Launching Coverage on Erste and Raiffeisen With No-Moat and Stable Moat Trend Ratings
We are launching coverage of Austrian banks Erste and Raiffeisen, and we assign no-moat and stable trend ratings for both firms. Both companies look fairly valued at present. For Erste, our fair value estimate stands at EUR 40 per share, indicating that shares are trading at a 5% premium to the current share price. For Raiffeisen, our fair value estimate is EUR 33 per share, indicating shares are fully valued. Both names trade in the 3-star category, and we would await a better entry point for i...Erste Group is a financial services provider based in Austria. As of Dec 31 2015, Co.'s total assets amounted to Euro199,743 million and the number of customers was approximately 16.5 million. Co.'s key business is the retail business, covering the entire spectrum from lending, deposit and investment products to current accounts and credit cards. In addition to providing financial services to private individuals, Co.'s core activities also include advisory services and support for corporate clients in financing, investment and access to international capital markets, public sector funding and interbank market operations.
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