Piraeus Bank: another upgrade, more on the way (stays BUY)
Piraeus Bank has reported a solid 2022, with a normalised ROTE of c.10%, driven by c.10% growth in performing loans, strong NIM expansion in the past two quarters, recurring opex reduction of 4.5% (C/I ratio at 45%), a benign asset quality environment (COR at 80bps, NPE ratio down to 6.8%, uplift in NPE coverage to 54%) and an impressive improvement in capital (fully-loaded CET1 ratio at 11.5%, +285bps yoy). We expect another strong year for 2023E, driven by rate hikes, more cost efficiency and limited new NPL flow, leading to a ROTE of >10%. The shares continue to trade at very low multiples, despite the 64% ytd share price performance, with the P/E ratio at
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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