Patria Bank: growth story priced in (HOLD - transfer of coverage)
We transfer coverage of Patria Bank (Patria), with a HOLD rating and a lower price target (PT) of RON 0.095/share (6.4% upside). On our numbers, the bank seems poised to increase its bottom line and ROE significantly in the coming years, but we believe the current share price reflects the bank’s fundamental value, with the growth narrative priced in already. We believe, therefore, that the stock is fairly valued at the current price levels, trading in line with its historical discount vs. its peers and at 0.7x P/BV on our 2025E figures, the end of our explicit forecast period. While we do not see any stock-specific price catalysts in the short term, an upward rerating of the BET Index could offer upside risk to our forecasts.
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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