May 28 2020
Financials
Recent Research
Hibernia REIT, Full-year results preview
May 25 2020
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Hibernia REIT
Full year results ahead of forecasts – future results likely to be impacted by COVID-19
Hibernia REIT has reported a strong set of figures for the year to March 31st. EPRA NAV of 179.3c is 2% above forecast, while earnings and dividends were also better than expected as...
Irish banks
COVID-19 clouds outlook but balance sheets well positioned
Irish banks have suffered over the last number of years – bounced by Brexit, roiled by low interest rates, discomfited by politics and awaiting credit growth that never materialised –...
FBD Holdings
Court date set for business interruption test case
The test case before the Commercial Court will set a precedent for whether FBD’s pubs policies provide cover for business interruption related to COVID-19. This approach will provide...
Hibernia REIT
Full-year results preview
Hibernia will report its results for the year to March 31st on Wednesday (May 27th). We forecast NAV/share will be 176c, which is flat in the second half despite a 2% hit from the...
FBD Holdings
Further scrutiny over business interruption stance
The continued scrutiny of FBD’s business interruption policy is unwelcome and the doubt cast over FBD’s stance by the Minister for Finance and his officials heightens this further. The...
Bank of Ireland
AT1 issue is a strong signal of support from credit market
We view Bank of Ireland’s (BOI) ability to reopen the European AT1 issuance market as a strong statement of support from the credit market and it further highlights the recent...
permanent tsb Group
Q1 update: capital gain; strong liquidity and funding ahead of COVID pressures
Q1 represented a stable start to the year through new lending growth, an unchanged margin and costs in line with expectations. Given that asset quality was not impacted by COVID-19 in...
Hotels
Latest Irish residential rents data from Daft.ie
The latest rental report from Daft.ie covers Q1 2020 but also gives an indication of trends in April. The growth rate in rents was slowing pre COVID-19 and this trend has continued. The...
AIB Group
Q1 trading update
Ahead of the impact of COVID-19, Q1 appeared to be trending in line with expectations towards the end of the period. The abrupt impact is reflected in the 136bps cost of risk charge,...
Bank of Ireland
Q1 loss on COVID-19 impacts; resilient capital
The Q1 loss is a result of COVID-19 impacts (lower other income and impairment charge overlay), while the FL CET 1 is lower than expected due to the magnitude of the impairment charge,...
