BanksIntlComp 20061208
Transkript
BanksIntlComp 20061208
08/12/2006 Turkey - Bank Multiples Banks Multiples (Turkish Banks vs International Peers) As of 07.12.2006 2005 P/E ROAE (%) ROE/P/BV P/BV 2007E P/E ROAE (%) ROE/P/BV Price P/BV AKBNK.IS GARAN.IS ISCTR.IS YKBNK.IS VAKBN.IS TEBNK.IS FINBN.IS FORTS.IS DENIZ.IS ASYAB.IS 8.65 5.12 6.85 2.62 6.80 17.30 5.70 4.68 15.10 4.98 2.8 2.6 2.2 4.6 1.2 2.7 4.2 1.6 4.1 4.8 3.1 2.8 12.4 14.3 11.8 n.m. 15.6 15.8 14.2 21.0 19.8 16.4 15.7 15.3 22.9% 20.1% 22.8% n.m. 17.1% 18.2% 34.2% 11.0% 23.1% 39.0% 23.2% 21.6% 8.1 7.8 10.6 n.m. 13.8 6.9 8.1 6.9 5.6 8.1 7.5 7.7 2.9 2.5 2.4 u.r. 1.8 2.7 3.6 1.7 3.5 3.7 2.8 2.5 12.3 10.0 9.4 u.r. 9.6 14.3 11.8 15.4 17.4 12.4 12.5 11.9 26.8% 24.8% 25.0% u.r. 20.5% 18.5% 32.9% 10.7% 22.7% 34.0% 24.0% 22.9% 9.1 10.0 10.6 u.r. 11.4 7.0 9.1 6.2 6.4 9.1 8.7 9.1 2.1 2.2 1.9 u.r. 1.5 2.2 2.7 1.6 3.1 2.9 2.2 2.0 10.2 8.3 8.3 u.r. 8.4 11.6 10.3 14.5 15.6 9.7 10.8 10.1 29.0% 27.8% 26.0% u.r. 20.0% 20.8% 31.5% 11.3% 22.4% 34.0% 24.8% 24.1% 13.7 12.8 13.6 u.r. 13.5 9.4 11.6 7.2 7.2 11.9 11.1 11.8 Israel Bank Hapoalim Bank Leumi Average POLI IT LUMI IT 2,074 1,686 1.6 1.5 1.5 10.8 10.8 10.8 15.6% 13.8% 14.7% 9.9 9.3 9.6 1.5 1.3 1.4 9.4 9.6 9.5 20.5% 23.8% 22.1% 14.0 17.7 15.8 1.3 1.3 1.3 8.9 10.7 9.8 15.9% 14.0% 14.9% 11.9 11.0 11.5 Poland Pekao BPH PBK BZ WBK Average PEO PW BPH PW BZW PW 232.0 960.0 228.7 4.6 4.4 4.9 4.6 25.8 29.5 31.2 28.8 18.4% 15.6% 16.6% 16.9% 4.0 3.6 3.4 3.6 4.4 4.1 4.7 4.4 22.4 22.0 23.2 22.5 19.9% 19.4% 20.4% 19.9% 4.6 4.8 4.3 4.6 4.1 3.8 4.3 4.1 19.9 19.3 20.2 19.8 21.7% 20.2% 21.4% 21.1% 5.3 5.4 4.9 5.2 Romania Banca Transilvania TLV RO 1.01 6.0 38.8 26.7% 4.5 6.1 28.9 25.1% 4.1 4.3 21.5 24.1% 5.6 Czech Republic Komercni Banka KOMB CP 3,190 2.4 13.5 19.9% 8.2 2.4 13.3 17.7% 7.4 2.1 12.1 18.7% 8.7 Hungary OTP Bank OTP HB 7,960 3.9 13.7 32.2% 8.3 3.1 11.5 29.6% 9.6 2.6 10.2 27.3% 10.7 Brazil Bradesco Itaubanco Average BBDC4 BZ ITAU4 BZ 82.00 74.00 4.2 5.1 4.7 14.4 15.9 15.2 32.5% 31.0% 31.7% 7.7 6.1 6.9 3.3 4.0 3.7 13.4 16.4 14.9 29.9% 31.0% 30.5% 9.0 7.7 8.4 2.9 3.3 3.1 10.6 11.9 11.2 29.2% 31.2% 30.2% 10.1 9.4 9.7 South Africa Standard Bank Group Ltd. Nedcor Ltd. ABSA Group Ltd. FIRSTRAND Ltd. Average SBK SJ NED SJ ASA SJ FSR SJ 8,695 12,200 11,304 1,970 3.1 2.3 3.2 3.8 3.1 13.0 16.0 14.3 14.4 14.4 23.2% 15.5% 25.7% 29.0% 23.4% 7.5 6.8 8.1 7.6 7.5 2.6 2.0 2.5 2.7 2.5 11.4 11.4 10.7 11.1 11.2 26.1% 18.6% 26.6% 26.9% 24.5% 9.9 9.1 10.7 9.9 9.9 2.2 1.9 2.1 2.3 2.1 9.9 9.6 9.4 9.6 9.6 25.4% 20.3% 25.6% 26.5% 24.4% 11.3 10.9 12.2 11.3 11.4 Turkish Banks Akbank Garanti Bank Isbank* Yapı Kredi Vakifbank TEB Finansbank** Fortis Bank Denizbank** Bank Asya Average Avg (excl. Deniz&Finans) P/BV 2006E P/E ROAE (%) ROE/P/BV Ticker *Bank-only ** Cons. Source: Bloomberg & Oyak Securities Forecasts OYAK Yatirim Menkul Degerler A.S. Akatlar Ebulula Cad. F-2 C Blok K:3 Levent 34335 Istanbul Turkey http://www.oyakyatirim.com.tr Sales & Trading: +90 212 319 1654 Yurdal YALMAN Ebru BAYAR GOKTAN Tamer Sengun Assistant General Manager Institutional Sales Banking Analyst yurdal.yalman@oyakmenkul.com.tr ebru.bayar@oyakmenkul.com.tr tamer.sengun@oyakmenkul.com.tr +90 212 319 1301 +90 212 319 1319 +90 212 319 1318 This document has been produced by OYAK Yatirim Menkul Degerler A.S. ("OYAK Securities") solely for information purposes and constitutes no offer or solicitation of an offer to buy or sell any securities. OYAK Securities obtains information from sources considered to be reliable, but does not guarantee its accuracy or completeness. Under any circumstance, OYAK Securities or others associated with it cannot be held liable for any damages resulting from inaccuracies/deficiencies and commercial use of this information. All opinions and estimates constitute those of OYAK Securities’ Research Department as of the date of the report and hence do not represent the opinions or estimates of any other OYAK Group companies. The information and opinions are subject to change without notice. OYAK Securities and others associated with it may hold positions and effect transactions in securities of entities mentioned in the document. In addition, investors should assume that OYAK Securities and others associated with it might have, might be seeking or will seek investment banking or other business relationships with the companies in this report.
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