Sep 18 2019
Financials
Recent Research
Meet your Financials Research team
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)...
