Financials Merkur PrivatBank KgaA

Equities

Market Closed - Xetra Other stock markets 16:36:16 27/06/2024 BST			Pre-market 07:45:09
15 ^EUR	-0.66%		15	0.00%

04-24	Merkur PrivatBank KgaA Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
01-15	Merkur PrivatBank KgaA Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	68.95	78.57	114.3	105.8	126.8	116.7	-	-
Enterprise Value (EV) ¹	68.95	78.57	114.3	105.8	126.8	116.7	116.7	116.7
P/E ratio	2.34 x	9.58 x	12.5 x	10.7 x	-	10.4 x	9.87 x	9.24 x
Yield	3.3%	3.96%	3.06%	3.31%	-	3.33%	3.67%	4%
Capitalization / Revenue	1.43 x	1.07 x	1.39 x	1.07 x	1.07 x	1.01 x	0.99 x	0.96 x
EV / Revenue	1.43 x	1.07 x	1.39 x	1.07 x	1.07 x	1.01 x	0.99 x	0.96 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.74 x	0.74 x	1.01 x	0.88 x	-	0.92 x	0.87 x	0.9 x
Nbr of stocks (in thousands)	7,109	7,779	7,779	7,779	7,779	7,779	-	-
Reference price ²	9.700	10.10	14.70	13.60	16.30	15.00	15.00	15.00
Announcement Date	15/01/20	20/04/21	18/03/22	24/03/23	15/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	48.19	73.17	82.53	98.66	118.9	115.8	117.8	121.7
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	17.86	-	15.49	-	57.18	47	46	48
Operating Margin	37.05%	-	18.77%	-	48.08%	40.6%	39.03%	39.43%
Earnings before Tax (EBT) ¹	31.32	17.82	21.39	22.15	-	37.53	38.03	41.88
Net income ¹	26.55	8.204	9.171	11.64	-	11.27	11.82	12.63
Net margin	55.1%	11.21%	11.11%	11.8%	-	9.74%	10.03%	10.37%
EPS ²	4.140	1.055	1.180	1.270	-	1.449	1.519	1.623
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.3200	0.4000	0.4500	0.4500	-	0.5000	0.5500	0.6000
Announcement Date	15/01/20	20/04/21	18/03/22	24/03/23	15/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	33.8%	8.07%	8.36%	9.96%	-	9.15%	9.04%	9.56%
ROA (Net income/ Total Assets)	1.45%	-	0.34%	-	-	0.3%	0.3%	0.3%
Assets ¹	1,830	-	2,700	-	-	3,757	3,939	4,209
Book Value Per Share ²	13.10	13.70	14.50	15.50	-	16.30	17.30	16.70
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	15/01/20	20/04/21	18/03/22	24/03/23	15/01/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15 EUR

Average target price

18 EUR

Spread / Average Target

+20.00%

	1st Jan change	Capi.
MERKUR PRIVATBANK KGAA	-7.98%	125M
JPMORGAN CHASE & CO.	+17.09%	572B
BANK OF AMERICA CORPORATION	+16.57%	307B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+21.99%	262B
CHINA CONSTRUCTION BANK CORPORATION	+24.73%	186B
BANK OF CHINA LIMITED	+28.19%	174B
HSBC HOLDINGS PLC	+8.47%	160B
HDFC BANK LIMITED	-0.49%	155B
ROYAL BANK OF CANADA	+8.51%	150B
COMMONWEALTH BANK OF AUSTRALIA	+13.94%	140B