18.07.2013, 923 Zeichen

SIE ist Eleni Papoula von Berenberg: "Raiffeisen Bank International AG (Banking – Sell; PT EUR12.00 (from EUR22.00)) – Capital increase not priced in: We lower our price target from EUR22.00 to EUR12.00 to factor in an imminent equity issue at a material discount. The equity raise by Erste in July and regulatory pressure will force Raiffeisen also to raise EUR1.7bn-2.0bn of equity (43-50% of market cap) by 2014 to partly fund the repayment of EUR2.5bn of state aid. Retained earnings are not sufficient to fund the repayment, as loan losses will stay at current high levels and net interest income will remain weak, given exposure to the high-risk central eastern European markets and significant funding risk. Our new price target factors in a capital shortfall of EUR2.0bn or EUR10.00 per share. We would continue selling Raiffeisen, or propose a long Erste, short Raiffeisen pair trade given the capital overhang"

Christian Drastil: Wiener Börse Plausch

ABC Audio Business Chart #105: Large Caps oder Small Caps: Wer hat höhere Margen? (Josef Obergantschnig)

Bildnachweis

1. (c) Berenberg

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