NLB Group: too appealing to ignore (stays BUY)
NLB Group’s shares are down 21% in the past 12 months vs. -2% for the European banking index (SX7E). This underperformance, in our view, is in contrast with the strong numbers reported in 2022 and the reassuring outlook for 2023E (a ROTE of c.11%). We believe that this share price weakness creates strong entry point opportunities as the shares trade at an inexpensive 0.5x P/TBV and a P/E close to 5x on our 2023E. NLB also comes with best-in-class dividend yields (over 9% per annum), on our estimates. We remain BUYers of the stock, with a higher price target (PT) of EUR 100/share.
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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