Davy Research

Financials

Financials

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

NPL strategy will be the key focus

We expect interim results (July 26th) to show that PTSB is continuing to restore the core business to a more solid footing. However, given the intense regulatory focus on...

Jul 4 2017 | Emer Lang , Stephen Lyons , Diarmaid Sheridan | Company Report | 2 pages

Davy hosts EPRA investor day

Davy hosted an investor day in Dublin for EPRA, the European Public Real Estate Association, with representatives from nine leading real estate stocks across Europe attending. We had...

Jun 26 2017 | Colin Grant | Sector Report | 5 pages

Forecast revisions post full year results

The highlight of Hibernia REIT’s full year results was the underlying NAV growth of 14.5% to €1.46 (Davy forecast €1.43) making it one of the fastest growing REITs in the world. It...

Jun 1 2017 | Colin Grant | Company Report | 2 pages

Mortgage market upturn to reset banks on a long-term growth trajectory

The strong upturn in mortgage activity in Q1 gives confidence that banks’ loan books are closer to an inflection point. The mortgage market is set to at least double in the next few...

Revised mortgage-to-rent a catalyst to deal with long-term mortgage arrears

Home-owner mortgage arrears have fallen by 45% since their peak in 2013, yet long-term cases remain stubbornly high. Key issues in resolving such cases include: affordability and...

May 25 2017 | Diarmaid Sheridan , David McNamara , Stephen Lyons , Emer Lang | Sector Report | 15 pages

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

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