Jul 8 2020
Financials
Recent Research
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Banks
Regulatory clarity and political pressure on interest on payment breaks
The European Banking Authority (EBA) clarification on the approach to interest for loan moratoria is useful, albeit the approach in Ireland has been clear — interest continues to...
FBD Holdings
Dividend postponed; €22m precautionary reserve for business interruption
The decision not to propose the 2019 dividend at the forthcoming AGM does not come as a surprise. However, the continuing treatment of the dividend as ‘foreseeable’ – i.e. postponed...
IRES REIT
Resolution of market concerns to provide material upside
Investor focus shifted away from positive company dynamics to a range of market concerns impacting IRES’ ratings. However, these concerns are now being resolved. Many of the group’s...
permanent tsb Group
Names Eamonn Crowley as new CEO
The appointment was widely expected and will be welcomed by investors, bringing clarity at a challenging time for the banking sector. In his position as CFO, Eamonn Crowley has had...
AIB Group
AT1 issue attracts strong demand and lowers CET1 requirement
AIB’s new AT1 issue yesterday (June 16th) benefitted from a supportive market as well as an improving domestic backdrop (see our report this morning). Strong investor demand helped...
Irish banks
Stable government and economic recovery positive for bank ratings
The proposed formation of a new government comes as the re-opening of the Irish economy is accelerating. Both factors should positively impact the Irish banking sector. The majority...
IRES REIT
Improving outlook set to drive renewed outperformance
Over the last six months, IRES has been impacted by a trio of issues, including talk of a rent freeze, political uncertainty following the general election and COVID-19. The outlook is...
Yew Grove REIT
Q2 2020 rent collection is strong
Yew Grove REIT has announced that rent collection across its office and industrial portfolio in Q2 2020 is 97%. A further 1.9% is deferred, giving a stronger rent collection for the...
Hibernia REIT
Full year results ahead of forecasts – future results likely to be impacted by COVID-19
Hibernia REIT has reported a strong set of figures for the year to March 31st. EPRA NAV of 179.3c is 2% above forecast, while earnings and dividends were also better than expected as...
Irish banks
COVID-19 clouds outlook but balance sheets well positioned
Irish banks have suffered over the last number of years – bounced by Brexit, roiled by low interest rates, discomfited by politics and awaiting credit growth that never materialised –...
