Bank of Ireland Group: Updating Estimates Post Q1 2026 IMS

Goldman Sachs has raised its price target for Bank of Ireland Group to €20.00 and upgraded EPS forecasts by up to 3.5% following the Q1 IMS. The revision reflects stronger NII outlooks and updated interest rate curves while maintaining a Buy rating.

Key Takeaways

• 1.EPS forecasts for 2026-28E have been revised upward by 1.5-3.5% due to higher Net Interest Income (NII) expectations.
• 2.The 12-month price target is raised to €20.00 from €18.60, representing an upside of 20.7%.
• 3.Management reaffirmed its €3.4bn NII guidance for 2028, though Goldman Sachs estimates are more optimistic at €3.97bn.

Table of Contents

• Key Data
• GS Forecast
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (€ mn)
• Balance Sheet (€ mn)
• Estimate changes and valuation
• Investment Thesis & Key Risks
• Disclosure Appendix
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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