First Investment Bank AD (5F4; Bulgarian Stock Exchange)

First Investment Bank (Fibank) is the biggest bank with Bulgarian capital trading at 2 times earnings selling at 60% discount to book.

MCap $190M

PE 2

PBv 0.4

PS 0.7

ROE 19%

DY 0%

Yearly stock trading volume is less than 5% making it an overlooked stock. Two investors hold 85% of the stock with free float being just 15%.

First Investment Bank was established in 1993.

First Invest Bank shares have been traded on the BSE since 2007.

First Investment Bank is a Bulgaria-based bank, which provides corporate and retail banking services. The Bank’s products range includes banking services such as corporate and retail deposits and lending, current accounts, small and medium-sized enterprise (SME) lending, micro-lending, debit and credit cards services, letters of credit, bank guarantees, mortgage lending, as well as in-house banking services, among others.

First Investment Bank operates domestically through a network of branches and offices located across the country. In addition, it operates one branch in Cyprus.

First Investment Bank was the first bank to receive a 5-year loan from the European Bank for Reconstruction and Development for financing small and medium-sized enterprises in Bulgaria in the year 1996.

First Investment Bank has multiple subsidiaries: First Investment Finance BV (the Netherlands), First Investment Bank-Albania Sh.a., Framas Enterprises Limited, Debita OOD, Balkan Financial Services OOD, Realtor OOD, Zdravnoosiguritelna kasa Fi Helt AD and Diners Club Bulgaria AD, MKB Unionbank EAD.

Major shareholders of First Investment Bank are Mr. Tzeko Todorov Minev (46,750,000 shares or 42.5% of the capital) and Mr. Ivailo Dimitrov Mutafchiev (46,750,000 shares or 42.5% of the capital). The remaining 16,500,000 shares or 15% of the Bank’s issued share capital are owned by other shareholders, holding shares subject to free trade on the Bulgarian Stock Exchange.

Financials and other info: https://www.fibank.bg/en/investors

Long First Investment Bank as of 2/08/2020

Purchase price: 3.2 BGN

Published by

Investment Runner

Investing without borders. Absolute return. We prefer smaller. We prefer cheaper. We prefer less liquid and overlooked. Writing about stocks we are buying for a diversified deep value portfolio. These types of stocks tend to be very volatile and can go bankrupt. They are not well suited for a concentrated portfolios. NOT a deep dive extensive write-ups. Some numbers can be rough approximations and intended to be used as blunt valuation guideposts. We do not care about decimal points. This is not investment advise. Do your own research.

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