Apr 10 2025
Financials
Recent Research
IRES REIT, Debt refinancing
Mar 18 2025
AIB Group, Post-FY24 model update
Mar 18 2025
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Banks
Update on Irish retail interest rates and deposit volumes
Irish retail lending and deposit rates continue to decline in line with the ECB deposit rate. As deposit rates fall, the pace of inflows into term accounts continues to slow. These trends...
permanent tsb Group
Press report on Finance Ireland approach
There is good strategic rationale to a potential acquisition of Finance Ireland by permanent tsb Group (PTSB). It provides additional scale in the SME and asset finance markets,...
Irish banks
Well placed in an uncertain world
Starting positions are always critical when faced with uncertainty. We find Irish banks to be in strong positions facing into trade war-induced global macro headwinds. Risk metrics on...
AIB Group
Directed share buyback details agreed
The agreement with the Irish state is another important step in supporting its exit as a shareholder. We retain our view that the state remains in position to exit AIBG in late Q2 or...
Banks
Mortgage approvals up on average value increases
While the value of mortgage approvals continued to rise in February, this is almost all related to increases in average approvals with the number of approvals tracking downwards. This is...
IRES REIT
Debt refinancing
IRES has announced the successful refinancing of its €500m revolving credit facility (RCF) with an additional €200m accordion facility. The overall cost of the RCF of around 3.8% is...
permanent tsb Group
Post-FY24 model update
PTSB has set out a path to higher returns by 2027. The pathway, which does not include any benefit from lower risk weighted assets (RWAs), is anchored to growth in lending,...
AIB Group
Post-FY24 model update
The state should soon complete its AIBG sell-down, the pace of which has been facilitated by stronger-than-anticipated profitability and capital generation. In the coming years, lending...
Harworth Group
Strength of delivery leaves Harworth well-positioned for 2025 and beyond
2024 was another solid year for Harworth with group EPRA NDV £719.5m at year-end (Davy: £712.2m). We continue to believe that the group is well-positioned to reach its target of £1bn...
Banks
January mortgage approvals
January mortgage approvals remained strong across most categories, but first-time buyer (FTB) approval volumes dipped slightly – reflecting constraints from rising mortgage sizes....
