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ProCredit Holding (XETRA: PCZ)

Last close As at 01/11/2024

EUR8.24

▲ 0.14 (1.73%)

Market capitalisation

EUR478m

ProCredit Holding (PCB) is a German-based group operating regional banks across South Eastern and Eastern Europe and Ecuador. The banks focus on micro, small and medium-sized enterprises 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 its SME borrowers, prudent credit risk management and solid capital base (CET-1 ratio of 14.3% at end-H124). Further long-term drivers include low banking sector penetration in the region, the scaling potential of its regional banks and an improving deposits to loans ratio.

Latest Insights

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Financials | Update

ProCredit Holding — Executing its updated strategy

Financials | Update

ProCredit Holding — A solid start to 2024

Financials | Outlook

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

Financials | Update

ProCredit Holding — Profitability not fully rewarded by the market
ProCredit Holding_resized
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Sector

Financials

Equity Analyst

Milosz Papst

Milosz Papst

Head of Content, Investment Trusts

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 (4.7) (4.5) 19.5
Relative (3.5) (7.3) (7.3)
52 week high/low €10.0/€7.0

Financials

The company’s medium-term target is to grow its loan portfolio to more than €10bn (versus c €6bn at end-2023) and reach a return on equity of c 13–14%. PCB has displayed good early traction with respect to increasing its loan book and deposit base diversification. Its micro, small and private clients accounted for 60% of loan book growth in H124, while 90% of the deposit growth came from private clients.

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 28.9 N/A
2023A 337.2 N/A 150.0 192.5 4.2 N/A
2024E 365.3 N/A 129.8 185.1 4.4 N/A
2025E 386.6 N/A 134.4 192.1 4.2 N/A

Research

Futuristic global business

Update

Financials

ProCredit Holding — A solid start to 2024

Outlook

Financials

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

Financials

Update

ProCredit Holding — Executing its updated strategy

Futuristic global business
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

Thematics

thematic

Industrials

German industrials: Global ambitions

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