Sep 14 2021
Financials
Recent Research
AIB Group, Completes acquisition of Goodbody
Sep 1 2021
Yew Grove REIT, H1 results
Aug 27 2021
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Sharp rise in Irish HICP is relevant to residential rent growth
The Irish government recently changed the rate at which residential rents can increase in rent pressure zones from 4% under the previous rent caps to movements in the...
Yew Grove REIT
Updating forecasts following the recent H1 2021 results
We have put through new forecasts on Yew Grove, reflecting the interim results and also some slight tweaks to our assumptions. The net effect is an upgrade to NAV (NTA) and...
AIB Group
Completes acquisition of Goodbody
The timing of completion of the Goodbody acquisition is in line with our assumptions and marks the first in a series of inorganic capital deployment actions by AIB. The actions will provide...
Yew Grove REIT
H1 results
Yew Grove REIT has reported a good set of interim figures, with EPRA NTA of 100.3c and progress in underlying earnings. Rent collection of 99% remains excellent and the vacancy rate...
FBD Holdings
Strong underlying performance; BI clarity in late-2021
FBD’s underlying business continues to deliver strong results, provides growth in policy numbers and is robustly capitalised. Business Interruption (BI) provision remains relatively...
IRES REIT
H1 results show strong progress with more to come
IRES’ interim results reflect EPRA EPS of 3.6c on an underlying basis, which is up 4% year-on-year (yoy) and above our forecast. EPRA NTA moved higher by 1.7% in H1. The company has...
Banks
Further rate cuts in the mortgage market
The announcement by ICS Mortgages sees its rates move to the lower end of the market, better positioning it for the exits of Ulster Bank Ireland and KBC Bank Ireland. The mortgage...
AIB Group
H1 stronger on impairments; dividend accrual a sign of intent
H1 2021 results are well ahead of expectation based on an impairment write-back, other income and capital. Notably, capital includes an accrual for foreseeable dividends. 2021 guidance,...
Bank of Ireland
Strong organic performance; material upgrade to FY 2021
H1 2021 results are well ahead of our forecasts on income, impairment provisions and capital – trends on all are guided to continue inferring a material upgrade to FY 2021 for both Davy...
Banks
Stress test results broadly as expected
No capital actions are required following the EBA’s EU-wide stress test exercise for Irish banks. The stress was significantly more severe than the 2018 iteration with somewhat mixed...
