BRD-GSG confirmed at BUY, TP RON 20.5 - Robust outlook in tandem with catch-up dividend
The outlook for the banking system has improved significantly leading us to lift our mid-term forecasts, especially on NII and F&CIFollowing the recent increases in key interest rates and the approval of the National Recovery and Resilience Plan we now plug in better NII outlook incl. room for NIM expansion
In our view, BRD will keep its selective underwriting policy with anticipated normalization of the risk costs towards 50-60 bps vs. releases driven pre-pandemic years 2018 and 2019
We expect the payment of two dividend payments during 2022e, o/w the one related to the catch-up dividend from combined 2019 and 2020 earnings
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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