Alpha Bank: Trading at an extreme discount (stays BUY)
Alpha Bank continues to trade at distressed multiples, despite the clear visibility on lowering its NPE ratio to single-digit levels over the next 12 months, without depleting its current capital ratios. The stock trades at a P/TBV of 0.26x on our 2021E, a c.50% discount to both Eurobank and NBG. We see this as extreme, in view of the strong visibility on completing transactions under Hercules II and delivering a ROTE of >7% in 2023E. We maintain our BUY rating on the stock and our price target (PT) of EUR 1.5/share.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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