EBKDY - Raiffeisen: Business Transformation Isn't Fully Reflected On Valuation
Raiffeisen Bank International (OTCPK:RAIFY) is currently undervalued compared to its closest peers, which doesn't seem to be warranted given its improving fundamentals. The bank has high exposure to Central and Eastern Europe, of which Russia and Ukraine are two important markets.
This was quite bad during 2014-15, but since then, Raiffeisen has implemented a restructuring program, has improved its capital, and has taken bad debt under control. The IPO of its Polish unit and the dividend announcement may be two important catalysts for a re-rating of its shares.
Company Description
Raiffeisen is an