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We see Romania as one of the most attractive destinations for investors in the emerging markets universe: 1) we expect the economy to enjoy high GDP growth (+4.5% in 2017E and +4.0% in 2018E), coupled with relatively low price growth (CPI at +1.0% in 2017E and 2.0% yoy in 2018E); 2) Romania’s stock market offers one of the highest dividend yields in both nominal and real terms; 3) Romania’s stocks still trade at their 1Y FWD P/E, at a c.30% discount to the MSCI EM index and a c.5% discount t...