Risk Reward Update

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M

Update

July 31, 2026 03:57 PM GMT

Morgan Stanley Europe S.E., Madrid Branch+

Bank of Ireland | Europe

Alvaro Serrano

Equity Analyst

Risk Reward Update

Bank of Ireland (BIRG.I, BIRG ID)

What’s Changed

Banks | Ireland

Bank of Ireland (BIRG.I)

From

To

Price Target

€19.00

€19.50

Base Case

€19.00

€19.50

Updated Components

EPS

Investment Thesis

Risk Reward for Bank of Ireland (BIRG.I) has been updated

Reason for change

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

52-Week Range

Fiscal Year Ending

EPS (€)**

Prior EPS (€)**

Overweight

Attractive

€19.50

€18.04

€18.81-11.29

12/25 12/26e 12/27e 12/28e

1.15

1.66

1.53

1.86

1.80

2.08

2.04

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

We update our numbers post results, increasing EPS by 8% in 2026 to reflect the

provision beat in 1H. For 2027, we fine-tune our NII estimates, which were already

aligned with the company's new guidance, and this, together with Other Income,

drives a 3% EPS increase in 2027 and 2% in 2028. Our PT increases to €19.50 as a

result.

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