Jul 19 2019
Recent Research
Banks, Banks update: looking ahead to H1 results
Jul 19 2019
Hotels, H1 RevPAR finishes better in June
Jul 19 2019
Givaudan, EBITDA margin remains in focus
Jul 18 2019
Banks
Banks update: looking ahead to H1 results
Looking ahead to UK and Irish banks’ interim results – which kick off next week – the focus will be on pressures from the weakening macro and lower rate outlook. This in turn...
IRES REIT
Acceleration in growth profile
IRES’ acquisition of the Marathon XVI portfolio and associated capital raise is transformational. The deal is immediately accretive and has led to a step-change in the EPS growth rate,...
Irish economy
Room for manoeuvre in Budget 2020 getting squeezed
Despite talk of prudence, the underlying message in the Summer Economic Statement was that spending could rise faster than the 2.5% pencilled into current projections for 2020. If so,...
Hibernia REIT
Upgrading NAV forecasts
We are publishing new forecasts on Hibernia, reflecting the impact of the full year results, as well as revisiting some of our underlying assumptions. The stock trades at a discount to...
CYBG plc
Running hard to stand still
CYBG is working hard to offset the challenging UK retail banking backdrop – repositioning its balance sheet and seeking further cost efficiencies. We expect returns to increase in the...
Irish economy
Institutional investment to help unlock housing supply
House price inflation has slowed due to Central Bank lending mortgage rules but the pressure of housing demand on supply has not, evident in a 7% rise in rents through 2018....
Irish economy
Corporation tax receipts bounce back in June
The key news in June’s exchequer returns was a strong performance from corporation taxes — June is a key month for revenue collection with €2.4bn received, 7.9% better than...
Monthly Market Monitor
Global equities rebound in June; MSCI AC World Index +5.6% (+2.5% Q2)
Global equities advanced 5.6% in June, regaining most of the heavy losses incurred in May (6.1%). The jump leaves the global benchmark with a gain of 2.5% for the second quarter and...
Irish economy
MyHome Property Report, Q2 2019
MyHome asking prices rose by 2.1% in Q2 2019, up 2.4% on the year. Prices in Dublin increased by 0.5%, the weakest second-quarter gain since 2012, with annual inflation now -0.6%. We have...
Irish banks
Monthly update: curveball
The seismic shift in the interest rate outlook fundamentally challenges all banks’ core business models as lower-for-longer interest rates impair profitability from maturity...
