TLV — Banca Transilvania S.A.

Deep-value report: Banca Transilvania S.A. (BVB: TLV) — REVISIT (REFRESH mode)

Report date: 2026-09-01 · Price: … (yfinance TLV.RO, 2026-09-01) · Shares outstanding: 1,246,380,975 · Market cap: 43.10 bn. RON · Reference thesis: 2026-07-23 (verdict INTERESTING, 65.3% GBL) · Triage: REFRESH — 1 unverifiable falsifier.

SEC filings used: NONE. TLV is a BVB issuer, with no CIK at EDGAR (the local filing archive doesn’t exist; the ticker collision is resolved automatically by the automated data pack via the symbol-collision table → TLV.RO). The primary source remains BT’s own reporting (press releases + IR presentations), supplemented with financial press with URLs and the local data pack (yfinance).

What I inherit and what I re-derive

Inherited unchanged from the 2026-07-23 report (rapoarte/deep/2026-07-23-deep-TLV.md): the group structure and moat sources (lines 67-146), the acquisition history and the normalization of the 675 mn. lei OTP bargain gain (lines 147-213), the Fitch BBB / Moody’s Baa2 rating trajectory, and the methodological framework (Residual Income + EPV instead of an FCF DCF, with bottom-up Ke, not CAPM on beta 0.483).

Fully re-derived, because a new filing or my own verification moved it:

1. H1 2026 results (published 08/24/2026, after the reference thesis) — the “unverifiable” falsifier from the delta-triage pack.
2. Share count. The old report used 1,090,322,225 shares (the PRE-increase count, from the AGM convening notice) against a POST-increase price. All per-share figures from that report (BVPS …, EPS …, EPV 31.1, RI base 30.4) are inflated by 14.4%. Corrected below, with an audit trail.
3. The 960.77 mn. lei ROBOR fine (Competition Council decision, 06/09/2026) — entirely absent from the old report, even though it precedes the thesis by six weeks. Unprovisioned as of 06/30/2026.
4. The 500 mn. EUR AT1 issuance from 11/27/2025 — the 2.53 bn. lei of “Other Equity Interest” on the balance sheet is NOT common shareholder capital. The old report wrongly attributed the equity jump to other causes.
5. The turnover tax. The old report said it was falling from 2% to 1% starting in 2026. False: it was doubled to 4% effective 07/01/2025 and kept there throughout 2026.

The price move (… → …, … in 39 days) is context, not the reason for the revisit, and doesn’t enter the thesis.