Pekao S.A.: Yield-led story supported by fees and business momentum

Research evidence excerpt

Pekao S.A.: Yield-led story supported by fees and business momentum

EEMEA - Financials Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

OUTsurance RMRHF OUT SJ Harry Botha

Pekao S.A. BKPKF PEO PW David Taranto

PKO BP PSZKF PKO PW David Taranto

Qatar National Bank XQTNF QNBK QD Olga Veselova

Sanlam SLMAF SLM SJ Harry Botha

Saudi National Bank XBYNF SNB AB Olga Veselova

Yapi Kredi Bank YVKBF YKBNK TI David Taranto

NEUTRAL

Abu Dhabi Commercial Bank XBUDF ADCB UH Olga Veselova

Bank Albilad XBPQF ALBI AB Olga Veselova

Banque Saudi Fransi XRDCF BSF AB Olga Veselova

Dubai Islamic Bank XUIBF DIB UH Olga Veselova

First Abu Dhabi Bank XNBUF FAB UH Olga Veselova

Ninety One Ltd XLPTF NY1 SJ Harry Botha

Ninety One PLC NINTF N91 LN Harry Botha

Ninety One PLC XXWJF N91 SJ Harry Botha

Riyad Bank XRYDF RIBL AB Olga Veselova

Santam XSLNF SNT SJ Harry Botha

Saudi Awwal Bank XBUAF SABB AB Olga Veselova

Saudi Tadawul Group XTAWF TADAWULG AB Rahul Rajan, CFA

Standard Bank SBGOF SBK SJ Harry Botha

UNDERPERFORM

Absa Group Ltd AGRPF ABG SJ Harry Botha

Halkbank THBIF HALKB TI David Taranto

Komercni Banka KMERF KOMB CP David Taranto

Kuwait Finance House XKFHF KFH KK Rahul Rajan, CFA

National Bank of Kuwait XPOBF NBK KK Rahul Rajan, CFA

Nedbank Group Ltd NDBKF NED SJ Harry Botha

Old Mutual Limited ODMUF OMU SJ Harry Botha

Old Mutual Limited XOMLF OMU LN Harry Botha

OTP Bank OTPBF OTP HB David Taranto

Raiffeisen Bank International RAIFF RBI AV David Taranto

Vakif Bank TKYVF VAKBN TI David Taranto

iQmethod SM Measures Definitions

Business Performance Numerator Denominator

Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill

Amortization