Bank of Cyprus: hitch your wagon to the rate hikes (stays BUY)
We have revised up our 12M price target (PT) for Bank of Cyprus to EUR 2.5 (from EUR 1.5), to account for its strong 2Q22 results, the updated management guidance and the large positive boost from the rate hikes. The stock remains undervalued, in our view, despite the recent outperformance (driven by Lone Star’s potential offer), trading at a P/TBV and P/E of 0.30x and 3.0x, respectively, on our 2023E. The bank has achieved a mid-single-digit NPE ratio already, its capital is strong (a TCR of >19%), and a ROTE of >10% is clearly visible in 2023E. We remain BUYers of the stock.
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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