Garanti Bank: 2017E targets in line with peers
Garanti announced its 2017E targets yesterday (11 January), which were broadly in line with those of its peers. Our train of thought on the targets follows the same pattern: we would be cautious about the flat NIM budget as the ROE profile may get bumpy on the back of high sensitivity to the margin at the bottom-line level. Adjusted for the shipping files that came in as one-offs in 2016, we understand that the bank is also targeting a flat yoy specific COR. This may be possible, but this target should incorporate more downside risk than upside, in our view. We stick to our HOLD rating for the bank, with a TRY 8.55/share PT. Garanti trades at 6.7x P/E and 0.8x P/TBV for 2017E, on our current estimates.Turkiye Garanti Bankasi is a private banking group based in Turkey. Co. operates as an integrated financial services group in every segment of the sector including corporate, commercial, SME, payment systems, retail, private and investment banking together with subsidiaries in pension and life insurance, leasing, factoring, brokerage, and asset management. Co. provides a range of financial services to 13 million customers through a distribution network of 994 domestic branches; 6 foreign branches in Cyprus, Luxembourg and Malta; 3 international representative offices in London, Dusseldorf and Shanghai with more than 4,152 ATMs, a Call Center and internet.
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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