MONETA Money Bank, a.s. provides banking and financial services to retail customers, small and medium size enterprises, corporate clients, and financial and public sector institutions in the Czech Republic.
The last earnings update was 31 days ago.
Discounted Cash Flow Calculation for LSE:0RGC using Excess Returns Model Model
The calculations below outline how an intrinsic value for MONETA Money Bank is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.
In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.
The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.
Amount off the current price
MONETA Money Bank
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
MONETA Money Bank
to be considered undervalued it must be available for at least 20% below the
current price. Less than 40% is even better.
MONETA Money Bank's share price is below the future cash flow value, and at a moderate discount (> 20%).
MONETA Money Bank's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.
The amount the stock market is willing to pay for
MONETA Money Bank's
is considered below, and whether this is a fair price.
Price based on past earnings
MONETA Money Bank's earnings available for a low price, and how does
this compare to other companies in the same industry?
MONETA Money Bank's earnings are expected to grow by 0.8% yearly, however this is not considered high growth (20% yearly).
MONETA Money Bank's revenue is expected to grow by 5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
MONETA Money Bank's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
MONETA Money Bank
has a total score of
2/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Fundamentally a bank's business is based upon borrowing and lending money, for
this reason they typically have high levels of debt and we analyse them
This treemap shows a more detailed breakdown of
MONETA Money Bank's finances. If any of them are yellow this
indicates they may be out of proportion and red means they relate to one of the
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Nearly all companies have debt. Debt in itself isn’t
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.
The graphic below shows equity (available funds) and debt, we ideally want to
see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and
whether the level has increased over the past 5 years.
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
TENURE AS CEO
Mr. Tomáš Spurný has been Chairman of Management Board and Chief Executive Officer at Moneta Money Bank, a.s. since October 1, 2015. Mr. Spurný is a Member of Supervisory Board at MONETA Leasing, s.r.o since November 24, 2015. Mr. Spurný served as the Chief Executive Officer and Member of Management Board of Banca Comerciala Romana S.A. from April 1, 2012 to September 30, 2015. He served as the Chief Executive Officer of Central-European International Bank Ltd. (CIB Bank Zrt.). He served as the Chief Executive Officer for Romanian operations at Erste Group Bank AG until September 2015. He served as a Member of Management Board of Vseobecná úverová banka, a.s. He served as the Chairman of the Management Board and Chief Executive Officer of Vseobecná úverová banka, a.s. since May 2002. He has acquired his managing experience during the restructuring and privatization process in Komercní banka, Prague, where he was also in charge of the finance and risk management areas. He served as a Member of Management Board at GE Money Bank, AS since October 1, 2015. He served as the Chairman and Chief Executive Officer largest non-banking issuer of CCS credit cards – Ceská spolecnost pro platební karty (The Czech Credit Card Company). He has been the Chairman of the Board at GE Money Bank, AS since October 1, 2015. He obtained his experience and skills in finance also due to his long-term engagement with the consulting company McKinsey & Company from 1994 to 1999. He served as the Chairman of PPF A.S. until February 2009. He served as a Director of Central-European International Bank Ltd. (CIB Bank Zrt.). He served as a Member of the Supervisory Board at Burza cenných papíru Praha, a.s. until March 31, 2004. He served as a Member of the Supervisory Board of Prague Stock Exchange until March 31, 2004. He served as a Member of the Board of Directors of Komercní banka, Prague since May 2000. Mr. Spurný holds a bachelor’s degree from New York University and an MBA from Columbia Business School.
Insufficient data for Tomáš to compare compensation growth.
Insufficient data for Tomáš to establish whether their remuneration is reasonable compared to companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure
Average tenure and age of the
MONETA Money Bank
management team in years:
The tenure for the MONETA Money Bank management team is about average.
Chairman of the Management Board & CEO
Chief Risk Officer & Vice-Chairman of Management Board
CFO & Member of Management Board
Chief Commercial Banking Officer & Member of the Management Board
Albert van Veen
COO & Member of the Management Board
Manager IT PMO & Information Technologies
Chief Information Officer
Chief Legal Officer
Chief Compliance Officer
Chief Products & Marketing Officer
Board of Directors Tenure
Average tenure and age of the
MONETA Money Bank
board of directors in years:
The average tenure for the MONETA Money Bank board of directors is less than 3 years, this suggests a new board.
Board of Directors
Chairman of the Supervisory Board
Vice-Chairman of the Supervisory Board
Chief Human Resources Officer & Member of the Supervisory Board
Member of the Supervisory Board & Chief Retail Distribution Officer
Chief Shared Services Officer & Member of the Supervisory Board
MONETA Money Bank, a.s. provides banking and financial services to retail customers, small and medium size enterprises, corporate clients, and financial and public sector institutions in the Czech Republic. The company operates through Commercial Clients, Retail Clients, and Treasury/Other segments. It offers various deposit products, including current and savings accounts, term deposits, and transactional products. The company also provides secured lending products, such as mortgages; unsecured lending products consisting of consumer loans, credit cards, and personal overdrafts; and commercial lending products comprising working capital, investment loans, and financing of small businesses and entrepreneurs through guarantees, letters of credits, and foreign exchange transactions. In addition, it intermediates additional payment protection insurance, which covers the customer’s monthly loan payment in the event of unemployment, accident, or sickness; and acts as the intermediary to provide its customers with other insurance and investment products. Further, the company engages in the foreign exchange transactions, interest rate swaps, investment in debt securities, equity investments, other non–interest bearing assets, and other operations. As of December 31, 2017, it operated a network of 227 branches and 668 ATMs. The company was formerly known as GE Money Bank, a.s. and changed its name to MONETA Money Bank, a.s. in May 2016. The company was founded in 1998 and is headquartered in Prague, the Czech Republic. MONETA Money Bank, a.s. was formerly a subsidiary of GE Capital International Holdings Corporation.
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