Mar 22 2019
Recent Research
Real estate, Fed policy considerations: part 2
Mar 22 2019
Kingfisher, CEO succession announced
Mar 20 2019
Irish economy
Mortgage approvals volumes down 5.7% in January
This morning’s mortgage approvals data are disappointing – €565m for house purchase, down 3.3% on the year (or by 5.7% in volume terms). The only part of the market seeing growth is...
Irish banks
Monthly update: letters from Frankfurt
FY 2018 demonstrated strong progress in reducing non-performing exposure (NPE) balances but also highlighted that this will be an ongoing focus in the coming years. The Single...
Whitbread
Night at the ZIP: bedding down
Whitbread describes ZIP by Premier Inn (its new hotel concept) as doing the essentials brilliantly, but our stay last week at the ZIP in Cardiff (its first week of operation) uncovered...
Origin Enterprises
Contrarians at the farm-gate
Key debates around Origin’s equity are evolving, with the focus now on farm subsidy changes, supply chain and technology adoption at farm-gate. Despite the rate of change, we believe...
Monthly Market Monitor
Strong start to 2019 continues; global equities gain a further 2.9%
The strong start to 2019 continued with the MSCI AC World Index advancing a further 2.9% in February. This brings the year-to-date (ytd) increase to 10.2% and is the best two-month...
Irish economy
May capitulation reduces tail risks for Irish economy and stocks
The news that Theresa May will offer Parliament a vote to extend Article 50, should she fail to pass her own deal, effectively rules out a disruptive and economically damaging ‘no-deal’...
Irish banks
Monthly update: talking heads
Political distractions have returned, with attempts to ban banks’ ability to transfer loans without prior consent of the borrower now going through the Dail (Irish Parliament). This is...
IRES REIT
Acquisition in Baldoyle
IRES has announced that it has closed the purchase of 52 residential units at The Coast in Baldoyle for €14m. The gross yield on the transaction is estimated at 6.1%, which is in line...
FBD Holdings
FY2018 results preview
FBD reports 2018 results on February 27th, which we expect to provide support against an unjustified de-rating. Despite a positive refinancing of the convertible bond, a greater tilt...
Kingfisher
No respite as freshening headwinds in France prompt another cut in forecasts
The challenges facing Kingfisher are, if anything, becoming more intense. With evidence of increasing headwinds in France, we are cutting forecasts for the recently ended (January 2019)...
