Raiffeisen Bank Intl (RBIV.VI) Model Update

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Raiffeisen Bank Intl (RBIV.VI) Model Update

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27 Jul 2026 16:23:59 ET │ 14 pages

Raiffeisen Bank Intl (RBIV.VI)

Model Update

CITI'S TAKE

Neutral / High Risk We lower our Group EPS forecasts by -7% this year but raise them by +2%

next year and by +4% in FY28. Our EPS forecasts excluding Russia (the Price (27 Jul 26 17:45) €55.80

basis of our valuation) decline by -0.5% this year and increase by +6% Target price €56.00↑

next year and +7% in FY28, primarily reflecting a higher tax rate in Ukraine from €49.50

(50%), which is largely offset by higher forecast revenue, particularly net Expected share price return 0.4%

interest income (NII) given the supportive rate environment. The more Expected dividend yield 3.6%

material increase to our earnings estimates ex. Russia next year and in

Expected total return 3.9% FY28 is also driven better underlying NII but also earnings accretion from

Market Cap €18,355M the acquisition of Garanti BBVA’s Romanian business. The earnings

revisions along with a more upbeat view on the financial outcome of RBI’s US$20,866M

court case against Rasperia in Austria, which is finally launching, leads us

to increase our target price to €56 from €49.50. We reiterate our

Neutral/HR rating.

Simon NellisAC

+44-20-7986-4012

Incorporating Romanian acquisition into forecasts - We incorporate the announced simon.nellis@citi.com

acquisition of Garanti BBVA's Romanian business into our earnings model. We have

factored in €91m of earnings accretion from the transaction in 2028, a key driver of

our upward earnings revision. We note that we have not yet incorporated any other

potential M&A into our forecasts. Initiating Rasperia count case - In a recent ad-hoc

announcement, RBI indicated that it will initiate legal proceedings against Rasperia

for c€3.15bn.