Alpha Bank: Transformation delivery (stays BUY)
We have revisited our model on Alpha Bank, following the announcement of Project Galaxy and the business plan targets up to 2022E. Our view on the NPE frontloading plan is positive, as it should pave the way for cleaning the bank and returning to a more normalised level of profitability. On our numbers, Alpha Bank can achieve net profit of >EUR 500m in 2022E, with a ROTE of c.8%. We keep our BUY rating on the stock and set our new price target (PT) at EUR 2.35/share (from EUR 2.00/share previously).
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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