Undervalued Growth Stock

Share‑price performance has been strong, with a 90‑day return of 18.86% and a 1‑year total shareholder return of 59.71%. Analyst targets peg the stock at €22.99, while a DCF model values it at €38.62, suggesting the current €25.08 price reflects significant undervaluation. The bank’s presence in Mexico and Turkey drives loan and fee growth, but heavy exposure in these markets introduces regulatory and competitive risk, complicating valuation.