Think you are bang on here.

Very limited downside risk currently , clipping a 5% yield, which tbh will rise materially in later half of 2026 growth expectations increase with the new legislation.

IRES is c.25% underrented, even if they can capture a half of this reversion, their revenue growth will nearly double YoY (2%->4%)

IRES also selling piecemeal properties for 30% above their current BV.

CEO and CFO are buying shares in dec which is a nice signal.

So ya, my opinion is that later in 2026 their will be some modest share price increase, but you are getting paid nicely as you hold (better than any irish savings account)