Financials

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Irish banks

Minister for Finance investor briefing

The key take-aways from our investor briefing with the Minister for Finance are that while the economy is facing uncertainties from Brexit it is doing so from a position of strength....

UK banks

PPI removes the shine from averting October ‘no-deal’ Brexit

The prospect of a ‘no-deal’ Brexit in October is on the verge of being averted – good news for UK banks, but the end of payment protection insurance (PPI) has come with a...

permanent tsb Group

Self-help progress constrained by external headwinds

Commercial progress was again evident in H1 2019 with new lending increasing by 22%. However, this is clouded by external factors – the ongoing requirement to reduce non-performing...

IRES REIT

Strong H1 2019 results

IRES has reported 18% year on year (yoy) growth in net rental income (NRI) in H1 2019. This has been driven by organic rent growth and acquisitions, which exclude the recent XVI...

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,...

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 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...

UK banks

A constrained consumer; initiating on CYBG at ‘Neutral’ and upgrading LLOY to ‘Outperform’

Retail banking in the UK remains challenging, not helped by an uncertain macro environment. We initiate on CYBG with a ‘Neutral’ rating (price target: 159p). The Virgin Money (VM)...