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Recent developments
Corporate Commercial Bank has demonstrated a superb performance so far, sucessfully restructuring its portfolio towards an increase of the share of loans in its total assets. The bank's net interest income for Q3 more than doubled y-o-y and the net profit increased more than 4 times due to lower interest expenses and the inflow of equity capital. Net profit margin significantly impoved to 33%. Assuming growth untill the end of 2007 will continue to be fueled by loan demand and the bank's focus on the profitable business clients sector we expect net profit for 2007 to top BGN 25 mln. However, our future growth perspectives are negatively influenced by the more strict reserves reqiremets imposed by BNB. Our DCF mo-del estimates the stock's fair value at BGN 115.60 and 12-month target price at BGN 136.20.
Banking
| share data | |
| Bloomberg | CORP BU |
| BSE ticker | CORP |
| Last price (BGN) | 93.40 |
| 12-month low / high (BGN) | 84.51 / 110.00 |
| Shares outstanding ('000) | 6 000 |
| market Cap (BGN '000) | 560 400 |
| market Cap (EUR '000) | 286 528 |
| Free float (%) | 18.37% |
| 12 m Recommendation | |
| 13-Dec-2007 | BUY |
| Target price | 136.20 |
| Current P/E | 26.9 x |
| Current P/B | 3.7 x |
Corporate Commercial Bank AD 3-month price/volume (graph)
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http://reports.aiidatapro.com/BBB/TBI_Invest/TBI_Corporate_Commercial_Bank_14.12.2007.pdf
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TBI Corporate Commercial Bank 14.12.2007.pdf, 80 Kb
