About banks

Our controversed SIFs sold last week their Bancpost shares. This gives us the possibility to evaluate the other banks :) ... So, Bancpost (almost 5% market share from the assets point of view) was sold for about 350 mio euro.

1. TLV has a current market capitalization of less than 300 mio euro. I would say the value of TLV (and its market share) is bigger than that of Bancpost. I see here at least 20% upside potential for the TLV share.

2. BRD has roughly 15% market share and a market capitalization of 1200 mio euro. I've always been a big fan of BRD, but now its share seems to be overpriced compared with its peers (peer-based price would be about 1100 mio). The reason for this: SocGen supported actively the BRD share and BRD is regarded as a safer investment.

3. BCR has 24% market share and no market capitalization yet :) Its new valuation seems to be arround 1700 mio euro. Just compare this with the 6000 mio payed by Erste.

4. Let's evaluate SIFs also :) Based on the Bancpost exit price, BCR + BRD together can be evaluated at 3000 mio euro. 5% of 3000 is 150 mio euro for their bank holdings. It is up to you to discount this because of the Dinel-Fercala risk :)