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ProCredit Holding (XETRA: PCZ)

Currency in EUR

Last close As at 09/12/2023

EUR8.66

▲ −0.08 (−0.92%)

Market capitalisation

EUR510m

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.

Latest Insights

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Financials | Update

ProCredit Holding — Profitability not fully rewarded by the market

Financials | Update

ProCredit Holding — On track to meet FY23 ROE guidance of 8–10%

Financials | Update

ProCredit Holding — Strong rebound in profitability in Q123

Financials | Outlook

ProCredit Holding — Raising its mid-term targets
ProCredit Holding_resized
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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 17.7 20.6 123.2
Relative 7.2 14.0 91.4
52 week high/low €8.8/€3.7

Financials

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 6.4 N/A
2022A 264.6 N/A 17.8 28.0 30.9 N/A
2023E 339.8 N/A 142.2 197.5 4.4 N/A
2024E 349.3 N/A 135.4 196.8 4.4 N/A

Research

ProCredit Holding_resized

Update

Financials

ProCredit Holding — On track to meet FY23 ROE guidance of 8–10%
ProCredit Holding_resized

Update

Financials

ProCredit Holding — Strong rebound in profitability in Q123
ProCredit Holding_resized

Financials

Update

ProCredit Holding — Profitability not fully rewarded by the market

ProCredit Holding_resized
View All

Further insights

insight

Financials

ProCredit Holding: EKF 2023 QuickView

insight

Financials

ProCredit ESG Edge Update

insight

Financials

Deutsches Eigenkapitalforum (EKF) 2022 financials

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

insight

Financials

ProCredit Holding: Flying High – ESG Edge Report

Analyst of the week

Milosz Papst

Milosz Papst

Director, Financials

mpapst@edisongroup.com +44 (0)20 3077 5700
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