# Permanent TSB Group Holdings (PTSB.IR)

Canonical: https://gigainvestors.com/s/PTSB.IR

Analysis as of: 2026-10-16T07:41:18.904Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 3.01 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- positive earnings in fewer than 9 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 7

- Required profitable years: 9

- Return on common equity variation (informational): 13.70×

Chart: Net income; fiscal year observations.

- FY2016: EUR -266M

- FY2017: EUR 40M

- FY2018: EUR 3.0M

- FY2019: EUR 30M

- FY2020: EUR -162M

- FY2021: EUR -20M

- FY2022: EUR 223M

- FY2023: EUR 68M

- FY2024: EUR 162M

- FY2025: EUR 114M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 1.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -8.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: -12.9%

- FY2017: 1.9%

- FY2018: 0.2%

- FY2019: 1.6%

- FY2020: -8.8%

- FY2021: -1.2%

- FY2022: 10.0%

- FY2023: 3.0%

- FY2024: 7.0%

- FY2025: 5.1%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: -3.1%

- Book return interval: 10 years

- Starting book value per share: EUR 5.56

- Ending book value per share: EUR 4.07

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -18.3%

- FY2017: 0.3%

- FY2018: -6.4%

- FY2019: -0.4%

- FY2020: -4.2%

- FY2021: -9.8%

- FY2022: 30.3%

- FY2023: -14.4%

- FY2024: 3.9%

- FY2025: -4.3%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 2.5%

- Diluted shares, 5-year annual growth: 3.7%

- Share growth excluding flagged crisis recapitalisations: 2.5%

- Five-year share growth excluding flagged crisis recapitalisations: 3.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: -5.35×

- Book value created per share: EUR -1.49

- Earnings retained per share after dividends and buybacks: EUR 0.28

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 107

- FY2017: 107

- FY2018: 107

- FY2019: 107

- FY2020: 107

- FY2021: 107

- FY2022: 110

- FY2023: 129

- FY2024: 129

- FY2025: 128

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Up 60% since Oct 2023 · net income -29.6%

Story as of 2026-10-16T10:00:11.875Z; price observation 2026-10-15.

### Net income · FY2025

net income -29.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR -266M 

- FY2017: EUR 40M 

- FY2018: EUR 3.0M 

- FY2019: EUR 30M 

- FY2020: EUR -162M 

- FY2021: EUR -20M 

- FY2022: EUR 223M 

- FY2023: EUR 68M 

- FY2024: EUR 162M 

- FY2025: EUR 114M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are EUR 655 million.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/PTSB.IR (filed 2026-10-16T07:41:18.904Z); FY2025: revenue 655000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PTSB.IR: Permanent TSB Group Holdings plc operates in the retail, and small and medium sized enterprises (SME) banking sectors in the Republic of Ireland. The company offers transactional banking, lending, saving, and deposit taking services. It provides its products and services through branch network, brokers, direct, digital and SME channels. The company was founded in 1816 and is based in Dublin, Ireland.

### Why customers stay

It earns 1.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.904Z); 10-year return on tangible equity observations [[2016,-0.1287512100677638],[2017,0.019305019305019305],[2018,0.0015471892728210418],[2019,0.015535991714137753],[2020,-0.08761492698756085],[2021,-0.01199760047990402],[2022,0.09964253798033959],[2023,0.03046594982078853],[2024,0.06985769728331177],[2025,0.05139765554553652]]; median 0.017420505509578528. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.904Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 58.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PTSB.IR SharesStats.PercentInsiders = 58.36900000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.904Z); Closing price 3.01 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 1.2018533951851984; price multiple 2.504465196885496. FY2025 cash earnings/share 0.28991272738818524. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 2.48 per share

- 2016-11: EUR 2.57 per share

- 2016-12: EUR 2.76 per share

- 2017-01: EUR 2.72 per share

- 2017-02: EUR 2.65 per share

- 2017-03: EUR 2.41 per share

- 2017-04: EUR 2.45 per share

- 2017-05: EUR 2.80 per share

- 2017-06: EUR 2.75 per share

- 2017-07: EUR 2.05 per share

- 2017-08: EUR 1.75 per share

- 2017-09: EUR 1.85 per share

- 2017-10: EUR 1.96 per share

- 2017-11: EUR 2.22 per share

- 2017-12: EUR 2.25 per share

- 2018-01: EUR 2.16 per share

- 2018-02: EUR 1.98 per share

- 2018-03: EUR 2.00 per share

- 2018-04: EUR 1.75 per share

- 2018-05: EUR 1.77 per share

- 2018-06: EUR 2.00 per share

- 2018-07: EUR 2.10 per share

- 2018-08: EUR 2.15 per share

- 2018-09: EUR 2.14 per share

- 2018-10: EUR 1.90 per share

- 2018-11: EUR 1.72 per share

- 2018-12: EUR 1.52 per share

- 2019-01: EUR 1.64 per share

- 2019-02: EUR 1.58 per share

- 2019-03: EUR 1.29 per share

- 2019-04: EUR 1.37 per share

- 2019-05: EUR 1.34 per share

- 2019-06: EUR 1.22 per share

- 2019-07: EUR 1.14 per share

- 2019-08: EUR 0.98 per share

- 2019-09: EUR 1.21 per share

- 2019-10: EUR 1.18 per share

- 2019-11: EUR 1.04 per share

- 2019-12: EUR 1.14 per share

- 2020-01: EUR 0.99 per share

- 2020-02: EUR 0.83 per share

- 2020-03: EUR 0.54 per share

- 2020-04: EUR 0.50 per share

- 2020-05: EUR 0.46 per share

- 2020-06: EUR 0.50 per share

- 2020-07: EUR 0.48 per share

- 2020-08: EUR 0.51 per share

- 2020-09: EUR 0.50 per share

- 2020-10: EUR 0.51 per share

- 2020-11: EUR 0.62 per share

- 2020-12: EUR 0.86 per share

- 2021-01: EUR 0.80 per share

- 2021-02: EUR 1.10 per share

- 2021-03: EUR 1.08 per share

- 2021-04: EUR 1.36 per share

- 2021-05: EUR 1.49 per share

- 2021-06: EUR 1.28 per share

- 2021-07: EUR 1.46 per share

- 2021-08: EUR 1.40 per share

- 2021-09: EUR 1.46 per share

- 2021-10: EUR 1.60 per share

- 2021-11: EUR 1.54 per share

- 2021-12: EUR 1.60 per share

- 2022-01: EUR 1.68 per share

- 2022-02: EUR 1.72 per share

- 2022-03: EUR 1.68 per share

- 2022-04: EUR 1.50 per share

- 2022-05: EUR 1.46 per share

- 2022-06: EUR 1.33 per share

- 2022-07: EUR 1.40 per share

- 2022-08: EUR 1.53 per share

- 2022-09: EUR 1.57 per share

- 2022-10: EUR 1.69 per share

- 2022-11: EUR 1.78 per share

- 2022-12: EUR 1.81 per share

- 2023-01: EUR 2.05 per share

- 2023-02: EUR 2.60 per share

- 2023-03: EUR 2.31 per share

- 2023-04: EUR 2.27 per share

- 2023-05: EUR 2.36 per share

- 2023-06: EUR 2.22 per share

- 2023-07: EUR 2.28 per share

- 2023-08: EUR 2.09 per share

- 2023-09: EUR 2.15 per share

- 2023-10: EUR 1.88 per share

- 2023-11: EUR 1.68 per share

- 2023-12: EUR 1.70 per share

- 2024-01: EUR 1.72 per share

- 2024-02: EUR 1.57 per share

- 2024-03: EUR 1.38 per share

- 2024-04: EUR 1.50 per share

- 2024-05: EUR 1.53 per share

- 2024-06: EUR 1.31 per share

- 2024-07: EUR 1.54 per share

- 2024-08: EUR 1.60 per share

- 2024-09: EUR 1.75 per share

- 2024-10: EUR 1.45 per share

- 2024-11: EUR 1.49 per share

- 2024-12: EUR 1.44 per share

- 2025-01: EUR 1.40 per share

- 2025-02: EUR 1.54 per share

- 2025-03: EUR 1.60 per share

- 2025-04: EUR 1.55 per share

- 2025-05: EUR 1.77 per share

- 2025-06: EUR 2.04 per share

- 2025-07: EUR 2.08 per share

- 2025-08: EUR 2.33 per share

- 2025-09: EUR 2.31 per share

- 2025-10: EUR 2.90 per share

- 2025-11: EUR 3.05 per share

- 2025-12: EUR 2.86 per share

- 2026-01: EUR 3.10 per share

- 2026-02: EUR 3.18 per share

- 2026-03: EUR 2.92 per share

- 2026-04: EUR 2.91 per share

- 2026-05: EUR 2.90 per share

- 2026-06: EUR 3.00 per share

- 2026-07: EUR 2.97 per share

- 2026-08: EUR 2.95 per share

- 2026-09: EUR 2.96 per share

- 2026-10: EUR 3.02 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Permanent TSB Group Holdings

PTSB · IR

ISEQ 20

Not a wonderful business

4 quality tests fail. A lower price would not fix the business.

Share price: EUR 3.01
Quality tests: Fail
Annual history: 17 years
Market value: $1.8B

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 7 years (at least 9 needed).

Net income

10y median: EUR 35M
Worst year: EUR -266M
Latest · 2025: EUR 114M

Earned a median 1.7% on tangible equity (minimum 12%), and the second-worst year -8.8% (minimum 5%).

Return on tangible common equity

10y median: 1.7%
Worst year: -12.9%
Latest · 2025: 5.1%

Book value plus dividends grew -3.1% a year (minimum 7%).

Annual book + dividend return

10y median: -4.3%
Worst year: -18.3%
Latest · 2025: -4.3%

Ordinary share growth was 2.5% over the full period and 3.7% over five years (either must be at most 2% a year), and book value gained -1.49 per share against 0.28 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 107
Worst year: 129
Latest · 2025: 128

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · fail 3 loss years in 10 (at most 2), three-year average earnings per share 0.21 EUR. 3 loss years in the last 10; at most 2 allowed.

Net incomeEUR 114M

Net income

Book / shareEUR 4.07

Book / share

Dividend / shareEUR 0

Dividend / share

Return on tangible equity5.1%

Return on tangible equity

Diluted shares545M

Diluted shares

Prices 15 Oct 2026 · FY2025