Bank of Cyprus: value is (sometimes) relative (stays BUY)
We reiterate our BUY on Bank of Cyprus (BOCH). Our new price target (PT) is EUR 9.34. The bank is trading at 8.5x P/E and 1.2x P/TBV for 2025E, on our estimates (and 10.6x P/E and 1.6x P/TBV at target). With the Eurozone opportunity costs low (AT1 spreads at historic lows and the Cypriot 10-year at 2.9%), we still see value in BOCH, even after a 200% gain over the past two years, supported by its relative value versus its Eurozone peers with similar earnings power, but weaker capital.
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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