ATX am Vormittag 16 Punkte unter Jahreslow

Der ATX war gegen 10 Uhr bei ca. 2215 Punkten zu finden, 16 Punkte unter dem Jahreslow.

Wiener Börse Preis 2014
>> Bildauswahl durch die BSNgine, zum Originalzusammenhang

Erste reduziert RBI-Ziel auf 26 Euro

Erste Research zu RBI: 

"Provisioning UA risk. With the uncertainties in the CIS region going on we might not see RBI to catch up to the 1x tangible book value multiples (EUR 29.1) in the coming quarters (not to speak about 1x book). The RBI share currently trades at 0.6x BV14e compared to the average of banks CEE other of 0.9x. We do not regard the 33% discount to its CEE peers as justified but we also recognize that the profitability level of RBI (4.4% ROE15e) is lagging behind the CEE peers’ average of 8.6%. With RBI’s strong exposure to the CIS region we expect share price reactions on political news to prolong. However, with 60% of Ukrainian gross loans provisioned by year-end 2015 we see limited economic risk. We have reduced our target price to EUR 26 from EUR 31 and maintained our Buy recommendation.

- Outlook. Taking the new company guidance into account, we have put significantly higher provisions for the Ukraine and Russia as well as extra costs for Hungary and deferred tax write-downs in Austria into our forecast model. The net loss for 2014 is expected to amount to EUR -149mn (reported) and EUR -258mn including the remaining EUR 109mn expected coupon payments for 2014. We expect RBI not to pay a dividend for FY14. In 2015 a net profit of EUR 407mn should be achievable if the crisis in the Ukraine and Russia not further escalates."

Raiffeisen, Bande
>> Bildauswahl durch die BSNgine, zum Originalzusammenhang

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