Davy Morning Equity Briefing
Feb 24, 2026
Irish banks
Banks monthly: well set for FY 2025 results
The set-up for Irish banks remains very attractive. Growth in domestic loans and deposits is above eurozone trends and will support earnings growth and capital generation in the coming years. EPS will be further boosted by ongoing buybacks as surplus capital is deployed. In this context, valuations remain attractive. We retain our ‘Outperform’ ratings in advance of FY 2025 results.
Irish banks
January mortgage approvals: slowdown in activity
January mortgage approvals weakened, reflecting ongoing supply constraints in the housing market. Softer first‑time buyer (FTB) and mover purchase activity led the decline, with remortgaging volumes also edging lower. Rolling 12‑month approvals remain resilient, but sustaining momentum in the mortgage market will require a pick‑up in housing commencements and an increase in the second-hand supply.
Uniphar
Excellent FY2025 results drive big upgrades
Uniphar has reported adjusted EPS of 24.8c in FY2025, which is 7% above our forecast. There was strong organic gross profit growth of 8.9%, with all divisions performing well and further benefits below the line. As indicated after the full year trading statement in January, the results will drive significant upgrades.
IRES REIT
Acquisition of 77 apartments
IRES has announced the forward purchase of 77 new high quality apartments in Naas for €31.75m. Practical completion is expected in Q4 2026. This recycles the proceeds of its disposal programme into higher quality and higher yielding assets. The deal will be EPS accretive.
