Davy Research



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

Reports significant improvement in 2016

2016 has proved a pivotal year for permanent tsb Group (PTSB), with a refocus on its Irish franchise delivering a much-improved underlying trading performance and the completion of its...

Mar 8 2017 | Emer Lang , Stephen Lyons | Company Report | 2 pages

Upgrading TNAV forecasts; dividend restoration hinges on capital generation

Following its encouraging return to a FY2016 underwriting profit (COR of 99%), FBD targets a continued steady improvement in this key metric to a mid- to high-90s range in 2017. Our...

Mar 7 2017 | Emer Lang , Stephen Lyons | Company Report | 4 pages

FY 2016 results show strong business momentum; re-starts dividend payments

AIB’s FY 2016 results demonstrate strong underlying business momentum and restructuring progress with robust capital levels. New lending in Ireland increased by 16% while the group net...

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

Strong capital but cautious approach to dividend; further details on IT plans demonstrate scale of required investment

The decision to defer the dividend payment to FY 2017 highlights the cautious approach adopted by Bank of Ireland (BOI) in light of Brexit concerns and the sustainability in the...

Feb 24 2017 | Diarmaid Sheridan , Stephen Lyons , Emer Lang | Company Report | 3 pages

Results to show strong growth, robust asset quality

The UK economy has to date proved more resilient than expected in the wake of Brexit; in particular, mortgage market volumes remained robust through FY 2016. While competition will...

Feb 24 2017 | Emer Lang | Company Report | 2 pages

Underlying PBT 3% ahead; guidance on margin and capital generation upgraded

Lloyds Banking Group (LBG) underlying PBT of £7.9bn was 3% ahead of our forecast and 2% ahead of consensus. Its strong capital ratio funds the capital impact of its acquisition of...

Feb 22 2017 | Diarmaid Sheridan | Company Report | 2 pages

Interim results: income delivery as revaluations slow in maturing market

Green REIT’s interim results highlight a stable income stream, backed by secure and high quality assets. Revaluation gains have slowed given the more mature phase of the real estate...

Feb 21 2017 | Stephen Lyons | Company Report | 2 pages

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