WOOD Flash – TBC Bank: 4Q23 results and conference call
TBC has reported GEL 291m in net income for 4Q23, in line with the GEL 288m consensus and our GEL 292m estimate. We believe that the bank may not have finished 2023 with a huge bang, but nothing to be desired in terms of earnings power, with a ROTE of around 30%. The bank kept on going full throttle in Uzbekistan as well. TBC will pay out a GEL 4.7/share dividend (a 4.9% yield on Friday’s stock price) on 19 July (ex. date 13 June). We rate TBC a BUY, with a GBP 32.9/share price target. The bank is trading at 4.2x P/E and 1.1x P/TBV, on our 2024E estimates.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.