Overstone International Value Fund on Alpha Bank S.A.
Thesis
Alpha Bank is one of the fund’s three bank holdings and performed strongly in the quarter. The fund says the banks benefited from expectations for higher-for-longer interest rates and improved Middle East sentiment. They are generating double-digit returns on tangible equity with resilient asset quality. The group remains valued at moderate 9-12x earnings multiples.
“Their valuations remain moderate at 9-12x P/E.”