Report
Triodos bank : Step-by-step improving the business, TP increased
As a result of the recent move from an MTF to Euronext the traded volumes of TB rose, but daily turnover is still quite limited at only c. € 250k. TB’s key mission is that it wants to make a positive impact on society. They have a mid-single digit ROE and target a 5-7% ROE being clearly below other banks driven by international fragmentation/scale and its mission. However, TB is taking actions to improve its ROE by the recent announced closure of Germany. In 2025 it also reduced its legal risk materially. As a result of the above we increase our TP to € 35 (from € 30).
Underlying
TRIODOS BANK N.V.
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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