reports
- Jerzy Kosinski
4Q16 – small beat on lower provision charges; key revenue lines unin...
Pekao has posted net profit of PLN 495m for 4Q16 (-5% qoq, +13% yoy), 2% above our expectations and 3% above the market consensus. The beat vs. our forecasts came from: i) lower provision charges than we had expected (-21% qoq, -12% yoy); ii) a higher F&C result (+2% qoq, -1% yoy); and iii) slightly higher NII (flat qoq, +5% yoy). Overall, we read the results as neutral. We appreciate the lower provision charges, but the core revenues are uninspiring, especially when we look at the results repor...
- Jerzy Kosinski
Pekao: state-controlled again
PZU Group and the Polish Development Fund (PFR) have agreed to acquire 32.8% of Bank Pekao S.A. (PEO) from UniCredit Group (PZU Group is to acquire 20% and PFR 12.8%). The total consideration for the 32.8% stake is PLN 10.6bn, or PLN 123/share (a 2% premium to yesterday's market close), which looks fair, in our view. The transaction price implies 2016-17E P/Es of 15-15.5x and a P/B of 1.4x, on our estimates. The completion of the transaction is subject to the relevant regulatory approvals, and t...
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