National Bank of Greece: The new normal (stays BUY)
We retain our bullish view on National Bank of Greece (NBG), keeping our BUY rating and raising our price target (PT) to EUR 3.5/share (from EUR 2.9/share). We expect the bank to grow its core profits by c.50% in a two-year period, driven by a credible plan to cut costs, lower provisions and increase fees. The bank is heading for the new normal in the Greek banking space (post the NPE clean-up), with a best-in-class capital position (>17% TCR), more efficient operations (a C/I ratio of c.51% in 2022E) and a high cash coverage ratio (63%). Its valuation remains compelling, with a P/TBV of 0.41x and a P/E of 4.7x on our 2022E.
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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