ANALYST REPORT August 05, 2016


Valuation: We update our view on BRD RO with a NEUTRAL recommendation and a target price of RON 11.14 per share revealing an upside potential of 14% against last close. We raised our FY’16 net profit estimate from RON 241m previously to RON 670m to count in for the postponement of AQR with extra provisioning of RON 225m (EUR50m) moved forward in 2017, for the Visa deal gain of RON 103m and for foreclosure impact below initial expectations.