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Macquarie reiterates Lloyds as top-pick, downgrades Barclays

Mon, 16th Jan 2017 08:01

(ShareCast News) - Looking out to 2017, analysts at Macquarie retained their "bullish" stance on European banks, arguing that multiples in the sector were not "stretched", earnings were likely to recover further and consensus expectations were undemanding.However, their bias was for retail/commercial banks with cost and impairment improvements."We are cautious on optimistic revenue stories and would thus avoid the investment banks," the broker said in a research note published on 14 January but dated 12 January.Despite the sector´s 40% rally from its June lows, valuation multiples for the Stoxx 600 banks index had only just returned to their normal historical levels, Macquarie said.The relative price-to-earnings ratio stood at 81% that of the Stoxx 600, and the relative price-to-book value at 49%, with the latter reflecting the sector´s relative return on equity at 45%."Recent price gains have been dramatic in many cases but we don't think they are excessive - or over," it said.In Macquarie´s opinion, the key swing factors for European bank earnings in 2017 would be costs and impairments.A return to historical trough-cycle levels for the former might add about 15% to the sector´s earnings and a reversion to those same levels for the latter about 10%."Against this, the revenue outlook is still tough. We see asset re-pricing keeping margins under pressure and we are sceptical on capital markets in view of an unspectacular 4Q and US rate headwinds to FICC, debt issuance and APAC," it cautioned.Among the broker´s 'top buys' was Lloyds, which had underperformed the section thus far. Furthermore, the broker´s estimate of impairments in 2017 was 25% below consensus."Permanent TSB is another cheap, indirect play on better Brexit outcomes on a 40% TNAV discount and geared to Irish housing recovery," the broker added.On investment banks, Macquarie said: "we don't buy the revenue reflation argument, stocks have rallied hard and 4Q looks unexciting. We downgrade Credit Suisse to 'underperform' where it joins UBS and Deutsche Bank. After a 35% rally we are also lowering Barclays to 'neutral'.

More News

9 May 2019 10:27

Permanent TSB Quarterly New Mortgage Lending Outperforms Market

LONDON (Alliance News) - Irish personal finance services firm Permanent TSB Group Holdings PLC said Thursday its total new lending in the recent quarter was sharply up on the year before as it to

2 Apr 2019 14:39

Moody's Upgrades Permanent TSB Rating, Outlook Remains Positive

LONDON (Alliance News) - Moody's Investor Service said late Monday it upgraded Permanent TSB Group Holdings PLC's issuer rating, keeping its outlook positive.Moody's increased a

22 Mar 2019 11:57

AIB Group Hires Ex-Permanent tsb Non-Executive Pritchard To Board

LONDON (Alliance News) - AIB Group PLC on Friday said it has appointed Sandy Pritchard as a non-executive director with immediate effect.In addition, the bank said Pritchard will replace as

27 Feb 2019 10:12

Permanent TSB 2018 Profit Drops On Costs; Exits Restructuring Plan

LONDON (Alliance News) - Irish financial services provider Permanent TSB Group Holdings PLC on Wednesday reported a rise in profit in a "transformational year" as its exited its company

3 Oct 2018 11:16

Permanent TSB Appoints Donal Courtney As Non-Executive Director

LONDON (Alliance News) - Permanent TSB Group Holdings PLC on Wednesday said it has appointed Donal Courtney as a non-executive director with immediate effect.The finance services provider a

29 Aug 2018 13:06

Permanent TSB Increases Interim Profit As It Increases Lending Volumes

LONDON (Alliance News) - Permanent TSB Group Holdings PLC on Wednesday reported a rise in interim profit as it increased its lending volumes and residential mortgage market share.The and a

22 Aug 2018 16:00

UK Earnings, Trading Statements Calendar - Next 7 Days

Thursday 23 August CRHHalf Year ResultsJohn Laing GroupHalf Year Year Year Year Pacific

31 Jul 2018 15:10

Permanent TSB To Sell Non-Performing Loan Portfolio For GBP1.3 Billion

LONDON (Alliance News) - Permanent TSB Group Holdings PLC on Tuesday said its subsidiary agreed to sell a non-performing loan portfolio to the affiliates of the Lone Star Funds.The was by a

27 Jul 2018 11:13

Permanent TSB Executive Chief Risk Officer To Step Down

LONDON (Alliance News) - Permanent TSB Group Holdings PLC said Friday its Executive Director and Chief Risk Officer Stephen Groarke will step down in the coming months.Groarke is leaving a

24 Jul 2018 12:05

Permanent TSB Appoints Citibank Executive To Board From End-October

LONDON (Alliance News) - Permanent TSB Group Holdings PLC said Tuesday it appointed Ruth Wandhofer as a non-executive director with effect from October 30.Wandhofer is currently managing at

14 Mar 2018 12:35

Permanent TSB Swings To Annual Profit On Increased Lending Volumes

LONDON (Alliance News) - Permanent TSB Group Holdings PLC on Wednesday swung to a annual profit for the first time "in a decade," amid a significant increase in new

14 Mar 2018 08:20

Ireland's PTSB operating profit falls on impairment charge

By Padraic Halpin DUBLIN, March 14 (Reuters) - Full year underlying profits at Ireland's permanent tsb (PTSB) fell 65 percent year-on-year as a

10 Nov 2016 11:28

Permanent TSB trading in line in Q3

(ShareCast News) - Permanent TSB posted its third quarter trading update for the three months to 30 September on Thursday, with new mortgage lending drawdowns increasing by 12% on a year-on-year basis. The Irish lender reported that its group net interest margin - excluding Eligible Liabilities Guar

10 Nov 2016 08:55

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IL0A.L Share News (IL0A)

Macquarie reiterates Lloyds as top-pick, downgrades Barclays

Permanent TSB Quarterly New Mortgage Lending Outperforms Market

Moody's Upgrades Permanent TSB Rating, Outlook Remains Positive

AIB Group Hires Ex-Permanent tsb Non-Executive Pritchard To Board

Permanent TSB 2018 Profit Drops On Costs; Exits Restructuring Plan

Permanent TSB Appoints Donal Courtney As Non-Executive Director

Permanent TSB Increases Interim Profit As It Increases Lending Volumes

UK Earnings, Trading Statements Calendar - Next 7 Days

Permanent TSB To Sell Non-Performing Loan Portfolio For GBP1.3 Billion

Permanent TSB Executive Chief Risk Officer To Step Down

Permanent TSB Appoints Citibank Executive To Board From End-October

Permanent TSB Swings To Annual Profit On Increased Lending Volumes

Ireland's PTSB operating profit falls on impairment charge

Permanent TSB trading in line in Q3

Permanent TSB Expects Net Interest Margin To Increase In Second Half

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Macquarie reiterates Lloyds as top-pick, downgrades Barclays

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