WOOD Flash – Bank of Cyprus: 4Q18 results in line, positive news on capital
Bank of Cyprus reported its 4Q18 numbers this morning (4 March). The results are broadly in line with our estimates, but the stock price should be supported by the good news on capital (conversion of Deferred Tax Assets (DTA) to Deferred Tax Credit (DTC), adding 170bps to the CET1 ratio), in our view. Although we are HOLDers of the stock, we believe that the recent de-rating was extreme (down c.16% ytd, and trading currently at c.0.25x P/BV, on our 2019E estimates) and we would not be surprised to see a re-rating.
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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