Strong fundamentals with limited downside risks

We cut our Dec-25 TP to 32.1 RON per share, but remain Buy rated on the stock, implying 20% upside potential including our estimated DPS of 2.1 RON. This reflects the bank’s strong capital returns. Last year TLV was active in M&A in the Romanian and Moldovan markets as they acquired OTP Bank Romania and BCR Chișinău. More importantly, around 95% of OTP customers are already with BT as of the announcement of the 2024 results. As a result, the management expects significant loan and deposit growth from the merger which will likely materialize in Q1 2025. The macro outlook is also favouring the b...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/16/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/16/2025

TEL RO | Massive CAPEX plan is essential for profit recovery | SELL

We reiterate our SELL recommendation on Transelectrica with a target price of RON 17.1 per share.

SNN RO | Dirt-cheap | Double digit DIVYs for less than 2x FY'19e EBITDA | FY'19 Best year ever | STRONG BUY

Dirt-cheap | Double digit DIVYs for less than 2x FY'19e EBITDA | FY'19 Best year ever We update our view on Nuclearelectrica with a STRONG BUY recommendation and a target price of RON 13.90 per share.