TBC Bank: We still see value at 7.5x 2018 P/E (stays BUY)
We still see value in TBC Bank at a 7.5x P/E and a 1.6x P/TBV for 2018E. Our revised price target (PT) of GBP 21.6 (up from GBP 19.7) indicates 23% upside. Our 2018E net income estimate is 11% above the consensus. The stock still could re-rate on the back of better-than-expected results and improved earnings visibility. TBC is also well-positioned to benefit from a potential multiples expansion, which could take place due to the sustainably low CPI in Georgia (3%, according to the National Bank of Georgia (NBG)). We maintain our BUY rating on the stock.TBC Bank Group is a holding company. Through JSC TBC Bank and its subsidiaries, Co. is engaged in universal banking operations that include corporate, small and medium enterprises, retail and micro operations within Georgia.
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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