Reported Earnings • May 02
First quarter 2026 earnings released: EPS: €2.15 (vs €1.80 in 1Q 2025) First quarter 2026 results: EPS: €2.15 (up from €1.80 in 1Q 2025). Revenue: €3.50b (up 29% from 1Q 2025). Net income: €878.5m (up 28% from 1Q 2025). Profit margin: 25% (in line with 1Q 2025). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 20
Now 21% undervalued Over the last 90 days, the stock has risen 1.3% to RON538. The fair value is estimated to be RON679, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period. Upcoming Dividend • Apr 15
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 22 April 2026. Payment date: 24 April 2026. Payout ratio is a comfortable 9.1% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Romanian dividend payers (6.5%). Lower than average of industry peers (4.6%). Tillkännagivande • Feb 27
Erste Group Bank AG announces Annual dividend, payable on April 24, 2026 Erste Group Bank AG announced Annual dividend of EUR 0.7500 per share payable on April 24, 2026, ex-date on April 22, 2026 and record date on April 23, 2026. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: €9.04 (vs €7.20 in FY 2024) Full year 2025 results: EPS: €9.04 (up from €7.20 in FY 2024). Revenue: €11.2b (up 3.6% from FY 2024). Net income: €3.51b (up 17% from FY 2024). Profit margin: 31% (up from 28% in FY 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock has risen 11% to RON526. The fair value is estimated to be RON667, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Tillkännagivande • Dec 09
Erste Group Bank AG, Annual General Meeting, Apr 17, 2026 Erste Group Bank AG, Annual General Meeting, Apr 17, 2026. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: €2.20 (vs €2.14 in 3Q 2024) Third quarter 2025 results: EPS: €2.20 (up from €2.14 in 3Q 2024). Revenue: €2.78b (up 2.7% from 3Q 2024). Net income: €901.0m (up 1.7% from 3Q 2024). Profit margin: 32% (in line with 3Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Oct 03
Erste Group Bank AG (WBAG:EBS) agreed to acquire an additional 5.40% stake in ERSTE d.o.o. - drustvo za upravljanje obveznim i dobrovoljnim mirovinskim fondovima from Zavarovalnica Triglav, d.d. (LJSE:ZVTG). Erste Group Bank AG (WBAG:EBS) agreed to acquire an additional 5.40% stake in ERSTE d.o.o. - drustvo za upravljanje obveznim i dobrovoljnim mirovinskim fondovima from Zavarovalnica Triglav, d.d. (LJSE:ZVTG) on October 1, 2025. The deal will lift Erste Group Bank AG's direct and indirect holding in ERSTE d.o.o. to 50.6%, making it the majority shareholder through its Erste&Steiermaerkische Bank and Steiermaerkische Bank und Sparkassen AG. ERSTE d.o.o. has more than 550,000 members.
The deal is subject to regulatory approvals. Buy Or Sell Opportunity • Aug 27
Now 20% undervalued Over the last 90 days, the stock has risen 15% to RON412. The fair value is estimated to be RON516, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Aug 03
Second quarter 2025 earnings released: EPS: €2.25 (vs €1.98 in 2Q 2024) Second quarter 2025 results: EPS: €2.25 (up from €1.98 in 2Q 2024). Revenue: €2.77b (up 2.6% from 2Q 2024). Net income: €921.0m (up 8.9% from 2Q 2024). Profit margin: 33% (up from 31% in 2Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 22
Now 20% undervalued Over the last 90 days, the stock has risen 20% to RON381. The fair value is estimated to be RON479, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 9.4% per annum. Earnings are also forecast to grow by 8.1% per annum over the same time period. Upcoming Dividend • May 19
Upcoming dividend of €3.00 per share Eligible shareholders must have bought the stock before 26 May 2025. Payment date: 28 May 2025. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Romanian dividend payers (6.9%). Lower than average of industry peers (5.4%). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RON347, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Banks industry in Europe. Total returns to shareholders of 203% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RON418 per share. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: €1.82 (vs €1.75 in 1Q 2024) First quarter 2025 results: EPS: €1.82 (up from €1.75 in 1Q 2024). Revenue: €2.72b (flat on 1Q 2024). Net income: €743.0m (up 3.3% from 1Q 2024). Profit margin: 27% (in line with 1Q 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Apr 28
Erste Group Weighs Buying 49% of Santander’s Polish Unit Erste Group Bank AG (WBAG:EBS) is exploring buying a major stake in Banco Santander, S.A. (BME:SAN)’s Polish unit, seizing an opportunity to expand in one of Europe’s fastest-growing markets. Austria’s largest lender is in talks with the Spanish bank about acquiring 49% of Santander Bank Polska S.A. (WSE:SPL), Erste said in a statement April 28, 2025 that confirmed an earlier Bloomberg News report. The stake is valued at around €7.3 billion ($8 billion) based on the most recent stock price. It’s not clear if the talks will lead to an agreement, Erste said. A spokesperson for Santander didn’t respond to an earlier request for comment. Under the proposed terms, Erste would effectively gain control of the Polish lender as its largest single shareholder despite not having a majority holding, people familiar with the matter said. By buying less than 50%, Erste will avoid triggering a mandatory tender for the remaining shares in the bank. A deal between Vienna-based Erste and Spain’s biggest bank would be one of the largest banking transactions in Europe in recent years. Bloomberg reported in early April that Banco Santander was exploring a sale of its 62% stake in its Polish unit to refocus on other markets. The deal would deliver on Erste Group Chief Executive Officer Peter Bosek’s ambitions to expand into Poland, made after his return to Vienna last year from Luminor Group. Any transaction would require regulatory approval from the European Central Bank and the national banking authorities. That would likely be granted given that it is an deal within the European Union and wouldn’t create a dominant market position or any other distortions, some of the people said. New Risk • Apr 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Romanian stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Apr 04
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.0% to RON284. The fair value is estimated to be RON384, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings are also forecast to grow by 1.2% per annum over the same time period. Declared Dividend • Mar 24
Dividend of €3.00 announced Shareholders will receive a dividend of €3.00. Ex-date: 26th May 2025 Payment date: 28th May 2025 Dividend yield will be 0.9%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (42% payout ratio) and is expected to be well covered in 3 years' time (46% forecast payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Mar 23
Erste Group Bank AG announces Annual dividend, payable on May 28, 2025 Erste Group Bank AG announced Annual dividend of EUR 3.0000 per share payable on May 28, 2025, ex-date on May 26, 2025 and record date on May 27, 2025. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: €7.75 (vs €6.81 in FY 2023) Full year 2024 results: EPS: €7.75 (up from €6.81 in FY 2023). Revenue: €10.8b (up 4.8% from FY 2023). Net income: €3.13b (up 7.8% from FY 2023). Profit margin: 29% (in line with FY 2023). Net interest margin (NIM): 2.46% (down from 2.50% in FY 2023). Cost-to-income ratio: 47.2% (down from 47.6% in FY 2023). Non-performing loans: 2.81% (up from 2.29% in FY 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Feb 13
The Chiba Bank, Ltd. (TSE:8331), Erste Group Bank AG (WBAG:EBS), Bank of Taiwan and Mega International Commercial Bank Co., Ltd. agreed to acquire Performing loan asset of CTBC Bank Co.,Ltd. for $60 million. The Chiba Bank, Ltd. (TSE:8331), Erste Group Bank AG (WBAG:EBS), Bank of Taiwan and Mega International Commercial Bank Co., Ltd. agreed to acquire Performing loan asset of CTBC Bank Co.,Ltd. for $60 million on February 12, 2025. A cash consideration of $60 million will be paid by The Chiba Bank, Ltd., Erste Group Bank AG, Bank Taiwan and Mega International Commercial Bank Co., Ltd. As part of consideration, $60 million is paid towards assets of Performing loan asset of CTBC Bank Co.,Ltd. Buy Or Sell Opportunity • Feb 03
Now 20% undervalued Over the last 90 days, the stock has risen 9.7% to RON289. The fair value is estimated to be RON363, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 2.1% per annum. Earnings are forecast to decline by 1.8% per annum over the same time period. Tillkännagivande • Dec 02
Erste Group Bank AG, Annual General Meeting, May 21, 2025 Erste Group Bank AG, Annual General Meeting, May 21, 2025. Reported Earnings • Nov 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €2.71b (up 6.9% from 3Q 2023). Net income: €886.0m (up 8.1% from 3Q 2023). Profit margin: 33% (in line with 3Q 2023). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe. Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: €1.98 (vs €1.98 in 2Q 2023) Second quarter 2024 results: EPS: €1.98 (up from €1.98 in 2Q 2023). Revenue: €2.70b (up 1.6% from 2Q 2023). Net income: €846.0m (up 1.0% from 2Q 2023). Profit margin: 31% (in line with 2Q 2023). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jun 15
Now 20% undervalued Over the last 90 days, the stock has risen 8.9% to RON210. The fair value is estimated to be RON262, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings are forecast to decline by 6.5% per annum over the same time period. Upcoming Dividend • May 20
Upcoming dividend of €2.70 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 5.7%. Lower than top quartile of Romanian dividend payers (6.8%). In line with average of industry peers (6.3%). Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: €1.87 (vs €1.39 in 1Q 2023) First quarter 2024 results: EPS: €1.87 (up from €1.39 in 1Q 2023). Revenue: €2.69b (up 6.8% from 1Q 2023). Net income: €783.3m (up 32% from 1Q 2023). Profit margin: 29% (up from 24% in 1Q 2023). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: €7.43 (vs €4.83 in FY 2022) Full year 2023 results: EPS: €7.43 (up from €4.83 in FY 2022). Revenue: €10.4b (up 26% from FY 2022). Net income: €3.00b (up 45% from FY 2022). Profit margin: 29% (up from 25% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Mar 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.9% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Reported Earnings • Oct 30
Third quarter 2023 earnings released: EPS: €1.92 (vs €1.19 in 3Q 2022) Third quarter 2023 results: EPS: €1.92 (up from €1.19 in 3Q 2022). Revenue: €2.54b (up 31% from 3Q 2022). Net income: €819.7m (up 61% from 3Q 2022). Profit margin: 32% (up from 26% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Oct 14
Erste Group Bank AG to Report Fiscal Year 2023 Results on Feb 29, 2024 Erste Group Bank AG announced that they will report fiscal year 2023 results on Feb 29, 2024 Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: €2.09 (vs €1.49 in 2Q 2022) Second quarter 2023 results: EPS: €2.09 (up from €1.49 in 2Q 2022). Revenue: €2.67b (up 23% from 2Q 2022). Net income: €896.3m (up 41% from 2Q 2022). Profit margin: 34% (up from 29% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. New Risk • Jul 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Jul 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Tillkännagivande • Jun 28
Erste Group Bank AG Appoints Ulrike Gehmacher as Head of Sustainability Effective July 1, 2023 Erste Group Bank AG announced the appointment of Ulrike Gehmacher as its new head of sustainability. The appointment is effective from July 1. In the position, Gehmacher is to lead the firm's environmental, social and governance office. She is joining the firm from Immofinanz, an Austrian real estate company. Tillkännagivande • May 13
Erste Group Bank AG Approves Election of Mag. Christiane Tusek to the Supervisory Board Erste Group Bank AG at its AGM held on May 2, 2023, approved Election of Mag. Christiane Tusek to the Supervisory Board. Upcoming Dividend • May 09
Upcoming dividend of €1.90 per share at 5.7% yield Eligible shareholders must have bought the stock before 16 May 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 5.7%. Lower than top quartile of Romanian dividend payers (8.0%). In line with average of industry peers (6.0%). Reported Earnings • May 05
First quarter 2023 earnings released: EPS: €1.39 (vs €1.05 in 1Q 2022) First quarter 2023 results: EPS: €1.39 (up from €1.05 in 1Q 2022). Revenue: €2.52b (up 27% from 1Q 2022). Net income: €593.6m (up 32% from 1Q 2022). Profit margin: 24% (in line with 1Q 2022). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to RON152, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 113% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RON303 per share. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: €5.32 (vs €4.17 in FY 2021) Full year 2022 results: EPS: €5.32 (up from €4.17 in FY 2021). Revenue: €8.27b (up 9.1% from FY 2021). Net income: €2.16b (up 22% from FY 2021). Profit margin: 26% (up from 23% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 16% share price gain to RON140, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Banks industry in Europe. Total loss to shareholders of 4.1% over the past three years. Reported Earnings • Aug 03
Second quarter 2022 earnings released: EPS: €1.62 (vs €1.15 in 2Q 2021) Second quarter 2022 results: EPS: €1.62 (up from €1.15 in 2Q 2021). Revenue: €2.20b (up 15% from 2Q 2021). Net income: €688.2m (up 22% from 2Q 2021). Profit margin: 31% (up from 29% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 6.7%, compared to a 21% growth forecast for the industry in Romania. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 16
Upcoming dividend of €1.60 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 5.7%. Lower than top quartile of Romanian dividend payers (6.5%). Lower than average of industry peers (6.6%). Reported Earnings • May 01
First quarter 2022 earnings released: EPS: €1.05 (vs €0.78 in 1Q 2021) First quarter 2022 results: EPS: €1.05 (up from €0.78 in 1Q 2021). Revenue: €1.98b (up 10% from 1Q 2021). Net income: €448.8m (up 59% from 1Q 2021). Profit margin: 23% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.5%, compared to a 9.0% growth forecast for the industry in Romania. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 23% share price gain to RON151, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Banks industry in Europe. Total returns to shareholders of 3.2% over the past three years. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €4.74 (up from €1.57 in FY 2020). Revenue: €7.58b (up 29% from FY 2020). Net income: €1.92b (up 188% from FY 2020). Profit margin: 25% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.9%, compared to a 9.3% growth forecast for the banks industry in Romania. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 20% share price decline to RON162, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Banks industry in Europe. Total returns to shareholders of 12% over the past three years. Upcoming Dividend • Nov 23
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 30 November 2021. Payment date: 02 December 2021. Trailing yield: 1.3%. Lower than top quartile of Romanian dividend payers (5.5%). Lower than average of industry peers (3.0%). Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS €1.25 (vs €0.81 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €1.98b (up 22% from 3Q 2020). Net income: €533.4m (up 55% from 3Q 2020). Profit margin: 27% (up from 21% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS €1.32 (vs €0.14 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €1.91b (up 60% from 2Q 2020). Net income: €562.9m (up €504.4m from 2Q 2020). Profit margin: 29% (up from 4.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 18
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 27 May 2021. Trailing yield: 1.5%. Lower than top quartile of Romanian dividend payers (5.4%). Lower than average of industry peers (2.7%). Reported Earnings • May 03
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €1.79b (up 12% from 1Q 2020). Net income: €355.1m (up 93% from 1Q 2020). Profit margin: 20% (up from 12% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS €1.93 (vs €3.23 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €5.86b (down 19% from FY 2019). Net income: €783.1m (down 43% from FY 2019). Profit margin: 13% (down from 19% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 12% per year. Is New 90 Day High Low • Feb 24
New 90-day high: RON133 The company is up 11% from its price of RON120 on 26 November 2020. The Romanian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is RON140 per share. Is New 90 Day High Low • Feb 05
New 90-day high: RON131 The company is up 48% from its price of RON88.58 on 06 November 2020. The Romanian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is RON138 per share. Is New 90 Day High Low • Jan 06
New 90-day high: RON125 The company is up 38% from its price of RON90.30 on 08 October 2020. The Romanian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is RON125 per share. Is New 90 Day High Low • Dec 04
New 90-day high: RON122 The company is up 24% from its price of RON98.04 on 04 September 2020. The Romanian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is RON85.75 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 17% share price gain to €104, the stock is trading at a trailing P/E ratio of 11.8x, up from the previous P/E ratio of 10.1x. This compares to an average P/E of 10x in the Banks industry in Europe. Total return to shareholders over the past three years is a loss of 34%. Is New 90 Day High Low • Nov 11
New 90-day high: RON104 The company is up 3.0% from its price of RON101 on 13 August 2020. The Romanian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is RON89.39 per share. Analyst Estimate Surprise Post Earnings • Nov 04
Revenue beats expectations Revenue exceeded analyst estimates by 3.2%. Over the next year, revenue is forecast to grow 14%, compared to a 18% growth forecast for the Banks industry in Romania. Is New 90 Day High Low • Oct 14
New 90-day low: RON85.20 The company is down 22% from its price of RON110 on 16 July 2020. The Romanian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is RON91.01 per share. Is New 90 Day High Low • Sep 25
New 90-day low: RON88.44 The company is down 12% from its price of RON101 on 26 June 2020. The Romanian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is RON93.09 per share. 
