strong 2016 results, decent outlook for 2017E
Banca Transilvania reported its 2016 results on Friday (17 February) and held a conference call to discuss the financial results. During the call, management presented some estimates for 2017E and also regarding the dividends, but no exact numbers were disclosed. The dividend indications seem to point towards a lower cash dividend (although the market’s expectations of 4.5% look achievable, in our view) vs. the stock dividend. Overall, the results and the call both confirm our view on the bank, which remains a good investment for exposure to Romanian GDP growth. An eventual faster expansion via acquisitions would add more to the growth, although nothing has been disclosed yet in this respect.
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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