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.
Raiffeisen Centrobank (RCB) is a leading investment bank in Austria and the CEE region and the competence center for equities of the Raiffeisen Banking Group. The bank covers the entire spectrum of services and products around equities, derivatives and equity capital transactions and is a pioneer and market leader in the field of structured products.
RCB Company Research offers you access to in-depth equity research and the latest news on listed Austrian and CEE companies. The research universe comprises roughly 130 stocks from Austria, CEE and Russia. The Company Research team of RCB consists of roughly 20 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.
EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl mom), the ASE (+4.4% EUR mom) and the Czech PX (+3.2% EUR/2.6% lcl mom).
HEADLINES: • Erste Bank: double-digit sustainable ROE for 0.7x P/BV (stays BUY) • Motor Oil Hellas: announces new strategy and acquisition of waste management company Thalis • Kofola: 3Q22 financial results NEUTRAL • Turkey macro: CBT ends rate cut cycle; but will continue with other tools • STS Group: key takeaways from the 3Q22 management call POSITIVE • Grupa Pracuj: key takeaways from the 3Q22 earnings call NEGATIVE • Asseco Poland: key takeaways from the 3Q22 earnings call NEUTRAL • KGHM: October production and sales results • Short News (FP)
We remain BUYers of Erste Bank and adjust our 12M price target (PT) to EUR 49.5/share (from EUR 50.2). We consider the combination of Erste’s current valuation (2023E P/BV of 0.7x), its double-digit medium-term through-the-cycle ROE outlook of >11% and low consensus earnings expectations, as an attractive entry point. All this comes after Erste’s management issued quite ambitious 2023E guidance, lending comfort to our expectations of a positive earnings revision cycle ahead. If we blend this with the somewhat defensive characteristics of Erste’s balance sheet, and a special mention of the very...
• Austrian banks asking for the review of new mortgage loan limits • OMV introduces new corporate structure • AGRANA informs about product innovations • CCC Q3 net loss of PLN 65 mn but November trading update upbeat • VIG's A+ rating with stable outlook confirmed by S&P
AT: Mayr-Melnhof - EGM to be convened EGM on December 22 (neutral) AT: Telekom Austria - Baa1 rating affirmed by Moody's (neutral) CZ: CEZ - CEZ received three bids for new nuclear power plant in Dukovany (neutral) HU: MOL - Closing the purchase of Lotos filling stations (neutral) PL: PKN - Finalizing the acquisition of Lotos (neutral) PL: PKO - Rising risk costs in 2023 (neutral)
MSCI November Index Review - Standard indices (STD) changes: DEL: Orange Polska; SmallCap indices (SC) changes: DEL: FACC, Telekom Austria; AT: Andritz - Andritz to supply equipment to Sappi in Austria (neutral) AT: OMV - Market rumors about Carlyle's interest in OMV's upstream assets (neutral) AT: Vienna Insurance Group - Hartwig LÃ¶ger confirmed to become CEO (neutral) PL: LPP - CEO states company has prepared for weaker sales in coming months (negative) PL: Santander Bank Polska - Adjusting the impact from credit vacation in Q4 by PLN 159 mn (negative) PL: Telecoms - Particip...
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