Jun 9 2021
Financials
Recent Research
Irish banks, Write-back at you
Jun 2 2021
Meet your Financials Research team
Hibernia REIT
Latest transactional evidence is supportive of valuations
Following upgrades to NTA from the recent FY results and then the positive news of being selected as a preferred bidder for a major pre-let with KPMG, the latest positive development...
Banks
An Post aims to launch mortgage offering in 2022
An Post first announced in 2018 that it intended to launch a mortgage offering that would offer a significantly lower rate than those available at that time. Two new entrants have...
Hibernia REIT
Pre-let news positively impacts the investment case
The news that KPMG has selected Hibernia as a preferred bidder to provide it with a new location for its Dublin office staff de-risks the development pipeline, drives NAV and earnings...
Yew Grove REIT
Upgrades from the recent equity raise and acquisitions
Yew Grove issued equity recently and has deployed the proceeds into acquisitions of high yielding assets. The net effect is an upgrade to earnings and dividend forecasts, boosting the...
Irish banks
Write-back at you
Impairment charges in 2020 far outpaced the increase in Stage 3; key aspects of the Irish economy, like economies elsewhere, have proven far more resilient than initially thought –...
Hibernia REIT
FY results reflect a stabilisation in portfolio values
Hibernia REIT has reported EPRA NTA/share of €1.727, which is 5.2c above our forecast. This was up very slightly in H2 following a decline in H1 as portfolio values stabilised sooner than...
Hibernia REIT
Private placement brings major developments into view
Hibernia has announced a €125m unsecured private placement with long-term maturities and a low coupon rate. Combined with existing liquidity, the company is now positioned to develop...
FBD Holdings
Thesis on surplus capital return remains intact
FBD holds strong positions in its core markets, is profitable and is significantly overcapitalised. These are not traits typically associated with a company trading at a discount to book....
Banks
Further competition in mortgage market
Following yesterday’s introduction of long-term fixed rates by Finance Ireland, Avant Money is now lowering rates across its product suite. The market remains competitive and non-bank...
AIB Group
Post Q1 forecast update
Following Q1, we broadly leave our forecasts unchanged with some modest increases to capital. In 2021, upside relates to lower impairments. The longer-term picture is clear, with upside...
