 to be a defining year as sales accelerate the NPL strategy

Like a climber ascending to the top of a mountain only to be met by the sight of yet another peak, PTSB continues to grapple with non-performing loan (NPL) headwinds. 2018 will,...

March 29 2018 | Stephen Lyons , Diarmaid Sheridan | Company Report | 26 pages

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