WOOD Flash – Banca Transilvania: 4Q23/FY23 results and conference call
Banca Transilvania (TLV) reported its FY23 preliminary results on 26 February, after the market closed, delivering net profit (before minorities) of RON 693m, down 14.5% yoy, but beating our expectations by 8.4%. The main drivers of the beat were an almost 12% beat in the NII and a 50% beat in the taxes booked for the quarter. With this print, TLV managed to deliver a very robust ROE of 27% in 2023, in line with our expectations. The results were a bit of a mixed bag, but we see them as positive, generally, in light of the strong NII performance and NIM expansion. Moreover, we believe that the market should appreciate the additional colour provided on the OTP Romania transaction, the reassurance regarding the dividend distribution from the 2023 profit, and the strong 2024E guidance that was provided. TLV trades at 1.4x P/BV and 7.7x P/E, on our FY24E figures.
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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