ProCredit Holding (XETRA: PCZ)

Last close As at 17/07/2024

EUR8.48

−0.06 (−0.70%)

Market capitalisation

EUR503m

ProCredit Holding (PCB) is a Germany-based group operating regional banks across South Eastern and Eastern Europe and Ecuador. The banks focus on MSMEs and private clients.

The economic outlook for 2024 is benign, with GDP growth of 2.5% or more across all countries of PCB’s operations (except for Ecuador: 0.1%), according to the IMF’s April 2024 forecasts. PCB’s performance should be driven by its in-depth, impact-oriented relationships with SME borrowers, prudent credit risk management and solid capital base (CET-1 ratio of 14.3% at end-Q124). In the long term, PCB’s business should be assisted by low banking sector penetration in the region, the scaling potential of its regional banks, an improving deposits to loans ratio and the sustained good credit quality of its portfolio, among others.

Latest Insights

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Financials | Update

ProCredit Holding — A solid start to 2024

Financials | Outlook

ProCredit Holding — New strategy targets ROE of 13–14%

ProCredit Holding_resized

Sector

Financials

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • Christian Dagrosa

    Management Board Member

  • Dr Gian Marco Felice

    Management Board Member

  • Eriola Bibolli

    Management Board Member

  • Hubert Spechtenhauser

    Chairman

  • Sandrine Massiani

    Management Board Member

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (12.2) (3.2) 16.2
Relative (14.0) (6.7) 1.2
52 week high/low €10.0/€6.4

Financials

ProCredit (PCB) has extensive experience in supporting SMEs in emerging economies (and a strong ESG profile), with a focus on Southeastern and Eastern Europe and banking operations in Ecuador. The company’s medium-term target is to grow its loan portfolio to more than €10bn (compared to c €6bn at end-2023) and reach a return on equity of c 13–14%.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2022A 264.6 N/A 17.8 28.0 30.3 N/A
2023A 337.2 N/A 150.0 192.5 4.4 N/A
2024E 365.9 N/A 136.0 193.8 4.4 N/A
2025E 391.6 N/A 138.5 197.3 4.3 N/A