WOOD Flash – NLB Group: strong 4Q22 results, even stronger outlook
Yesterday (23 February), NLB posted impressive 4Q22 results and a very reassuring and strong outlook ahead. The shares trade at an inexpensive c.0.65x P/TBV and 5.6x on our 2023E (but below 5x on the 2023E guidance). The dividend yield stands at 7.4%. We remain BUYers of the shares, which offer an appealing growth story on very low multiples.
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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