reports
- Szabolcs Pal
Unsurprising Q4 results and stable outlook but nothing special
We have cut down our recommendation to Neutral from the previous BUY because we believe the stock is fairly priced and the current 9.1x P/E is well above its market peers. We roll over and raise our 2025-YE ex-div target price to EUR 64.2 from EUR 61.1, implying a 3.6% TR upside potential including a DPS of EUR 3 over the TP period.
- Hai Thanh Le Phuong
Solid results despite higher cost of risk
Erste reported a net income figure of EUR 820 mln, beating market estimate of EUR 757 mln and even our top forecast of EUR 807 mln. Better than exp. results came from the higher operating results while risk provisioning was higher than forecasted (in line though with our estimates). NII was still growing 20% y-o-y and 4% q-o-q. In the previous quarter, there was a negative one-off in HU to the tune of EUR 40 mln, adjusting for that the increase was 1.6% on a quarterly comparison. NIM also imp...
- Hai Thanh Le Phuong
Erste - Basically In Line Results, Trends Remain Robust
Erste - Instant Earnings Comment Recommendation: Accumulate (unch.) Target price (12M): EUR 37.3 (unch.) Erste reported EUR 491 mln profit in the third quarter, up 8.2% y-o-y and up 38.4% q-o-q (quarterly there was a negative one-off in Romania thus Q3 was actually lower on less net trading income and provision write-backs). This figure is slightly above consensus estimate of EUR 480 mln (+2.3%) and mainly in line with our EUR 494 mln estimate. On the positive side, NII and Net F&C impr...
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