2022 was a stellar year to be invested in Irish banks. The rate debate has now shifted to peak rates and overtightening, which at face value is not constructive but may create near-term upside to forecasts. However, for the substantial re-rating that has occurred, we do not believe distribution capability is valued appropriately. In our view, this will become a far greater focus for 2023 together with growth opportunities presented by market consolidation – which we also believe is underappreciated. We maintain our ‘Outperform’ ratings and continue to see material upside across all three banks.
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