Irish economy

Mortgage approvals volumes down 5.7% in January

This morning’s mortgage approvals data are disappointing – €565m for house purchase, down 3.3% on the year (or by 5.7% in volume terms). The only part of the market seeing growth is...

Irish banks

Monthly update: letters from Frankfurt

FY 2018 demonstrated strong progress in reducing non-performing exposure (NPE) balances but also highlighted that this will be an ongoing focus in the coming years. The Single...

Whitbread

Night at the ZIP: bedding down

Whitbread describes ZIP by Premier Inn (its new hotel concept) as doing the essentials brilliantly, but our stay last week at the ZIP in Cardiff (its first week of operation) uncovered...

Origin Enterprises

Contrarians at the farm-gate

Key debates around Origin’s equity are evolving, with the focus now on farm subsidy changes, supply chain and technology adoption at farm-gate. Despite the rate of change, we believe...

Monthly Market Monitor

Strong start to 2019 continues; global equities gain a further 2.9%

The strong start to 2019 continued with the MSCI AC World Index advancing a further 2.9% in February. This brings the year-to-date (ytd) increase to 10.2% and is the best two-month...

Irish economy

May capitulation reduces tail risks for Irish economy and stocks

The news that Theresa May will offer Parliament a vote to extend Article 50, should she fail to pass her own deal, effectively rules out a disruptive and economically damaging ‘no-deal’...

Irish banks

Monthly update: talking heads

Political distractions have returned, with attempts to ban banks’ ability to transfer loans without prior consent of the borrower now going through the Dail (Irish Parliament). This is...

IRES REIT

Acquisition in Baldoyle

IRES has announced that it has closed the purchase of 52 residential units at The Coast in Baldoyle for €14m. The gross yield on the transaction is estimated at 6.1%, which is in line...

FBD Holdings

FY2018 results preview

FBD reports 2018 results on February 27th, which we expect to provide support against an unjustified de-rating. Despite a positive refinancing of the convertible bond, a greater tilt...

Kingfisher

No respite as freshening headwinds in France prompt another cut in forecasts

The challenges facing Kingfisher are, if anything, becoming more intense. With evidence of increasing headwinds in France, we are cutting forecasts for the recently ended (January 2019)...