WOOD Flash – Hellenic Bank: weak profitability in 3Q21; opportunity to unlock value remains
Hellenic Bank has announced a soft set of 3Q21 results, with a breakeven bottom line, on the back of weaker income (down 11% qoq) and higher opex (+6% qoq). Although we do not expect the weak 3Q21 bottom line to persist in the following quarters, the results highlight the need for Hellenic Bank to restructure its operations by strengthening its income and lowering the excessive cost base (as highlighted in our report). The stock remains extremely cheap, trading at a P/TBV of c.0.3x on our 2021E, with significant hidden value, on the back of its large capital buffers (CET1 ratio >20%) and substantial restructuring opportunities.
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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