WOOD Flash – Sberbank: highlights from the investor day
Yesterday afternoon (15 December), Sber held an investor day and announced its 2022E targets. We do not believe that our estimates will need significant revisions in the light of the new guidance. That said, we stick to our stance on Sber. We appreciate the tail risk that the Russia-Ukraine tension imposes. However, we are still more interested in buying from the current levels, compared to RUB 370-380, which did not incorporate any geopolitical baggage. Sber’s commons are trading at 1.0x P/TBV and 5.2x P/E for next year, on our estimates, and a c.10% dividend yield on the stock. This is an intrinsically and statistically cheap level. For more details, please see our recent report.Sberbank Russia is an open joint stock commercial bank. Co.'s principal business activity is corporate and retail banking. This includes, but is not limited to, deposit taking and commercial lending in freely convertible currencies, local currencies of countries where the subsidiary banks operate and in Russian Roubles, support of clients' export/import transactions, foreign exchange, securities trading, and trading in derivative financial instruments. Co.'s operations are conducted in both Russian and international markets. As of Dec 31 2014, Co. had total assets of RUB25.20 trillion.
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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