BVB - Upgrade on price correction
We upgrade BVB to Buy from Accumulate after the price correction. We believe the biggest upside remains MSCI Emerging reclassification which is also the biggest downside as well in the investment case, as margins are set to gradually converge to other regional peers.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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