Patria Bank: Fair value in Romania (stays HOLD)
We maintain our HOLD recommendation on Patria Bank, and increase our price target (PT) to RON 0.104/share, offering upside of c.12.7%. We have updated our estimates for 2021E to reflect management’s budget, and rolled our model over by one year, so it includes our 2023E estimates. We continue to appreciate the bank’s profitability growth potential, coupled with an improved capital base. However, while some fundamentals have improved, its asset quality has declined somewhat, due mostly to the COVID-19 pandemic; and, at 0.9x and 0.8x P/BVs for 2021E and 2022E, respectively, on our estimates, we continue to view the stock as fairly valued.
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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