ВТБ - Дела лучше, но пока недоÑтаточно
Ðтот год, похоже, окажетÑÑ Ð´Ð¾Ð²Ð¾Ð»ÑŒÐ½Ð¾ удачным Ð´Ð»Ñ Ð’Ð¢Ð‘ по Ñравнению Ñ Ð¿Ñ€ÐµÐ´Ñ‹Ð´ÑƒÑ‰Ð¸Ð¼Ð¸. Ð¡ÑƒÐ´Ñ Ð¿Ð¾ показателÑм за 8Ðœ18 по МСФО, прибыль банка Ñ Ð½Ð°Ñ‡Ð°Ð»Ð° года превыÑила 120 млрд руб. (Ñовокупный показатель за 2017 год) при доходе на капитал (ROE) 13%. Мы ожидаем, что в 2018 году ВТБ превыÑит Ñвой прогноз чиÑтой прибыли (170 млрд руб.), показав годовой роÑÑ‚ более 45% при доходе на ÑобÑтвенный капитал (ROE) 12% и доходе на капитал, Ñформированный обыкновенными акциÑми, (ROCE) более 16%. ÐеÑÐ¼Ð¾Ñ‚Ñ€Ñ Ð½Ð° Ñти улучшениÑ, мы прогнозируем ÑущеÑтвенное замедление роÑта прибыли Ñ 2019 года: в ближайшие два-три года ROCE врÑд ли ощутимо превыÑит 14%, и у Ð½Ð°Ñ ÑохранÑетÑÑ Ñ€Ñд опаÑений по поводу бизнеÑа. Мы не видим причин менÑÑ‚ÑŒ рекомендацию ДЕРЖÐТЬ акции ВТБ, но Ñнижаем целевую цену до $1,60 за Ð“Ð”Ð Ñ ÑƒÑ‡ÐµÑ‚Ð¾Ð¼ возроÑшей ÑтоимоÑти капитала - на 1 п. п. до 16%.
Bank VTB PAO is a Russia-based bank engaged in the provision of financial services. The Bank reports five segments: Corporate-Investment banking includes operations with corporate customers that are large business customers and banking financial institutions, as well as operations on the securities market; Mid-Corporate banking covers operations with medium business corporate customers; Retail business includes operations with individuals and small business corporate customers, and offers operations on Internet and mobile Point-of-Sale acquiring, plastic cards, payroll services and financial consulting, among others; Treasury comprises operations to manage liquidity, operations on financial and interbank markets, cash flow management and debit financing operation; as well as Other business includes two business: Construction and development involves operations undertaken by Company in the construction and development industry, and Other activities represent non-banking business.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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