ProCredit Holding (XETRA: PCZ)

Last close As at 22/02/2024


0.14 (1.91%)

Market capitalisation


ProCredit Holding (PCB) is a Germany-based group operating regional banks across South Eastern and Eastern Europe and Ecuador. The banks focus on SMEs and private middle-income and high earners.

The economic outlook for 2024 is benign, with GDP growth of 3.0% or more across all countries of PCB’s operations (except for Ecuador – 1.8%), according to the forecasts of the International Monetary Fund released in October 2023. PCB’s in-depth, impact-oriented relationships with SME borrowers (c 90% of the loan book), prudent credit risk management and solid capital base (CET-1 ratio of 14.9% at end-September 2023) should help it benefit from the economic growth across South Eastern and Eastern Europe. Longer term, PCB’s business should be assisted by the low banking sector penetration in the region, scaling potential of its regional banks, an improving deposits to loans ratio and sustained good credit quality of its portfolio, among others.

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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


  • Sandrine Massiani

    Management Board Member

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.808) (6.983) 55.417
Relative (9.534) (14.547) 37.786
52 week high/low €8.8/€4.7


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 assumes a return on equity of c 12%, based on a cost of risk at 25–30bp over the cycle, as well as a cost-income ratio of c 57%, which we consider achievable.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 222.0 N/A 94.5 135.0 5.5 N/A
2022A 264.6 N/A 17.8 28.0 26.6 N/A
2023E 339.8 N/A 142.2 197.5 3.8 N/A
2024E 349.3 N/A 135.4 196.8 3.8 N/A