Banca Transilvania S.A.

  • TickerTLV
  • ISINROTLVAACNOR1
  • ExchangeBucharest Stock Exchange
  • SectorBanks
  • CountryRomania
Research Team

WOOD Daily: TL Macro; PGE PW; PKO PW; PEO PW; TCS LI; PGN PW; TLV RO; OPL PW; MAIL LI; YNDX US; TELEC CP; LVC PW

HEADLINES: • Turkey macro: positive fiscal and business developments • PGE: presents new long-term strategy - surprises on RES growth expansion and cost-cutting targets POSITIVE • PKO BP/Bank Pekao: antimonopoly office fines banks on FX rate settlements on mortgage repayments • TCS Group Holding: Yandex offer off the table - our thoughts • PGNiG: 3Q20 operational results • Banca Transilvania: issues new shares by capitalising reserves - new price target • Orange Polska: aiming to publish strategy update at the beginning of 2021E NEUTRAL • Mail.ru/Yandex: expecting strong 3Q20E results (d...

Alex Boulougouris, CFA

WOOD Flash – Banca Transilvania: issues new shares by capitalising reserves – new price target

Based on the EGM’s decision on 29 April 2020, Banca Transilvania issued new shares in the week ending 16 October, by capitalising reserves. The total number of ordinary shares has increased from 5,216m to 5,738m, i.e., an issuance of 521.6m shares. As a consequence, we have reduced our price target (PT) for the bank to RON 2.3/share, from RON 2.5/share.

Banca Transilvania Cluj: 1 director sold

A director at Banca Transilvania Cluj sold 365,000 shares at 2.251RON and the significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names...

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Ildar Davletshin, CFA ...
  • Stefan Lungu, CFA

WOOD Flash – Frontier Investor Days Conference: feedback and highlights

On 3-4 September, we hosted our 2020 Frontier Investor Days Conference, with 44 companies from Romania, Kazakhstan and the rest of the Frontier markets in our region participating. Here, we highlight the key takeaways from our meetings with the corporates, as well as some country-level highlights for Romania and Kazakhstan. The outlook is improving overall, even for some of the worst-hit industries, such as restaurants and airports, but the main unknown in every forward-looking conversation is the path of the pandemic.

Banca Transilvania Cluj: 1 director sold

A director at Banca Transilvania Cluj sold 365,000 shares at 2.251RON and the significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names...

Alex Boulougouris, CFA

WOOD Flash – Banca Transilvania: issues new shares by capitalising reserves – new price target

Based on the EGM’s decision on 29 April 2020, Banca Transilvania issued new shares in the week ending 16 October, by capitalising reserves. The total number of ordinary shares has increased from 5,216m to 5,738m, i.e., an issuance of 521.6m shares. As a consequence, we have reduced our price target (PT) for the bank to RON 2.3/share, from RON 2.5/share.

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Ildar Davletshin, CFA ...
  • Stefan Lungu, CFA

WOOD Flash – Frontier Investor Days Conference: feedback and highlights

On 3-4 September, we hosted our 2020 Frontier Investor Days Conference, with 44 companies from Romania, Kazakhstan and the rest of the Frontier markets in our region participating. Here, we highlight the key takeaways from our meetings with the corporates, as well as some country-level highlights for Romania and Kazakhstan. The outlook is improving overall, even for some of the worst-hit industries, such as restaurants and airports, but the main unknown in every forward-looking conversation is the path of the pandemic.

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9.6% in August

EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6%, followed by the ISE30 Index, the poor performance of which reflects the current weakness of Turki...

Raiffeisen Centrobank Equity Daily 26.08.2020

 AT: AGRANA - Plans to concentrate sugar beet processing in Austria at its Tulln site after the 2020 campaign (positive)  AT: Oesterreichische Post - Closing of Aras Kargo acquisition (neutral)  AT: OMV - OMV issued new hybrid notes with a total volume of EUR 1.25 bn to finance the acquisition of Borealis (neutral)  AT: PORR - 2Q earnings below our estimates on in-line output but better order situation, FY 20 output target of just over EUR 5 bn lives up to our estimate (neutral)  AT: Vienna Insurance Group - PBT in line with preliminaries, realized gains on investments help cush...

Research Team

WOOD Daily: TL Macro; PGE PW; PKO PW; PEO PW; TCS LI; PGN PW; TLV RO; OPL PW; MAIL LI; YNDX US; TELEC CP; LVC PW

HEADLINES: • Turkey macro: positive fiscal and business developments • PGE: presents new long-term strategy - surprises on RES growth expansion and cost-cutting targets POSITIVE • PKO BP/Bank Pekao: antimonopoly office fines banks on FX rate settlements on mortgage repayments • TCS Group Holding: Yandex offer off the table - our thoughts • PGNiG: 3Q20 operational results • Banca Transilvania: issues new shares by capitalising reserves - new price target • Orange Polska: aiming to publish strategy update at the beginning of 2021E NEUTRAL • Mail.ru/Yandex: expecting strong 3Q20E results (d...

Research Team

WOOD Daily: RU Macro; LPP PW; YNDX US; Frontier Conference Postcards – TLV RO, BRD RO, BVB RO, PBK RO, SAB1L LH, POSR SV

HEADLINES: • Russia macro: CBR may pause the easing • LPP: CFO expects FY20E sales to be stronger than guided, after decent recent months POSITIVE • Yandex: increases share in Taxi, spins off Self-Driving POSITIVE • Banca Transilvania: postcard from our Frontier Conference • BRD-GSG: postcard from our Frontier Conference • Bucharest Stock Exchange: postcard from our Frontier Conference • Patria Bank: postcard from our Frontier Conference • Siauliu Bankas: postcard from our Frontier Conference • Sava Re: postcard from our Frontier Conference • Short News (MTSS, POS...

Research Team

WOOD Daily: ANY HB; PBK RO; ENKAI TI; RO Politics; PL Banks; NRP NA; TLV RO; TRP RO; HTO GA; QIWI US

HEADLINES: • ANY PLC: 2Q20 - improving outlook could result in a return to paying dividends this year • Patria Bank: 1H20 results - strong beat on the provisioning front • Enka Insaat: 2Q20 results - a mixed bag NEUTRAL • Romania politics: everything has been quiet, until... • Polish banks: facing increase in FX mortgage related rulings, majority to clients' benefit NEGATIVE • NEPI Rockcastle: expects 1H20E FFO to decline by around 32% yoy NEUTRAL • Banca Transilvania: conference call highlights • TeraPlast: share capital increase - new price target • OTE: HotNews.ro exc...

Research Team

WOOD Daily: MONET CP; EBS AV; VESBE TI; SBER RX; MGNT LI; EME Macro/Strategy – ESI; OPL PW; NVTK LI; KCEL KZ; KRKG SV; OPAP GA; OMV AV; BRD RO; RICHT HB; TPEIR GA; ETE GA; OTP HB; TLV RO; NLBR SV

HEADLINES: • MONETA Money Bank: 2Q20 miss on provisions frontloading; bank restores medium-term guidance • Erste Bank: posts lower-than-expected 2Q20, but due to frontloading of risk charges NEUTRAL • Vestel Beyaz: 2Q20 - in line with expectations, but bullish expectations could support share price NEUTRAL • Sberbank: 2Q20 highlights NEGATIVE • Magnit: 2Q20 slightly ahead of expectations POSITIVE • EME Macro/Strategy: July ESI • Orange Polska: key takeaways from the 2Q20 earnings call POSITIVE • Novatek: takeaways from the 2Q20 conference call • Kcell: key takeaways from ...

Research Team

WOOD Daily: EME Macro/Strategy – ESI; MBK PW; EBS AV; GARAN TI; MGNT LI; EREGL TI; TOASO TI; MMK LI; NVTK LI; OGZD LI; TLV RO; BOCH LN; SNG RO; LPP PW; CCC PW; PL Retail; PGN PW; 11B PW; BFT PW; BVB RO; OPL PW; KCEL KZ; YKBNK TI; FMF PW

HEADLINES: • EME Macro/Strategy: ESI - its big • mBank: posts PLN 91m of net profit, a 27% miss vs. market consensus NEGATIVE • Erste Bank: posts EUR 235m of net profit in 1Q20, 6% beat vs. expectations NEUTRAL • Garanti: 1Q20 highlights (litmus test part 1; 12% ROE, with c.5% COR) • Magnit: 1Q20 numbers below expectations on gross margin POSITIVE • Erdemir: 1Q20 financial results - small beat on EBITDA, much stronger than expected FCF • Tofas: 1Q20 results - largely neutral, market likely to focus on 2Q20E, guidance revised down NEUTRAL • MMK: 1Q20 - solid results, but no ...

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