BRD-GSG re-initiated at BUY, TP RON 19.7 - Waiting for a pile of money
Reinitiation with a BUY rating.The policy-makers implemented unprecedented expansion measures after the pandemic outbreak, which supported a rapid transition to a new economic cycle.
BRD-GSG's cautious approach and retail-focused portfolio will likely imply a lower exposure to asset quality risks after the loan moratorium ends.
We estimate a RON 2.4 special dividend per share, to be paid from the 2019 and 2020 profits implying a yield of 14.2% 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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