Raiffeisen Bank International

Raiffeisen Bank International is a universal bank focusing on corporate and retail customers in Central and Eastern Europe (CEE) and on corporate customers in Austria. In CEE, Co. consists of a network of banks, leasing companies and financial service providers. In Austria, Co. is involved in corporate finance and export and trade finance banks. Co. provides services to customers in 2,800 branch offices. In the retail banking business, Co.'s product and service portfolio comprises inter alia credit services (mortgages, credit cards and personal loans), as well as payment transaction and current account package services. As of Dec 31 2014, Co.'s total assets amounted to Euro121.6 million
  • TickerRBI
  • ISINAT0000606306
  • ExchangeVienna Stock Exchange
  • SectorBanks
  • CountryAustria

Analysts

Hai Thanh Le Phuong

Raiffeisen - In Line Results, Improving NIM, NII Are Key Positives

RBI – Instant Earnings Comment Recommendation:  Buy (unch.) Target price (12M): EUR 30.0 (unch.)   RBI reported net income came to EUR 303 mln in the third quarter, in line with analyst estimates of EUR 305 mln. In the first 9M, RBI posted a return on equity of 10.4%, down from 14.4% a year ago, but this was attributed to less risk provision reversals, weaker net trading and hedge accounting results. The other net operating line also included provisions for Romanian settlement in the quarter to the tune of EUR 39 mln. Net interest income improved on a quarterly basis by 3.1% and y-o-y ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 15/11/2019 - Vallourec - FR

Vallourec (Conserver) : EBITDA de €253m (+€192m) sur les 9M-19 Tereos (Achat 2020, Vente 2023) : Les résultats s’améliorent sur le T2-2019/20, mais le levier reste très élevé (10,5x à fin septembre) Raiffeisen Bank International (Achat) - 9M-19 : RN de €874m (-24,5%) CNP Assurances (Achat Tier 2) : CA de €25,9 mds (+5,4%, +5,7% en organique) International Game Technology (Achat) - 9M-19 : EBITDA de $1,3 md (-3,3%) Daimler (Conserver) : Nouveau plan de suppression de postes afin de dégager plus de €1 md d'économies RWE (Conserver) - 9M-19 : ...

Research Team

Focus: PZU posts solid set of 3Q19 results, due to solid delivery on the GWPs front; Raiffeisen Int. posts solid set of 3Q19 results, neutral vs. the market's expectations; Banca Transilvania – strong beat in 3Q

HEADLINES: • PZU: posts solid set of 3Q19 results, due to solid delivery on the GWPs front POSITIVE • Raiffeisen Int.: posts solid set of 3Q19 results, neutral vs. the market's expectations NEUTRAL • Banca Transilvania: strong beat in 3Q, but partly on non-recurring items NEUTRAL • MedLife: revenues and EBITDA in line, net profit beats on low FX revaluation and minorities POSITIVE • Romgaz: 3Q19 results - EBITDA lower than expected • Nuclearelectrica: 3Q19 results NEUTRAL • Transgaz: 3Q19 results • GTC: 3Q19 - company-reconciled FFO seems rather weak, drivers unclear NEUTRAL • Bank Handlowy:...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 15/11/2019 - Vallourec - FR

Vallourec (Conserver) : EBITDA de €253m (+€192m) sur les 9M-19 Tereos (Achat 2020, Vente 2023) : Les résultats s’améliorent sur le T2-2019/20, mais le levier reste très élevé (10,5x à fin septembre) Raiffeisen Bank International (Achat) - 9M-19 : RN de €874m (-24,5%) CNP Assurances (Achat Tier 2) : CA de €25,9 mds (+5,4%, +5,7% en organique) International Game Technology (Achat) - 9M-19 : EBITDA de $1,3 md (-3,3%) Daimler (Conserver) : Nouveau plan de suppression de postes afin de dégager plus de €1 md d'économies RWE (Conserver) - 9M-19 : ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/10/2019 - OHL, ZF Friedrichshafen - EN

OHL - Obrascon Huarte Lain (U/P): Could Be Exposed To Penalties In A Qatar Case ZF Friedrichshafen: New Bonded Loan Issue For €2.1bn German Banks: Oppose A Possible Ban On Applying Negative Rates On Deposits Allianz (O/P): Plans To Acquire Approximately €1.1bn Of Japanese Residential Assets Satellite Operators - C Band: The Sale Of 5G Licenses Could Generate Up To $40bn NEPI Rockcastle: New €500m 7Y Bond Issue At 1.875% Aryzta (U/P) : Sold A 43% Stake In Picard (U/P) AB Inbev (O/P): Fitch Affirms The BBB Rating And Raises The Ou...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/10/2019 - OHL, ZF Friedrichshafen - FR

OHL (Vente) : En difficulté sur un contrat au Qatar ZF Friedrichshafen : Nouvelles émissions prévues pour €2,1mds Banques allemandes : S'opposent contre une possible interdiction d'appliquer un taux négatif Allianz (Achat) : Prévoit d’acquérir environ €1,1md d’actifs résidentiels japonais Opérateurs de Satellites - C band : La vente de licences 5G pourrait rapporter jusqu’à $40 mds NEPI Rockcastle :  Emission de €500m à 7 ans à 1,875% Aryzta (Vente) a cédé une participation de 43% dans Picard (Vente) AB InBev (Achat) : Fitch co...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 01/10/2019 - CK Hutchison - EN

CK Hutchison (M/P): New Issues Expected For Approximately €10bn RBI (O/P): A CMS bond that could benefit from an early buyback (call) Italy: Expects A Deficit Of 2.2% In 2020 ALD (O/P): €250m Financing From The European Investment Bank (EIB) CABB (U/P): Issues €640m In Three Tranches Novafives (U/P): Moody's Downgrades The Rating One Notch To Caa1, The Outlook Is Negative Bonds Of Pirelli (O/P) And Fromageries Bel (O/P) remain attractive

Raiffeisen Bank International AG: Raiffeisen Bank International's Additional Tier 1 issuance improves loss-absorption buffers

The successful placement will improve the bank’s AT1 capital buffer to €1.15 billion from just under €650 million as of September 2017.

Hai Thanh Le Phuong

Raiffeisen - In Line Results, Improving NIM, NII Are Key Positives

RBI – Instant Earnings Comment Recommendation:  Buy (unch.) Target price (12M): EUR 30.0 (unch.)   RBI reported net income came to EUR 303 mln in the third quarter, in line with analyst estimates of EUR 305 mln. In the first 9M, RBI posted a return on equity of 10.4%, down from 14.4% a year ago, but this was attributed to less risk provision reversals, weaker net trading and hedge accounting results. The other net operating line also included provisions for Romanian settlement in the quarter to the tune of EUR 39 mln. Net interest income improved on a quarterly basis by 3.1% and y-o-y ...

Research Team

The Rear-View Mirror – EME markets: Weak Istanbul, but good month in Hungary

EME Equity Market – October 2019 Market performance – ISE30 index the worst performer among our followed indices, down 10.1% in EUR terms and 7% in local currency terms. The MSCI EME index gained 3.7%, but added 6% in local currency terms. All our followed indices were in the black, bar the BET (-0.8% in EUR) and ISE30 indices (-10.1% in EUR). The BUX Index gained the most (5.9%), followed by MOEX (4.3%) and WSE (3.6%; all performance figures in EUR terms). Prague was also up in October (+1.9%) in EUR terms, while the Athens Stock Exchange index almost matched Prague’s performance, with a gain...

Research Team

The Rear-View Mirror – EME markets: Turkish market stands out in September

EME Equity Market – September 2019 Market performance – all markets in the black, with Turkey standing out. In September, the MSCI EME index expanded by 3.8% mom. The Turkish ISE30 stood out among its peers, rising by 14.1% mom, vs. losing 10.8% in August. Moscow’s index was the second-best performer, up 4.0% mom, recovering from the 3.8% loss seen in the previous month. Bucharest’s BET index ended September with a gain of 3.3%, while Warsaw’s WIG20 rose by 2.0%, vs. its 8.3% loss in August. The BUX index gained 1% in September, while Prague’s PX was up 1.1%. The ASE remained flat in September...

Research Team

The Rear-View Mirror – EME markets: Soft performance across markets and sectors in August

EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.

Hai Thanh Le Phuong

Raiffeisen - Low Risk Cost, Fees Compensated For OPEX In Q2

Raiffeisen – Instant Earnings Comment Recommendation:  BUY (unch.) Target price (12M): EUR 30.0 (unch.)   Raiffeisen reported net income came to EUR 345 mln, beyond market estimates of EUR 306 mln and our forecast of EUR 328 mln. NII was up by 1.8% thanks to good volumes in Russia (+5.5% q-o-q), CEE (+1.9% q-o-q) and Head Office while margins slightly came down in the quarter due to lower margins in Russia and Head Office. Better results compared to our estimate comes from higher Net F&C, primarily due to seasonality and driven by Russia and Romania. Net trading income as the Company...

1 director bought

A director at Raiffeisen Bank International Ag bought 2,500 shares at 20.099EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Research Team

Focus: PZU posts solid set of 3Q19 results, due to solid delivery on the GWPs front; Raiffeisen Int. posts solid set of 3Q19 results, neutral vs. the market's expectations; Banca Transilvania – strong beat in 3Q

HEADLINES: • PZU: posts solid set of 3Q19 results, due to solid delivery on the GWPs front POSITIVE • Raiffeisen Int.: posts solid set of 3Q19 results, neutral vs. the market's expectations NEUTRAL • Banca Transilvania: strong beat in 3Q, but partly on non-recurring items NEUTRAL • MedLife: revenues and EBITDA in line, net profit beats on low FX revaluation and minorities POSITIVE • Romgaz: 3Q19 results - EBITDA lower than expected • Nuclearelectrica: 3Q19 results NEUTRAL • Transgaz: 3Q19 results • GTC: 3Q19 - company-reconciled FFO seems rather weak, drivers unclear NEUTRAL • Bank Handlowy:...

Research Team

Focus: Romania politics – vote of no confidence passed, what’s next?; Greek banks – Asset Protection Scheme approved; Raiffeisen Int.’s Polish branch – no settlements with clients repaying CHF-indexed mortgage loans

HEADLINES: • Romania politics: vote of no confidence passed, what's next? • Greek banks: Asset Protection Scheme approved • Raiffeisen Int.: Polish branch - no settlements with clients repaying CHF-indexed mortgage loans NEUTRAL • Emlak Konut: 9M19 unit sales well below target NEUTRAL • Severstal: 3Q19 trading update - steel volumes and pricing broadly flat qoq, coking coal volumes up POSITIVE • Nostrum Oil & Gas: news on drilling and licence extensions NEGATIVE • Mobile TeleSystems: might sell Ukrainian segment POSITIVE • Kruk: weak trading statement for 3Q19 NEGATIVE

Research Team

Focus: OMV’s 3Q trading results; OMV Petrom’s 3Q operational results, and company makes new gas discovery in Oltenia region; PKO BP does not exclude takeover of banking assets

HEADLINES: • OMV: 3Q trading results • OMV Petrom: 3Q operational results • OMV Petrom: makes new gas discovery in the Oltenia region POSITIVE • PKO BP: does not exclude takeover of banking assets NEGATIVE • Polish banks: antimonopoly office scrutinises banks' FX mortgage contracts NEUTRAL • Polish banks: ZBP claims cancellation of FX mortgage agreements could be unfavourable for clients NEUTRAL • Ulker: not participating in Godiva Belgium capital increase NEUTRAL • Inter Cars: September revenue up by 10.2% yoy • Jeronimo Martins: 3Q19E results preview (due on 23 October) NEUTRAL • Short Ne...

Research Team

Focus: upgrading S Immo to HOLD, with higher EUR 21.3 PT; Ciech’s 2Q19 adjusted EBITDA broadly in line with our and the market's expectations; CEZ – substandard parts in EDF nuclear fleet might trigger supply squeeze

HEADLINES: • S Immo: immediate threat removed, operations sound (upgraded to HOLD) • Ciech: 2Q19 adjusted EBITDA broadly in line with our and the market's expectations NEUTRAL • CEZ: substandard parts in EDF nuclear fleet might trigger supply squeeze POSITIVE • Polish retail: tax saga - Ministry of Finance expects suspension until 2021 • MedLife: acquires its first laboratory for pathological anatomy NEUTRAL • Polish telecoms: Poland will not specify 5G network suppliers in rules for auction NEUTRAL • Rostelecom: sells Central Telegraph space to O1 for RUB 3.5bn POSITIVE • Atrium: update fro...

Research Team

Focus: Polish telecoms – price hikes priced in already (keeping our HOLD on CPS, and downgrading OPL to HOLD and PLY to SELL); Raiffeisen Int. – 2Q19 – beat vs. expectations on mix of non-existent LLPs & pre-provision profit

HEADLINES: • Polish telecoms: price hikes priced in already (CPS stays HOLD, OPL downgraded to HOLD, PLY downgraded to SELL) • Raiffeisen Int.: 2Q19 - beat vs. expectations on mix of non-existent LLPs & pre-provision profit POSITIVE • Graphisoft Park: 2Q19 - steady as she goes POSITIVE • Magyar Telekom: 2Q19 - decent quarter, EBITDA (ex.IFRS 16 impact) up 2.4% yoy, 6% above our forecast POSITIVE • Tupras: 2Q19 results, weak EBITDA, strong net income • Anadolu Efes: 2Q19 results - stronger than expected, international volume growth guidance hiked POSITIVE • Ulker: 2Q19 results - 10% beat on EB...

A double requalification allows RAIFFEISEN BANK INTL.AG to improve to Slightly Positive

RAIFFEISEN BANK INTL.AG (AT), a company active in the Money Center Banks industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 3 out of 4 stars while its market behaviour can be considered as moderately risky. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date September 10, 2019, the closing price was EUR 21.59 and its potential was estimated at EUR 24.19.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ING
Nadège Tillier

Italian regulated utilities/Snam and Terna now fairly priced after the rally

Italian electricity and gas transmission companies, Snam and Terna both reported 1H19 financial performances slightly above 1H18 with EBITDA growth of c.4%. Both companies have strategic plans that include strong growth in capital expenditure for network expansion. Although slightly weaker, credit metrics for the past twelve months remain in line with recent years and requirements for present credit ratings. Snam and Terna are the two Italian regulated companies that benefited most from the credit rally. We deem actual spreads to now reflect business and financial fundamentals of each company.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Rabobank to issue the first Dutch non-preferred

Rabobank (RABOBK) has indicated its intentions to issue a non-preferred senior unsecured bond with a 5yr maturity according to various press sources. The IPTs for the Rabodeal are set at MS +low 70s. The bond is expected to be rated A3/A-/AA- and will thus be better rated than the outstanding French comparables. The bond is expected to be launched in the near future subject to market conditions. (For full story, download report)

ING
Suvi Platerink Kosonen

Raiffeisen Bank International/Green RBI with a decent pickup vs German peers

Raiffeisen Bank International[de] is an Austrian bank with the bulk of its earnings generated in Eastern European countries. The bank's CET1 ratio in 1H18 was 12.8% and the total capital ratio protecting senior debtholders 17.8%. RBI is rated A3/BBB+. The bank issued its inaugural green bond in July and the bond has performed well since its launch. In our view, RBIAV0.25 7/21 offers decent pickup versus German green non-preferred senior comparables.

Expert Corporate Governance Service (ECGS)

Raiffeisen Bank International - AGM 13 June 2019

Item 4: Since there is no vote on Management Board members' remuneration in Austria, we take the opportunity to voice our concerns regarding the remuneration system currently in place at Raiffeisen Bank International which we consider has several shortcomings: The target amounts for the short-term incentive (STI) have not been disclosed and the performance criteria and their weighting are insufficiently disclosed. Likewise, there is no disclosure provided on maximum amounts. Since financial year 2014, there is no long-term incentive (LTI) in place. Finally, benefits in kind and pension provisi...

Raiffeisen International Bank Hol – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Rapport 21/06/2018

Item 4: Since there is no vote on Management Board members' remuneration in Austria, we take this opportunity to voice our concerns regarding the remuneration system currently in place at Raiffeisen Bank International AG which we consider has several shortcomings: The targets for the short-term incentive (STI) have not been adequately disclosed. Likewise, there is no disclosure provided on maximum amounts. Since financial year 2014, there is no long-term incentive (LTI) in place. Benefits in kind and pension provisions are not disclosed separately but included in the fixed and other remunerati...

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