ProCredit Holding Valuation

Is PCZ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PCZ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PCZ (€7.8) is trading below our estimate of fair value (€30.26)

Significantly Below Fair Value: PCZ is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for PCZ?

Other financial metrics that can be useful for relative valuation.

PCZ key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.4x

Price to Earnings Ratio vs Peers

How does PCZ's PE Ratio compare to its peers?

The above table shows the PE ratio for PCZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.5x
MBK Merkur PrivatBank KgaA
10.5x8.6%€112.0m
CBK Commerzbank
8.7x8.2%€18.6b
BAVL Raiffeisen Bank JSC
3.5xn/a₴20.9b
NBP National Bank of Pakistan
7.4x41.3%PK₨128.5b
PCZ ProCredit Holding
4.3x9.7%€459.4m

Price-To-Earnings vs Peers: PCZ is good value based on its Price-To-Earnings Ratio (4.3x) compared to the peer average (7.5x).


Price to Earnings Ratio vs Industry

How does PCZ's PE Ratio compare vs other companies in the European Banks Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a0.2%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a0.2%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: PCZ is good value based on its Price-To-Earnings Ratio (4.3x) compared to the European Banks industry average (7.3x).


Price to Earnings Ratio vs Fair Ratio

What is PCZ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PCZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.3x
Fair PE Ratio9.3x

Price-To-Earnings vs Fair Ratio: PCZ is good value based on its Price-To-Earnings Ratio (4.3x) compared to the estimated Fair Price-To-Earnings Ratio (9.3x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PCZ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€7.80
€17.22
+120.7%
11.8%€20.00€15.25n/a3
Nov ’25€8.24
€17.22
+108.9%
11.8%€20.00€15.25n/a3
Oct ’25€8.68
€17.22
+98.3%
11.8%€20.00€15.25n/a3
Sep ’25€8.56
€17.22
+101.1%
11.8%€20.00€15.25n/a3
Aug ’25€8.66
€17.43
+101.3%
13.5%€20.00€14.30n/a3
Jul ’25€9.28
€17.43
+87.9%
13.5%€20.00€14.30n/a3
Jun ’25€9.84
€17.43
+77.2%
13.5%€20.00€14.30n/a3
May ’25€9.56
€17.57
+83.8%
12.4%€20.00€14.70n/a3
Apr ’25€9.14
€17.00
+86.0%
17.3%€20.00€13.00n/a3
Mar ’25€7.74
€15.00
+93.8%
9.4%€16.00€13.00n/a3
Feb ’25€7.90
€15.00
+89.9%
9.4%€16.00€13.00n/a3
Jan ’25€8.10
€15.00
+85.2%
9.4%€16.00€13.00n/a3
Dec ’24€8.36
€15.00
+79.4%
9.4%€16.00€13.00n/a3
Nov ’24€7.00
€13.47
+92.4%
11.3%€15.00€11.40€8.243
Oct ’24€6.80
€13.47
+98.0%
11.3%€15.00€11.40€8.683
Sep ’24€7.14
€13.47
+88.6%
11.3%€15.00€11.40€8.563
Aug ’24€7.28
€13.50
+85.4%
11.1%€15.00€12.00€8.662
Jul ’24€7.52
€13.50
+79.5%
11.1%€15.00€12.00€9.282
Jun ’24€6.70
€13.00
+94.0%
7.7%€14.00€12.00€9.842
May ’24€6.28
€12.00
+91.1%
16.7%€14.00€10.00€9.562
Apr ’24€6.06
€12.00
+98.0%
16.7%€14.00€10.00€9.142
Mar ’24€5.18
€9.75
+88.2%
17.9%€11.50€8.00€7.742
Feb ’24€5.20
€9.75
+87.5%
17.9%€11.50€8.00€7.902
Jan ’24€3.73
€9.46
+153.6%
15.7%€11.50€8.00€8.103
Dec ’23€3.76
€9.46
+151.6%
15.7%€11.50€8.00€8.363
Nov ’23€3.39
€9.13
+169.2%
11.3%€10.50€8.00€7.003

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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