2Q17 – gradual recovery trends
Piraeus Bank has reported 2Q17 pre-tax profit of EUR 7m (from continued operations) vs. our forecast for a break-even quarter. The key P&L items were broadly in line, with stronger trading income offsetting slightly higher provisions. The tangible book as of the end of June stood at EUR 7.3bn, or EUR 16.72/share, implying a P/TBV of 0.29x (vs. the Greek peer group average of 0.35x on 2017E tangible book). We believe that the bank is moving gradually in the right direction, but we would need to see a more sustainable recovery in operating trends in order to turn more positive. We retain our HOLD rating on the stock.
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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