Hellenic Bank: an accretive asset (stays BUY)
We reiterate our BUY rating on Hellenic Bank (HB) and upgrade our price target (PT) to EUR 2.20/share (from EUR 1.80/share previously). We expect the bank to report a very strong 2023E, with a ROTE of >16%, driven by higher ECB rates and the recent cost-efficiency measures. The bank has very strong capital ratios (with a total capital ratio of >24%), significant capacity to pay dividends and a clean balance sheet (NPE ratio of 3.6%). The low valuation (P/TBV of 0.54x and P/E of 3.5x on 2023E) and a potential public tender by Eurobank (EUROB GA), to acquire the minorities, should keep momentum in the share price.
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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