Davy Morning Equity Briefing
Aug 06, 2026
Bank of Ireland
Model update post H1 results
We update our Bank of Ireland (BIRG) model post H1 results, with modest changes to our forecasts. H1 2026 demonstrated a business performing strongly in Ireland across key segments, with an encouraging start to its 2026-2028 strategic cycle. Competition is likely to remain a key area of focus, with these results providing reassurance on its impact. We retain our ‘Outperform’ rating and upgrade our price target to €22.55.
AIB Group
Model update post H1 results
We update our AIB Group (AIBG) forecast model post the H1 results, with no material changes to our earnings outlook. H1 2026 provided reassurance on growth levels and competition, while questions remain on the impact of the state’s proposed Investment and Savings Accounts (which we think will be modest) and net interest income trajectory. Clarity on both is likely to come later in Q3. The updated strategy to end-2030, due March 2027, will provide an important barometer on AIBG’s ambition. We retain our ‘Outperform’ rating and upgrade our price target to €11.82.
Glanbia
H1-26 results: beat and raise
Strong execution across all three platforms drove a 5.4% first-half EBITDA beat for Glanbia and supports a meaningful upgrade to full-year guidance. Optimum Nutrition remained a standout performer, with estimated organic sales growth in Q2 accelerating to 31%. We expect to upgrade our full-year EPS forecast by 4-5% towards 160c. The business is executing to a high standard.
Flutter Entertainment plc
Q2 slightly ahead; guidance reduced; CEO change
Flutter has reported Q2 results a little ahead of our forecasts and also notes that early Q3 trading is ahead of expectations. On guidance, the range for the International business has been retained, but it has reduced guidance for the US at revenue and EBITDA by 5% and 22% respectively. This leads to a group revenue downgrade of 2% and an aEBITDA downgrade of 7%. It has also been announced that Dan Taylor will take over as CEO on October 1st, succeeding Peter Jackson. Dan Taylor is an exceptionally experienced operator who has led the successful International business and has, more recently, served as President of Flutter. Peter Jackson notes that after nine years this is the right time to hand over and “having worked closely with Dan for many years, I know he is the right leader to guide Flutter into its next chapter. He has a deep understanding of our business, an outstanding track record of leadership and a relentless focus on our customers”.
Persimmon plc
Strong H1; FY 2026 to be in line with current expectations
Management anticipates FY 2026 volumes to be at the higher end of the prior guided range (12,500, +2% above current consensus) and margins to be slightly lower, leading to underlying profit before tax (PBT) in line with current company compiled consensus of £454m (-1.7% from prior guidance). The company reported a strong H1 result, growing volumes 13% year-on-year (yoy), with an operating profit margin down only 30bps.
Wizz Air Holdings
Q1 a challenge; limited outlook given
Wizz Air has reported a Q127 net profit of -€198.2m (Davy: -€141.6m, consensus -€171m). The company commented as follows: “The industry has been extremely volatile over the June quarter due to conflict in the Middle East, elevated fuel prices, and changes in booking patterns”. Consensus for FY27 stands at a net loss of -€360m (Davy: -€223.5m). Focus will turn to the Capital Markets Day on September 17th.
