Financials

Meet your Financials Research team

IRES REIT

Undervalued, financially strong with structural growth opportunities

IRES has traded to levels where we see an opportunity. The implied gross passing and reversionary yields are attractive, and the recent disposals have materially strengthened the...

Harworth Group

Good progress made since end-July; management continues to add value

Activity at Harworth has continued in recent weeks with 98% of budgeted group sales now completed, exchanged or in heads of terms – an increase from 81% at end-July. The marginal...

Banks

Deposit increases in line with expectations

Deposit increases are in line with expectations and we expect further increases across the rest of the banking system in the coming weeks, combined with increased campaigns around...

Banks

Finance Minister confirms extension of Bank Levy

The confirmation that the Bank Levy will be extended will not come as a surprise, albeit we await confirmation on quantum and calibration. Our base case remains that, regardless of its...

Banks

Attractive earnings outlook

We forecast revenue, earnings and returns resilience in the coming years running contrary to ‘peak earnings’ themes. Strong capital positions and attractive organic capital generation...

IRES REIT

Anticipated yield expansion sees NAV reduce by 6.7%

The H1 fall in NAV (-6.7%) to 149.2c is not unexpected as the increasing yield environment was quite well known. The company has seen a good performance in net rental income (NRI)...

permanent tsb Group

H1 2023: strong business momentum

PTSB profitability has grown strongly versus H1 2022, and full year revenue guidance has been upgraded. Our 2023 forecasts are higher than upgraded guidance, and we will likely revise...

Bank of Ireland

H1 2023: strong start with FY 2023 upgrade

This is a strong H1 2023 with an earnings beat, good momentum evident in Ireland and a strong capital position. The stronger performance results in a ROTE of 18.5%, well above the...

Banks

Improvements in EBA stress test

In an Irish context, the results of the EBA’s biennial stress test were perhaps not unsurprising but are nonetheless welcome, particularly as a domestic Irish bank outperformed the...

AIB Group

H1 2023 – significant NII beat

AIB has reported a very strong H1 2023, driven by a significant beat on net interest income (NII) and resulting in a 19% beat to our profit before tax (PBT) forecast. This drives...