Davy Morning Equity Briefing
Sep 25, 2026
Irish banks
August mortgage approvals – strong growth continues
August mortgage approvals remained firmly on an upward trajectory, with double-digit growth in both value and volume. First-time buyers (FTBs) continue to underpin market activity. Mover purchase approvals rebounded strongly but remain a volatile segment. Remortgaging and top-up activity maintained their accelerated pace of growth. Recent approvals data point to a strong pipeline and support confidence in our drawdown forecast.
Airlines - low-cost carriers
Working through fuel
The ultra-low-cost carriers (ULCCs) will report Q2 (peak summer) results in November. Ryanair will report Q2 profits near all-time highs as current year hedges largely protect margin; however, as hedges roll off in FY28 and fuel prices remain elevated, we have adjusted our FY28 estimates by -20%. We move our price target (PT) to €27.5. Ryanair remains perfectly positioned for profitable growth over the medium term. Meanwhile, Wizz Air’s capacity growth of c.30% in an elevated fuel environment will result in a third consecutive year of Q2 profit declines. For the rest of FY27, it is in reset mode as it attempts to focus growth on its core CEE (Central, Eastern Europe) market. We maintain our PT of £14.
