Dec 2 2020
Financials
Recent Research
AIB Group, A new route to achieve targets
Nov 30 2020
Hibernia REIT, Interim results
Nov 17 2020
Hibernia REIT, H1 results preview
Nov 13 2020
IRES REIT, Positive disposal and lettings update
Nov 11 2020
permanent tsb Group, Confirms cost programme
Nov 9 2020
Irish banks, Q3 reflections
Nov 9 2020
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...
