Bank of Ireland Group plc (BIRG.IR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+51.3%

€27.81

vs €18.38 price

Levered DCF

€42.09

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.38

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.24×	6.2×	6.07×	12.19×	5.48×	-4.58×	13.56×	8.38×
P/B	1.23×	0.69×	0.72×	0.83×	0.48×	0.37×	0.55×	0.57×
P/S	2.22×	0.95×	1.01×	1.58×	0.78×	0.77×	0.82×	1.09×
EV / EBITDA	1.41×	-5.66×	-4.97×	-13.35×	-2.68×	-2.09×	10.57×	12.42×
Gross margin	69.8%	66.1%	65.9%	85.9%	94.3%	63.5%	87.5%	93.0%
Operating margin	19.1%	19.1%	21.4%	16.1%	17.7%	-16.5%	10.0%	17.4%
Net margin	16.7%	16.1%	17.9%	14.1%	15.2%	-16.1%	6.0%	12.9%
Current ratio	0.22×	0.33×	0.34×	0.39×	0.36×	0.15×	0.13×	0.11×
Debt / equity	0.81×	0.96×	1.05×	1.09×	2.09×	1.07×	1.31×	1.39×
Interest coverage	0.73×	0.58×	0.73×	1.46×	2.25×	-1.23×	1.1×	2.2×
Dividend yield	3.2%	10.8%	3.3%	0.6%	1.3%	0.7%	3.3%	2.4%
Payout ratio	42.7%	63.6%	18.4%	6.4%	6.5%	-3.4%	44.8%	20.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	11.8%	12.7%	7.4%	9.3%	-7.8%	4.0%	6.7%
Return on invested capital	2.1%	2.6%	2.9%	1.6%	1.7%	-1.6%	0.9%	1.5%
Return on assets	0.7%	0.9%	1.0%	0.6%	0.7%	-0.6%	0.3%	0.5%
Free cash flow yield	22.2%	23.5%	-53.3%	13.2%	362.3%	109.3%	57.1%	32.3%
Earnings yield	7.6%	17.0%	17.7%	8.9%	19.5%	-21.0%	7.4%	11.9%
Enterprise value	€2.4B	-€12.1B	-€10.9B	-€16.1B	-€3.9B	€1.3B	€7.7B	€10.3B
Net debt / EBITDA	-7.98×	-9.89×	-9.09×	-21.24×	-6.35×	3.46×	3.38×	6.11×
Cash conversion cycle (days)	-71	-5	7	-13	-50	40	-46	-188