Financials

Meet your Financials Research team

permanent tsb Group

FY 2018 results preview

2018 results will demonstrate a c.70% reduction in non-performing exposures (NPEs), assuaging any lingering solvency concerns. With a ratio just below 10%, NPEs will be a continued focus;...

AIB Group

FY 2018 results preview

AIB will report FY 2018 results on March 1st with loan growth, non-performing exposure (NPE) reduction and capital requirements the key focus in our view. Focus on the magnitude and...

Bank of Ireland

FY 2018 results preview

Bank of Ireland reports FY 2018 results on February 25th with net interest margin (NIM), loan growth and progress on transformation the key areas of focus in our view. Initial...

RBS

Initiation of coverage: best efforts undermined by uncertain economic outlook

RBS should enter 2019 with welcome clarity regarding its investment case and go-forward momentum following further restructuring progress, efficiency gains as well as a resolution to...

Irish banks

Monthly update: the price you pay

The wider move in bank credit spreads in recent months prompts us to revise our issuance assumptions, with c.2% downgrades to forecast profits. Solid progress in 2018 towards...

IFG Group

Looking to 2021; updating forecasts post strategy review

2018 was a year of significant change for IFG. A strategic review early in the year concluded with the retention of Saunderson House and significant management changes, while the year...

Davy Conviction List

Q4 2018 a period to forget; sticking with our core names; adding Glenveagh Properties and ICG

While the Davy Research Conviction List had a disappointing final quarter in 2018, we believe that all the names on the list still merit inclusion and are significantly oversold. We are...

Year-end Document

Ireland’s call: investment opportunities in 2019

The 21% decline in the Irish equity market in 2018 was at odds with on-going strength in the economy. With economic growth expected to exceed 5% in 2019 (subject to an on-going fudge...

Irish banks

Monthly update: a credible reason

Irish politicians are correct to highlight the significant differential in pricing between Irish mortgages and the rest of Europe. Yet their ire is misdirected – focussing on pricing alone...

Irish banks

Monthly update: stress test outcome much improved

The positive outcome for AIB and BOI in the EBA stress test exercise is welcome and should help the banks to retrace some of their recent underperformance. The outcome is testament...