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
[email protected]
[email protected]
[email protected]
+90 212 319 1301
+90 212 319 1319
+90 212 319 1318
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