Oct 18 2018
Financials
Recent Research
Green REIT, Significant upgrades to forecasts
Oct 12 2018
Real estate, Yield compression is spreading
Oct 1 2018
Meet your Financials Research team
Green REIT
Significant upgrades to forecasts
Green REIT’s FY 2018 results were well above forecast, and we are making associated upgrades. With yield compression spreading, we are now also including some uplifts from this. Given...
Lloyds Banking Group
With low growth prospects, continuation of buybacks is the most likely outcome
In the coming years, we see little change in Lloyds Banking Group’s (LLOY) top-line prospects, yet capital generation remains strong and pressure on management’s capital ratio target...
Irish banks
Monthly update: Annual banks site visit takeaways
Irish banks’ performance was relatively unchanged on the month, with PTSB up 2% post its interim results, BOI up 1% and AIB down 1% - which compared with a 2% gain for the wider sector...
permanent tsb Group
Accelerated NPL reductions provide capital comfort
Non-performing loan (NPL) reductions so far in 2018 give confidence that further significant reductions will occur in the near term. NPL sales by PTSB and elsewhere in the market have...
Irish banks
Monthly update: Key take-aways from interim results
Irish banks were outperformers in the month, with BOI up 5.7%, PTSB up 5.5% and AIB up 1.4% versus a wider market decline of 1.8% caused by macro and geo-political concerns elsewhere....
Davy Conviction List
Removing Kingfisher and HeidelbergCement on earnings concerns
We are removing HeidelbergCement and Kingfisher from the Davy Research Conviction List. Both names had a disappointing performance in H1 due to challenging end-markets and associated...
Bank of Ireland
Primed for growth
H1 2018 results, showing lending growth and cost reduction, provided early evidence of progress in BOI’s recently announced strategy. While the finalisation of the review of internal...
AIB Group
On track with key financial targets, but reducing forecasts on flatter margin and higher RWAs
H1 results showed that AIB remains on track to hit its financial targets, supported by strong NPE momentum and capital generation. However, we reduce our forecasts to include a...
Bank of Ireland
Early signs of delivery on strategic priorities; impairment and capital beat
BOI’s H1 2018 results demonstrate early progress on its strategic priorities with loan growth and reductions in operating expenses. The other notable highlights were an impairment...
Irish banks
Monthly update: Countercyclical capital buffer (through the cycle)
It was another month of mixed performance for the Irish banks against the backdrop of a flat sector that recovered from a poor start. PTSB outperformed while Bank of Ireland (BOI)...
