Davy Morning Equity Briefing
Jul 15, 2026
Irish banks
H1 2026: cutting through the noise
A number of assertions, even if contradictory, can be true all at once. The threat of competition for Irish banks has increased but is not evident in operating performance. Interest rates have risen but perhaps not to the same extent as expected in recent weeks. H1 results will go some way to understanding these ebbs and flows, with competition, state savings schemes and guidance the key areas of focus. Although valuations are not far from recent post-Global Financial Crisis (GFC) peaks, we argue that both AIB Group (AIBG) and Bank of Ireland (BIRG) retain value and reiterate our ‘Outperform’ ratings.
Barratt Redrow plc
Mixed outlook for FY 2027
Barratt Redrow now expects the average number of sales outlets to be 415, lower than the 430 previously guided (-3.5%). The underlying pricing in the order book is down 1.4%, which will pressure margins. This, however, is offset to some extent by build cost inflation (BCI) expectations of 3-4%, lower than previous company messaging. Overall, we expect to lower our adjusted profit before tax forecast for the FY (currently £458m) by a low-single-digit percentage.
