Banca Transilvania re-initiated at HOLD, TP RON 2.8 - A new business cycle has begun
Reinitiation with a HOLD rating.The policy-makers implemented unprecedented expansion measures after the pandemic outbreak, which supported a rapid transition to a new economic cycle.
We believe that TLV might deliver above-sector-average ROEs in the mid-term.
We are expecting the bank to return to a normal dividend payment in 2021 in the scenario in which other banks are allowed to distribute unpaid dividends.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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