SOFIX P/E valuation expands 20% q/q to 11.6x earnings in Q2 2017, according to Bloomberg data. Valuation remains unchanged y/y as stock valuations advance with corporate fundamentals. Current SOFIX P/E is only slightly above its 12M moving average signaling room for further expansion. The index booked fourth consecutive daily rise on 10 August 2017 to… Read more
Bulgarian Stock Exchange (BSO BU) to start government securities trading as early as October 2017, according to a statement by the bourse operator. The stock exchange has received the regulatory nod as to the trading rules. By September 30th, 2017 a functional connection is expected to be implemented between the stock exchange and the Bulgarian… Read more
Fibank (5F4 BU), 3rd largest bank in Bulgaria, explores strategic options and hired Citigroup Global Markets Limited as a financial adviser, the Company announced in a regulatory filing. The strategic opportunities include: Entering a strategic partnership and/or consolidation; Attracting new core investors; Raising capital to fund future growth. No time frame for the initiated exploration… Read more
Bulgarian mutual funds’ assets under management surge 31% y/y in 2016 to BGN 1.041bn, according to latest data from the Bulgarian National Bank. The data excludes money market funds. The latest AUM high surpasses the 2007 pre-crisis peak of BGN 890m. Accordingly, they represent 3.1% of GDP, also highest so far. Investors go for equity… Read more
The Insurance Balance Sheet Review and Pension Funds Asset Review of the Bulgarian insurance and pensions sector showed stability, this was announced at the presentation of reports at a press conference on 3 February 2017 given jointly by the Bulgarian Financial Supervision Commission and the European Insurance and Occupational Pensions Authority (EIOPA). The Insurance Balance… Read more
Key Eurozone members are warming up for Bulgaria in the Eurozone, Finance Minister Vladislav Goranov said at the 11th Annual Meeting Business & Government in Sofia, quoted by local media. If in 2014 and 2015 the initial reaction to our plans suggested a bit of mockery, in 2016, call it a post Brexit mood or… Read more
First Investment Bank to accumulate BGN 206m capital buffer post AQR and stress test results, according to Bulgarian National Bank announcement after completing a full banking system asset quality review (AQR) and stress test.
Bulgarian banks report a 34.7% y/y net profit rise to BGN 906.5 m for the 10M 2014. Total assets of the banking system remain at BGN 85.5 b while the share of the top 5 banks by assets increase from 56.7% to 57.2%.
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