Hellenic Bank: Unlocking value for shareholders (stays BUY)
Hellenic Bank’s share price has re-rated from its 52-week low (>40%), but still lags most of its European and Greek peers. Its ytd performance is also disappointing, down c.1%, which reflects the low liquidity of the shares and the challenge to improve profitability, we believe. The stock remains extremely cheap, however, on a P/TBV of 0.28x and a P/E of 5.5x on our 2021E. We see significant hidden value in the bank, on the back of its large capital buffers (CET1 ratio >20%) and substantial restructuring opportunities; thus, we remain BUYers of the stock, keeping our price target (PT) at EUR 1.00.
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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