Davy Morning Equity Briefing

Mar 20, 2026

FBD Holdings

Persistent attractive returns

FBD continues to execute its strategy, with growth in customers and gross written premium (GWP), while simultaneously managing risk. In the past five years, €7.75 of dividends have been returned or proposed to shareholders. We expect shareholder returns to remain attractive, a fact reinforced by FBD’s 2025 performance. We modestly upgrade our forecasts and increase our price target to €18.60, retaining our ‘Outperform’ rating.

Irish economy

Population and housing up early in 2026 while exports remain flat

We highlight three early-2026 data releases covering Ireland’s continued population growth, an increase in new housing commencements and a subdued start to the year for goods exports. While exports are well known for their volatility and concentration, ongoing growth in population and housing activity points to growth in the real Irish economy so far in 2026.