Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

PROCREDIT HOLDING AG & CO. KGAA

(PCZ)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

ProCredit Holding (PCZ) : Well-positioned for further loan book expansion

05/05/2021 | 02:01am EDT
ProCredit Holding (PCZ): Well-positioned for further loan book expansion 
05-May-2021 / 07:00 GMT/BST 
=---------------------------------------------------------------------------------------------------------------------- 
 
London, UK, 05 May 2021 
 
ProCredit Holding (PCZ): Well-positioned for further loan book expansion 
ProCredit Holding (PCB) posted a c 21% EPS decline to EUR0.70 in FY20, but we believe it has navigated the COVID-19 
crisis well, with strong 9.5% y-o-y growth in the loan book (driven mainly by investment and green loans), a 57bp cost 
of risk in FY20 (below its closest peers) and a solid capital base with the end-2020 CET-1 ratio at 13.3% (vs a 
regulatory requirement of 8.2%) and total capital ratio of 14.7% (12.6%). We believe the bank is well-positioned to 
continue growing its loan book by c 10% pa, in line with its target. Gradually declining loss allowances, and fee and 
commission income rebounding to pre-COVID-19 levels should help PCB reach its mid-term ROE target of 10%, which we 
model in FY23. 
 
We have valued PCB's shares using a P/BV-ROE approach. Our fair P/BV multiple of 0.90x used in the valuation is the 
average of a multiple derived from a capital asset pricing model of 1.05x and a ratio implied by a regression line 
based on FY20 figures for peers and PCB of 0.75x. We arrive at a fair value of EUR11.20 per share (vs our previous fair 
value of EUR8.00/share), mostly on the back of reduced country risk premiums and bringing the valuation forward to FY21. 
Click here to view the full report or here to sign up to receive research as it is published. 
 
All reports published by Edison are available to download free of charge from its website 
www.edisongroup.com 
About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the 
widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, 
family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the 
darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. 
Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. 
Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in 
Athens, Johannesburg and Sydney. 
Edison is authorised and regulated by the Financial Conduct Authority. 
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not 
solicitations to buy or sell any securities. 
For more information, please contact Edison: 
Milosz Papst +44 (0)20 3077 5700 financials@edisongroup.com 
Sarah Godfrey +44 (0)20 3077 5700 financials@edisongroup.com 
Learn more at www.edisongroup.com and connect with Edison on: 
LinkedIn        https://www.linkedin.com/company/edison-group-/ 
Twitter           www.twitter.com/Edison_Inv_Res 
YouTube       www.youtube.com/edisonitv 
=---------------------------------------------------------------------------------------------------------------------- 
Dissemination of a CORPORATE NEWS, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 

1192438 05-May-2021

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1192438&application_name=news 
 

(END) Dow Jones Newswires

May 05, 2021 02:01 ET (06:01 GMT)

All news about PROCREDIT HOLDING AG & CO. KGAA
05/06PROCREDIT HOLDING AG & CO. KGAA : Preliminary announcement of the publication of..
EQ
05/05PROCREDIT HOLDING (PCZ)  : Well-positioned for further loan book expansion
DJ
03/25PRESS RELEASE  : ProCredit Holding AG & Co. KGaA: -2-
DJ
03/25PRESS RELEASE  : ProCredit Holding AG & Co. KGaA: The ProCredit group completes ..
DJ
03/25PROCREDIT HOLDING AG & CO. KGAA : The ProCredit group completes a challenging 20..
EQ
03/22PROCREDIT HOLDING AG & CO. KGAA : Dividend proposal of EUR 0.18 per share decide..
EQ
03/22DGAP-ADHOC  : ProCredit Holding AG & Co. KGaA: Dividend proposal of EUR 0.18 per..
DJ
02/17SGS  : Sintali Award EDGE Zero Carbon Certification to ProCredit Bank Bulgaria H..
MT
2020PROCREDIT  : Company Presentation - August 2020
PU
2020PROCREDIT  : Q3 2020 Results Presentation for Analysts
PU
More news
Financials
Sales 2021 250 M 304 M 304 M
Net income 2021 53,5 M 65,0 M 65,0 M
Net Debt 2021 - - -
P/E ratio 2021 9,68x
Yield 2021 3,44%
Capitalization 516 M 627 M 628 M
Capi. / Sales 2021 2,06x
Capi. / Sales 2022 1,88x
Nbr of Employees 3 261
Free-Float 30,8%
Chart PROCREDIT HOLDING AG & CO. KGAA
Duration : Period :
ProCredit Holding AG & Co. KGaA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PROCREDIT HOLDING AG & CO. KGAA
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 4
Average target price 11,10 €
Last Close Price 8,76 €
Spread / Highest target 65,5%
Spread / Average Target 26,7%
Spread / Lowest Target -8,68%
EPS Revisions
Managers and Directors
NameTitle
Claus-Peter Zeitinger Chairman-Supervisory Board
Petar Slavov Member-Supervisory Board
Rainer Peter Ottenstein Deputy Chairman-Supervisory Board
Marianne Loner Member-Supervisory Board
H. P. M. Knapen Member-Supervisory Board