NLB Banka: solid performance ytd, but price remains high (stays SELL)
In this report, we have updated our estimates for the 2Q22 numbers, reported recently, while we keep our SELL on the name. We calculate our new 12-month price target (PT) at MKD 23,435/share, which offers downside of c.9%. While our outlook for NLB Banka ad Skopje is generally positive, our SELL recommendation is a valuation call, as we see the bank’s shares as expensive in the market currently, mostly as our P/BV and P/E multiples for 2022-24E remain 19-37% above the frontier peer group, while our estimates for the ROEs and dividend yields are at similar levels during the same period.
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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