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AGR 81.63 ( -1.63%) + AMAG 25.10 ( 2.87%) + AMS 106.87 ( 1.10%) + ANDR 45.59 ( 2.38%) + ATEC 0.00 ( 0.00%) + ATRS 4.07 ( -0.73%) + ATS 8.17 ( -0.54%) + ATX 2522.10 ( 0.16%) + AW2 0.00 ( 0.00%) + BAH 39.80 ( 0.00%) + BDI 0.00 ( 0.00%) + BENE 0.57 ( 6.17%) + BEO 2.73 ( 0.00%) + BETB 0.00 ( 0.00%) + BFC 1.72 ( 0.00%) + BIND 22.35 ( 0.00%) + BWIN 1.52 ( -0.46%) + BWT 15.89 ( 0.44%) + C2 26.50 ( 0.00%) + CAI 13.80 ( 0.55%) + CAT 15.73 ( 1.32%) + CNTY 4.40 ( -2.22%) + COV 0.00 ( 0.00%) + CWI 10.43 ( -0.76%) + DOC 40.04 ( 0.15%) + EBS 24.99 ( -0.04%) + ECO 5.06 ( 0.00%) + EVN 10.06 ( 0.69%) + FAA 8.40 ( 0.29%) + FKA 9.25 ( 0.00%) + FLU 71.00 ( 0.27%) + GROA 2.85 ( 1.10%) + HEAD 1.52 ( 4.90%) + HIS 6.00 ( 0.00%) + HTI 1.25 ( 0.00%) + IIA 3.31 ( 0.33%) + KTCG 38.15 ( -1.43%) + KTM 81.01 ( -2.55%) + LNZ 44.84 ( 2.84%) + MAI 0.06 ( 0.00%) + MIP 0.13 ( 0.00%) + MMK 89.85 ( -0.72%) + OMV 32.53 ( 0.79%) + PAL 29.00 ( 2.47%) + PARS 27.00 ( 0.00%) + POS 49.60 ( -0.76%) + POST 37.02 ( 0.05%) + PYT 7.55 ( 1.32%) + QINO 1.05 ( 0.00%) + RAP 0.01 ( 0.00%) + RBI 23.79 ( -0.52%) + RBT 0.00 ( 0.00%) + RHI 24.95 ( 1.22%) + ROS 68.00 ( -0.18%) + SAC 1.79 ( 4.56%) + SBO 85.96 ( -1.40%) + SEM 41.07 ( 0.42%) + SNT 0.00 ( 0.00%) + SNU 0.00 ( 0.00%) + SPI 5.50 ( 0.55%) + STR 20.39 ( 0.87%) + SWUT 6.95 ( 0.00%) + TAN 0.27 ( 0.00%) + TEAK 2.30 ( 0.00%) + TKA 6.65 ( -3.19%) + UIV 21.00 ( -4.52%) + UP2 3.17 ( 0.86%) + UQA 9.50 ( -0.69%) + VER 14.17 ( -0.14%) + VIG 36.61 ( -1.01%) + VLA 6.10 ( -1.61%) + VOE 32.47 ( 0.95%) + WIE 13.65 ( 0.22%) + WOL 18.15 ( -0.82%) + WWE 0.08 ( 0.00%) + WXF 1.54 ( -0.39%) + ZAG 15.54 ( -1.18%) +


 

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Erste Group cut to Hold at RCB   Facebook



03.12.2012
 

Given the improved outlook, the reduced “systemic risk” based on central bank action (affecting our short-term COE calculation) and the end of the share overhang of the Erste Foundation, which placed 14 mn Erste shares at the beginning of October, RCB increased the target price for Erste Group to 24.0 euros but changed the recommendation from Buy to Hold after the stock has rallied more than 50% in 2H.

"Erste was able to pass EBA capitalization criteria (EBA CT 1 of 9.9% as of 9/2012) with a 10% margin and we assume that Erste should be able to generate enough capital to repay its participation capital still achieving Basel3 targets including the Austrian Finish. Therefore it is fair that the market has priced out further dilution via a capital increase in order to service participation capital. We therefore see further rerating potential in the share price in sync with Erste’s capital generation power and expect the tangible BPS to expand from EUR 21.8 to EUR 24.2 by the end of 2013e. However, crossing a price/tangible book ratio of 1.0 would mean that ROTE should exceed Erste’s costs of equity, which we do not expect before 2014 (adj. ROTE 2013e: 8.8%, 2014e: 10.5%)", analyst Stefan Maxian wrote in a note to investors.

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