Added to YB: 2026-08-28
Pitch date: 2026-08-26
AIBG.L [neutral]
AIB Group plc
-2.22%
current return
Author Info
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Company Info
AIB Group plc provides banking and financial products and services to personal, business, and corporate customers in the Republic of Ireland, the United Kingdom, and internationally.
Market Cap
EUR 23.0B
Pitch Price
EUR 11.04
Price Target
N/A
Dividend
5.33%
EV/EBITDA
N/A
P/E
11.32
EV/Sales
N/A
Sector
Banks
Category
special_situation
Financials Unshackled | After The Noise (AIBG Capital; NWG in the US; UK Bank Taxes AND Much More)
AIBG.L (update): AIB Group is a latecomer to SRT trades, giving it more room than peers to build capital: reported CET1 was 16.1% at end-1H26 (17.1% incl. interim profits). It is working with Santander and Howden on an SRT tied to c.€2.5bn of Project Finance loans, expected to close later this year; former CFO Galvin guided to a >€1bn Project Finance SRT in 4Q26 for c.20-30bps accretion. AIBG has very high RWA density (Credit RWAs/Net Loans 64.9% vs BIRG's 50.0%) with >53% of Credit RWAs on standardised models and elevated risk weights on mortgages and the 75%-region Climate & Infrastructure book. At 2-3 SRTs a year, AIBG could potentially deliver >250bps of CET1 benefit over the next few years, plus further relief from IRB migration. Management's avoidance of jumbo deals could cap the scale.
Read full article (18 min)