Davy Morning Equity Briefing
May 13, 2026
Irish banks
Banks monthly: framing Ireland’s mortgage opportunity
Ireland’s mortgage market is set to sustain strong growth, driven by structural demand from first-time buyers (FTBs). This is supportive of Irish bank balance sheets and earnings. Higher interest rates are likely to have a limited impact on affordability given conservative underwriting standards, although build cost inflation poses a risk on the supply side. With housing supply constraints appearing to be easing, the outlook for mortgage-led balance sheet growth and capital generation remains attractive.
Marshalls
Solid start with full year expectations unchanged
Marshalls’ primary ambition for 2026 is to improve execution through a flatter operating structure with priorities refined, including a more agile approach and faster decision making. This all makes sense, and it is positive that the group has had a solid start to the year with full year expectations unchanged. In the current circumstances, this is encouraging.
Vistry Group
Profits to be significantly H2 weighted; focus on net cash
Vistry’s updated guidance implies adjusted profit before tax to be 16% lower than it was in FY 2025, with this being significantly H2 weighted. The company continues to focus on cash generation, pausing the ongoing share buyback, attempting to lower inventory levels and delaying or slowing building on some sites.
