Davy Research



SFCR confirms solvency buffer of €38m to lower end of target range of 110-130%

FBD’s Solvency and Financial Condition Report (SFCR) confirms that its group solvency capital ratio (SCR) of 126% is a product of total free funds of €304m and a solvency capital...

May 22 2017 | Emer Lang | Company Report | 4 pages

Good margin management

Lloyds Banking Group’s (LBG) Q1 IMS demonstrated strong margin management with the net interest margin (NIM) running significantly ahead of expectations and coming in advance of the...

Apr 28 2017 | Diarmaid Sheridan | Company Report | 2 pages

Q1 ahead of NIM and impairment charge; expect trends to persist through 2017

Lloyds Banking Group (LBG) has reported a strong Q1 statement with both the net interest margin (NIM) and the impairment charge ahead of expectations and expected to remain so...

Apr 27 2017 | Diarmaid Sheridan | Company Report | 2 pages

Upgrading forecasts

Following Hibernia’s letting of the top two floors at 1 Windmill Lane (1WML) at a rent of €57.60/square foot on March 31st (Hibernia REIT - New letting at 1 Windmill Lane) and Feedback...

Apr 13 2017 | Colin Grant | Company Report | 2 pages

Feedback from Davy real estate site visit

Davy hosted its fourth annual real estate site visit in Ireland on April 5th and 6th. The general tone continues to be upbeat on the outlook for all sectors – residential has the...

Apr 11 2017 | Colin Grant , David Jennings , Colin Sheridan CFA | Sector Report | 6 pages

Restructuring complete; moving to the next phase

Having moved its head office to London from Dublin, IFG has now completed its UK refocus. Its core UK market is high net worth platform (through James Hay) and advisory (Saunderson...

Apr 3 2017 | Stephen Lyons , Emer Lang | Company Report | 4 pages

Operating leverage drives double-digit returns

Virgin Money (VM) would not be immune to a sharp Brexit-related slowdown, but we believe that its business model, characterised by strong cost performance and robust asset quality...

Mar 29 2017 | Emer Lang | Company Report | 5 pages

Dividend prospects supported by strong rental market

Against the backdrop of strong demand in the rental sector underpinning solid medium-term growth, we remain positive on IRES, Ireland’s only multi-unit residential REIT. It offers an...

Mar 10 2017 | Emer Lang , David McNamara | Company Report | 11 pages

Cash returns to the fore

We believe our investment thesis regarding Lloyds Banking Group (LBG) remains intact – headline and underlying earnings will converge, resulting in an increased cash return through a...

Mar 10 2017 | Diarmaid Sheridan | Company Report | 4 pages

Brexit to offer upside through an extension of the development cycle

The strong operational performance of the Irish office REITs has not been matched by equivalent share price returns. Instead, concerns regarding foreign direct investment (FDI) and...

Mar 9 2017 | Stephen Lyons , Conall Mac Coille | Sector Report | 17 pages

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