WOOD Flash – TBC Bank: highlights from 2Q23 – a strong quarter
We like the results and the ongoing momentum in the NIM and fees. Our 2023E net income estimate (GEL 991m) looks conservative, based on the 1H23 trends. The bank has also set specific KPIs for 2025E, and started reporting its Georgian and Uzbek (both Payme and TBC Uz) numbers separately. We rate TBC a BUY, with a PT of GBP 26.2/share. On our current 2023E estimates, TBC is trading at 4.6x P/E and 1.0x P/TBV.
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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