WOOD Flash – Bank of Cyprus: 2Q24 highlights
Bank of Cyprus (BOCH) has reported EUR 138m in net income in 2Q24 (EUR 270m in 1H24) and posted a positive set of results, particularly on the NIM and COR fronts compared to our 2024E expectations and its own guidance. Management has also upgraded the guidance and announced its intentions to delist from LSE and relist on the Athens Stock Exchange (ATHEX), to find more liquidity for the stock. We rate Bank of Cyprus a BUY, with a price target (PT) of GBp 451/share, and we like the results. The bank is trading at 4.4x P/E and 0.9x P/TBV on our 2024E estimates, and we see upside for our estimates on the back of the 1H24 results and the guidance upgrade. We are also calculating an attractive 12% dividend yield for 2024E, based on our current estimates and a 50% payout ratio.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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