Bank of Cyprus: room for further rerating (stays BUY)
Following the 2Q24 results, BOCH raised its 2024E guidance, driven by better-than-expected trends and a more favourable interest rate outlook. We have revised our 2024E and 2025E net income estimates by 14% and 4%, respectively. The bank plans to improve its market visibility by delisting from the London Stock Exchange (LSE) and relisting on the Athens Stock Exchange (ATHEX). Despite a 24% rerating post-2Q24 earnings, we believe the valuation remains attractive, with our 2024E multiples of 4.8x P/E and 0.9x P/TBV, supported by strong capital ratios, high liquidity and a 10% yield on the 2024E net income. We maintain our BUY rating on BOCH, with an increased price target (PT) of GBP 4.90.Bank of Commerce is a bank holding company. Through its subsidiary, the company provides a range of financial services and products for business and retail customers. The services the company provides include those offered by banks of similar size and character in California. The company's principal deposit products include the following types of accounts; checking, interest-bearing checking, money market, savings and certificates of deposit. The company also provides sweep arrangements, commercial loans, construction loans, term loans, consumer loans, safe deposit boxes, and electronic banking services. The company does not provide trust services or international banking services.
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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