Oct 24 2025
Recent Research
AIB Group, Reduction in mortgage rates
Oct 24 2025
Kenmare
New forecasts with more conservative assumptions
We have published new forecasts on Kenmare. Due to macro trends, we assume lower price forecasts in 2026 onwards than indicated following the Q3 production report. Our price...
Irish banks
Banks monthly: looking ahead to Q3
The key themes in Q3 are unlikely to dramatically differ to those of H1 2025 and, in some areas (particularly on distributions), clarity is unlikely to be forthcoming. Nonetheless, we...
Bank of Ireland
Drawing a line under UK motor finance
The estimated provision increase for Bank of Ireland (BIRG) is larger than anticipated but remains manageable on capital. Based on our forecasts, the incremental provision (over and...
Greencoat UK Wind
Model update
H1 2025 presented a challenging operating environment for Greencoat UK Wind (UKW) with generation 14% below budget, and this is reflected in our updated 2025-2027 forecasts. Despite...
Irish economy
Why Budget 2026 will not overheat the Irish economy
In this report, we welcome the emphasis in Budget 2026 on infrastructure and housing given significant and well-documented shortfalls in these areas. We also find limited evidence that...
permanent tsb Group
Transformation of returns
PTSB’s investment case has been transformed in recent years, with deleveraging non-performing exposures (NPEs) and acquiring significant assets from Ulster Bank the key highlights....
Greencoat Renewables
Taking stock of H1 2025
Greencoat Renewables’ (GRP) equity story combines a resilient, diversified portfolio with a compelling valuation case. As the sector continues to de-rate, risk-adjusted returns have...
Airlines
Contrasting fortunes
The ULCCs (ultra low-cost carriers) under our coverage will report Q2 (peak summer) results next month. Ryanair will report record profits as cashflow and growth power ahead....
CRH
Investor Day establishes CRH as must-own stock
As the market leader in all its regions and sectors, CRH has demonstrated that it is the most consistent compounder of capital, delivering industry-leading growth in profit, cash and...
Glenveagh Properties
Perfectly placed; increasing price target to 221c
In this report we highlight that Glenveagh Properties is one of very few builders in Ireland carving out a dominant market position and capable of delivering a significant number of new...
