Hungary: Windfall tax in Orban's state of emergency de-rates equities further

  • Windfall tax on banks (OTP 34% of BUX index), energy (MOL 27%), telco (MTELEKOM 6%). Pharma (RICHT 25%) not mentioned

  • Response to increasing misery index, EU funds risk (rule of law dispute, Russia policy), less fiscal space post Covid

  • Hungary tax revenue was already high vs peers. Equity valuation left even cheaper vs peers after this unexpected move
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