Recent developments
BACB continues to perform better and better. The Q3 financial reports showed interest income rose 40% y-o-y, while net profit margin increased further to 62% of interest income. At this pace we expect net profit for 2007 to exceed BGN 49 million. Increasing competition including in the niche market that the bank is operating suggests a gradual decline in the profitability and the growth rates in the coming years. Taking this into account our DCF model shows that the bank is slightly overvalued at BGN 77.49 with a 12-month target price of BGN 83.40.
| BACB AD | |
| Banking | |
| share data | |
| Bloomberg | BACB BU |
| BSE ticker | BACB |
| Last price (BGN) | 77.49 |
| 12-month low / high (BGN) | 67.32 / 84.60 |
| Shares outstanding ('000) | 12 625 |
| market Cap (BGN '000) | 978 290 |
| market Cap (EUR '000) | 500 192 |
| Free float (%) | 26.78% |
| 12 m Recommendation | |
| 13-Dec-07 | HOLD |
| Target price | 83.4 |
| Updated from | |
| 16-May-07 | HOLD |
| Target price | 75.5 |
| Current P/B | 6.9 x |
BACB AD 3-month price/volume graph (graph)
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http://reports.aiidatapro.com/BBB/TBI_Invest/TBI_BACB_13.12.2007.pdf
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Copyright: 2007 TBI Invest. All rights reserved. For further Information please contact TBI Invest, 7 Sveta Sofia Str., 6th floor, 1000 Sofia, Phone: +359 2 935 06 22, fax: +359 2 935 06 17, e-mail: office@tbi-invest.bg, web site: www.tbi-invest.bg
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TBI BACB 13.12.2007.pdf, 71 Kb
