Financials

Meet your Financials Research team

AIB Group

Returns reiterated with costs the lever

We view AIB’s statement, in advance of its investor update, as positive – recommitting to its 8% returns target with higher-than- expected cost reductions the main lever to...

AIB Group

A new route to achieve targets

AIB’s end returns target may not change but, understandably, the route to achievement has. The upcoming investor update will provide further details – we expect costs, capital targets...

Hibernia REIT

Interim results

Hibernia has reported H1 results with asset valuations broadly in line with forecasts, reflecting expected softness in office values, while earnings and dividends are slightly above...

Hibernia REIT

H1 results preview

Hibernia will report its interim results on Tuesday November 17th at 07.00. We expect a resilient set of results given the strong rent collection performance that has been reported...

IRES REIT

Positive disposal and lettings update

IRES has completed its planned disposal of 151 units across ten properties to a fund run by Orange Capital Partners. The price is 6% ahead of book value, highlighting the undervaluation...

permanent tsb Group

Confirms cost programme

The reduction in full-time equivalent (FTE) follows significant investment in the last number of years, providing the basis for a more efficient organisation. The scale of staff reduction...

Irish banks

Q3 reflections

The bifurcation in bank debt and equity markets remains extreme. Irish bank assets (continue to) trade at, or close to, net book value while Irish banks trade at 0.14-0.28x tangible...

permanent tsb Group

Rebound in activity; stronger capital

There was a strong rebound in activity levels in Q3 with a good pipeline in place for the remainder of 2020 and into 2021, significant reductions in payment breaks and a capital beat. A...

Banks

Q3 preview: no fireworks

The recent introduction of Level 5 restrictions is likely to overshadow the good recovery in activity levels in Q3 and into early October. We do not expect material changes to...

Equity research

In conversation with Minister for Finance Paschal Donohoe

Ireland’s Minister for Finance and President of the Eurogroup Paschal Donohoe had a wide-ranging interview with Bernard Byrne, Davy’s Head of Capital Markets (click here for full...