Siauliu Bankas: Growth and value combo (BUY - transfer of coverage)
We transfer coverage of Šiaulių Bankas, with a BUY recommendation and a new price target (PT) of EUR 0.67/share, implying 47% upside potential. We believe that Šiaulių Bankas offers the opportunity to invest in a niche player with solid growth prospects (a three-year NII CAGR of 9%), an attractive valuation (P/BV of 0.91x and P/E of 6.3x on our 2019E), a strong ROE profile (>15% in 2019E), decent capital ratios (a Tier I ratio of >15%) and a potential dividend story as well (with a yield of >4.5%, on our estimates).Siauliu bankas AB is a Lithuania-based company engaged in the provision of commercial banking and financial services to private and corporate clients. It offers such services as provision of bank accounts, offering the debit and credit cards and safety deposit boxes, cash and non-cash money transfers, operations with securities, currency exchange, lending and investment services, Internet banking, financial brokerage and real estate development. It also issues monetary warranties, guarantees and other warranty liabilities, as well as performs operations with payable documents, such as checks and others. The Bank has several branches, numerous client service units and subsidiaries.
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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