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Mar 24 2020, 07:10 GMT
Ratings and price correct at time of issue
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In this report, we set out three important points for the listed homebuilder sector in Ireland: (1) forward order books are large and provide near-term comfort; (2) balance sheets and liquidity positions are very strong; and (3) the equity market has priced in a very steep downturn. The potential size of the effects of the COVID-19 pandemic remain unknown, but we lay out a thesis for short-term resilience which should lead to long-term opportunity.