Apr 18 2019
Financials
Recent Research
Irish banks, Monthly update: April showers
Apr 17 2019
Meet your Financials Research team
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,...
permanent tsb Group
FY 2018 results preview
2018 results will demonstrate a c.70% reduction in non-performing exposures (NPEs), assuaging any lingering solvency concerns. With a ratio just below 10%, NPEs will be a continued focus;...
AIB Group
FY 2018 results preview
AIB will report FY 2018 results on March 1st with loan growth, non-performing exposure (NPE) reduction and capital requirements the key focus in our view. Focus on the magnitude and...
Bank of Ireland
FY 2018 results preview
Bank of Ireland reports FY 2018 results on February 25th with net interest margin (NIM), loan growth and progress on transformation the key areas of focus in our view. Initial...
