Financials

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UK banks

A constrained consumer; initiating on CYBG at ‘Neutral’ and upgrading LLOY to ‘Outperform’

Retail banking in the UK remains challenging, not helped by an uncertain macro environment. We initiate on CYBG with a ‘Neutral’ rating (price target: 159p). The Virgin Money (VM)...

Irish banks

Monthly update: another brick in the wall

There was little to surprise in Irish banks’ Q1 updates, where margin resilience proved to be the consistent theme. Instead, the greater surprise in the month was the announcement that...

Real estate

The latest trends in the Irish real estate market

The latest data on the Irish real estate market suggest that rent growth continues in all sectors with particular strength in industrial. The trend in yields is more varied as retail...

Irish banks

Monthly update: April showers

The agreed six-month Brexit extension, while removing the near-term risk of a catastrophic hard-Brexit scenario for Irish SMEs, does little to facilitate medium-term financial planning...

UK banks

Focus on capital returns given uncertain macro backdrop

Both Lloyds Banking Group (LLOY) and RBS continue to deliver towards their stated management ambitions – resulting in meaningful capital returns. The prospect of a ‘no deal’ Brexit...

FBD Holdings

Underwriting discipline and greater risk asset allocation to sustain returns

We reiterate our ‘Outperform’ rating given that FBD is well placed to achieve its targeted return to premium growth, while our channel-checking suggests that the rural AXA threat is...

Irish banks

Monthly update: letters from Frankfurt

FY 2018 demonstrated strong progress in reducing non-performing exposure (NPE) balances but also highlighted that this will be an ongoing focus in the coming years. The Single...

IRES REIT

Acquisition in Baldoyle

IRES has announced that it has closed the purchase of 52 residential units at The Coast in Baldoyle for €14m. The gross yield on the transaction is estimated at 6.1%, which is in line...

FBD Holdings

FY2018 results preview

FBD reports 2018 results on February 27th, which we expect to provide support against an unjustified de-rating. Despite a positive refinancing of the convertible bond, a greater tilt...

IRES REIT

FY 2018 results preview

IRES will report its full year results on Friday, February 22nd at 07.00 GMT. We expect NAV of 136.5c/share, reflecting gains from rent growth. We are particularly focused on EPRA EPS,...