Sep 21 2023
Financials
Recent Research
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IRES REIT
Undervalued, financially strong with structural growth opportunities
IRES has traded to levels where we see an opportunity. The implied gross passing and reversionary yields are attractive, and the recent disposals have materially strengthened the...
Harworth Group
Good progress made since end-July; management continues to add value
Activity at Harworth has continued in recent weeks with 98% of budgeted group sales now completed, exchanged or in heads of terms – an increase from 81% at end-July. The marginal...
Banks
Deposit increases in line with expectations
Deposit increases are in line with expectations and we expect further increases across the rest of the banking system in the coming weeks, combined with increased campaigns around...
Banks
Finance Minister confirms extension of Bank Levy
The confirmation that the Bank Levy will be extended will not come as a surprise, albeit we await confirmation on quantum and calibration. Our base case remains that, regardless of its...
Banks
Attractive earnings outlook
We forecast revenue, earnings and returns resilience in the coming years running contrary to ‘peak earnings’ themes. Strong capital positions and attractive organic capital generation...
IRES REIT
Anticipated yield expansion sees NAV reduce by 6.7%
The H1 fall in NAV (-6.7%) to 149.2c is not unexpected as the increasing yield environment was quite well known. The company has seen a good performance in net rental income (NRI)...
permanent tsb Group
H1 2023: strong business momentum
PTSB profitability has grown strongly versus H1 2022, and full year revenue guidance has been upgraded. Our 2023 forecasts are higher than upgraded guidance, and we will likely revise...
Bank of Ireland
H1 2023: strong start with FY 2023 upgrade
This is a strong H1 2023 with an earnings beat, good momentum evident in Ireland and a strong capital position. The stronger performance results in a ROTE of 18.5%, well above the...
Banks
Improvements in EBA stress test
In an Irish context, the results of the EBA’s biennial stress test were perhaps not unsurprising but are nonetheless welcome, particularly as a domestic Irish bank outperformed the...
AIB Group
H1 2023 – significant NII beat
AIB has reported a very strong H1 2023, driven by a significant beat on net interest income (NII) and resulting in a 19% beat to our profit before tax (PBT) forecast. This drives...
