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ProCredit Holding KGaA

LSE:0RL9
Snowflake Description

Good value with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
0RL9
LSE
€589M
Market Cap
  1. Home
  2. GB
  3. Banks
Company description

ProCredit Holding AG & Co. KGaA, through its subsidiaries, operates as a development-oriented commercial banking company that offers various financial services to small and medium businesses, and private individuals in Germany, Eastern Europe, South Eastern Europe, and South America. The last earnings update was 124 days ago. More info.


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0RL9 Share Price and Events
7 Day Returns
0%
LSE:0RL9
1.9%
GB Banks
1.8%
GB Market
1 Year Returns
-11.4%
LSE:0RL9
-13.1%
GB Banks
-1%
GB Market
0RL9 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ProCredit Holding KGaA (0RL9) 0% 0% 1% -11.4% - -
GB Banks 1.9% -0.7% 5.6% -13.1% 15.9% -13.7%
GB Market 1.8% 0.8% 7.5% -1% 13.6% 3.1%
1 Year Return vs Industry and Market
  • 0RL9 outperformed the Banks industry which returned -13.1% over the past year.
  • 0RL9 underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -1% over the past year.
Price Volatility
0RL9
Industry
5yr Volatility vs Market

0RL9 Value

 Is ProCredit Holding KGaA undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of ProCredit Holding KGaA to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for ProCredit Holding KGaA.

LSE:0RL9 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= €14.22 * 9%
€1.28
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. €14.22
Discount Rate (Cost of Equity) See below 9.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:0RL9
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.598 (1 + (1- 30%) (236.79%))
1.395
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.39
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (1.395 * 5.96%)
9.54%

Discounted Cash Flow Calculation for LSE:0RL9 using Excess Returns Model Model

The calculations below outline how an intrinsic value for ProCredit Holding KGaA 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.

Note the calculations below are per share.

See our documentation to learn about this calculation.

LSE:0RL9 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9% – 9.54%) * €14.22)
€-0.08
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-0.08 / (9.54% - 1.23%)
€-0.95
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €14.22 + €-0.95
€13.27
LSE:0RL9 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in LSE:0RL9 represents 1.01x of XTRA:PCZ
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.01x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 13.27 x 1.01
€13.40
Value per share (EUR) From above. €13.40
Current discount Discount to share price of €10.10
= -1 x (€10.10 - €13.40) / €13.40
24.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price ProCredit Holding KGaA is available for.
Intrinsic value
25%
Share price is €10.1 vs Future cash flow value of €13.4
Current Discount Checks
For ProCredit Holding KGaA to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • ProCredit Holding KGaA's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • ProCredit Holding KGaA'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 ProCredit Holding KGaA's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ProCredit Holding KGaA's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:0RL9 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in EUR €0.86
XTRA:PCZ Share Price ** XTRA (2018-12-19) in EUR €10
United Kingdom of Great Britain and Northern Ireland Banks Industry PE Ratio Median Figure of 15 Publicly-Listed Banks Companies 9.8x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 806 Publicly-Listed Companies 15.93x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of ProCredit Holding KGaA.

LSE:0RL9 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:PCZ Share Price ÷ EPS (both in EUR)

= 10 ÷ 0.86

11.65x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ProCredit Holding KGaA is overvalued based on earnings compared to the GB Banks industry average.
  • ProCredit Holding KGaA is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does ProCredit Holding KGaA's expected growth come at a high price?
Raw Data
LSE:0RL9 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.65x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
15.5%per year
United Kingdom of Great Britain and Northern Ireland Banks Industry PEG Ratio Median Figure of 13 Publicly-Listed Banks Companies 0.67x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 572 Publicly-Listed Companies 1.35x

*Line of best fit is calculated by linear regression .

LSE:0RL9 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.65x ÷ 15.5%

0.75x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ProCredit Holding KGaA is good value based on expected growth next year.
Price based on value of assets
What value do investors place on ProCredit Holding KGaA's assets?
Raw Data
LSE:0RL9 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in EUR €12.30
XTRA:PCZ Share Price * XTRA (2018-12-19) in EUR €10
United Kingdom of Great Britain and Northern Ireland Banks Industry PB Ratio Median Figure of 16 Publicly-Listed Banks Companies 0.82x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,359 Publicly-Listed Companies 1.52x
LSE:0RL9 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:PCZ Share Price ÷ Book Value per Share (both in EUR)

= 10 ÷ 12.30

0.81x

* Primary Listing of ProCredit Holding KGaA.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ProCredit Holding KGaA is good value based on assets compared to the GB Banks industry average.
X
Value checks
We assess ProCredit Holding KGaA's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. ProCredit Holding KGaA has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

0RL9 Future Performance

 How is ProCredit Holding KGaA expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ProCredit Holding KGaA expected to grow at an attractive rate?
  • ProCredit Holding KGaA's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • ProCredit Holding KGaA's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • ProCredit Holding KGaA's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:0RL9 Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:0RL9 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 15.5%
LSE:0RL9 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 8.8%
United Kingdom of Great Britain and Northern Ireland Banks Industry Earnings Growth Rate Market Cap Weighted Average 13.4%
United Kingdom of Great Britain and Northern Ireland Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 11.2%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:0RL9 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:0RL9 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 357 103 1
2021-12-31 318 82 2
2020-12-31 288 69 5
2019-12-31 265 62 5
2018-12-31 245 52 5
LSE:0RL9 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-09-30 241 49
2018-06-30 242 -107 51
2018-03-31 248 50
2017-12-31 249 -65 45
2017-09-30 256 45
2017-06-30 256 -224 42
2017-03-31 261 45
2016-12-31 261 -92 45
2016-09-30 255 24 41
2016-06-30 257 25 39
2016-03-31 248 45 33
2015-12-31 266 -56 37

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ProCredit Holding KGaA's earnings are expected to grow by 15.5% yearly, however this is not considered high growth (20% yearly).
  • ProCredit Holding KGaA's revenue is expected to grow by 8.8% 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.
Raw Data
LSE:0RL9 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from ProCredit Holding KGaA Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0RL9 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.74 1.74 1.74 1.00
2021-12-31 1.40 1.50 1.29 2.00
2020-12-31 1.18 1.33 0.99 5.00
2019-12-31 1.04 1.17 0.96 5.00
2018-12-31 0.89 0.92 0.87 4.00
LSE:0RL9 Past Financials Data
Date (Data in EUR Millions) EPS *
2018-09-30 0.86
2018-06-30 0.91
2018-03-31 0.91
2017-12-31 0.84
2017-09-30 0.85
2017-06-30 0.79
2017-03-31 0.86
2016-12-31 0.89
2016-09-30 0.79
2016-06-30 0.77
2016-03-31 0.67
2015-12-31 0.72

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • ProCredit Holding KGaA is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess ProCredit Holding KGaA's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
ProCredit Holding KGaA has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

0RL9 Past Performance

  How has ProCredit Holding KGaA performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare ProCredit Holding KGaA's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • ProCredit Holding KGaA's year on year earnings growth rate has been positive over the past 5 years.
  • ProCredit Holding KGaA's 1-year earnings growth exceeds its 5-year average (9% vs 4.4%)
  • ProCredit Holding KGaA's earnings growth has not exceeded the GB Banks industry average in the past year (9% vs 49.4%).
Earnings and Revenue History
ProCredit Holding KGaA's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from ProCredit Holding KGaA Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0RL9 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 240.83 49.32 158.60
2018-06-30 242.07 50.55 160.90
2018-03-31 247.64 49.74 167.02
2017-12-31 249.37 44.84 172.60
2017-09-30 255.59 45.26 178.34
2017-06-30 255.68 41.58 181.36
2017-03-31 260.73 45.07 182.68
2016-12-31 260.81 45.49 182.66
2016-09-30 255.32 40.51 183.71
2016-06-30 256.63 39.49 186.56
2016-03-31 248.25 33.38 183.35
2015-12-31 266.27 36.60 197.10
2015-09-30 350.27 53.86 244.02
2015-06-30 368.53 53.37 259.24
2015-03-31 389.93 54.01 280.79
2014-12-31 390.97 49.14 287.26
2014-09-30 365.23 30.74 278.75
2014-06-30 386.56 33.26 299.83
2014-03-31 410.35 34.33 319.81
2013-12-31 411.17 36.30 319.25
2013-09-30 424.38 42.62 333.18
2013-06-30 424.43 37.99 339.29
2013-03-31 431.16 43.06 344.56
2012-12-31 435.75 44.81 346.85
2012-09-30 433.22 45.94 347.03
2012-06-30 431.72 51.48 353.38
2012-03-31 418.63 44.85 344.89

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • ProCredit Holding KGaA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • ProCredit Holding KGaA used its assets more efficiently than the GB Banks industry average last year based on Return on Assets.
  • Unable to establish if ProCredit Holding KGaA improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess ProCredit Holding KGaA's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. 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.
ProCredit Holding KGaA has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

0RL9 Health

 How is ProCredit Holding KGaA's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

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 differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of ProCredit Holding KGaA'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 checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, 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.
Raw Data

All data from ProCredit Holding KGaA Company Filings, last reported 5 months ago.

LSE:0RL9 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 728.83 1,394.64 136.64
2018-06-30 723.95 1,323.98 815.05
2018-03-31 720.88 1,171.81 810.27
2017-12-31 658.53 1,233.18 904.18
2017-09-30 657.44 1,105.23 900.13
2017-06-30 651.87 1,136.61 683.35
2017-03-31 670.06 1,084.89 773.27
2016-12-31 654.27 1,132.99 889.85
2016-09-30 610.61 1,126.91 440.45
2016-06-30 608.05 1,246.00 814.05
2016-03-31 606.26 1,201.34 793.21
2015-12-31 604.00 1,242.58 852.79
2015-09-30 588.95 1,251.40 717.40
2015-06-30 585.28 1,284.52 445.74
2015-03-31 592.42 1,318.79 443.47
2014-12-31 555.38 1,365.20 876.11
2014-09-30 545.41 1,484.70 440.02
2014-06-30 505.06 1,479.28 686.18
2014-03-31 502.57 1,441.39 696.72
2013-12-31 502.74 1,481.05 799.63
2013-09-30 512.66 1,491.78 836.53
2013-06-30 513.32 1,557.92 503.32
2013-03-31 523.50 1,546.42 822.40
2012-12-31 503.13 1,584.41 834.19
2012-09-30 491.86 1,599.90 760.85
2012-06-30 491.37 1,710.81 709.54
2012-03-31 468.16 1,569.40 699.26
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • ProCredit Holding KGaA has an acceptable proportion of non-loan assets held.
  • ProCredit Holding KGaA's liabilities are made up of primarily low risk sources of funding.
  • Loans at ProCredit Holding KGaA are broadly funded by customer deposits.
  • ProCredit Holding KGaA's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • ProCredit Holding KGaA has a low allowance for bad loans.
  • ProCredit Holding KGaA has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess ProCredit Holding KGaA's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. ProCredit Holding KGaA has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

0RL9 Dividends

 What is ProCredit Holding KGaA's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.7%
Current annual income from ProCredit Holding KGaA dividends. Estimated to be 3.93% next year.
If you bought €2,000 of ProCredit Holding KGaA shares you are expected to receive €54 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • ProCredit Holding KGaA's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.03%).
  • ProCredit Holding KGaA's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.17%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:0RL9 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Banks Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 5.1%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 704 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:0RL9 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.57 1.00
2021-12-31 0.46 2.00
2020-12-31 0.38 5.00
2019-12-31 0.34 5.00
2018-12-31 0.29 4.00
LSE:0RL9 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-05-24 0.270 2.550
2017-05-18 0.380 3.099
2016-12-22 0.400 2.711

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ProCredit Holding KGaA has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • ProCredit Holding KGaA has only been paying a dividend for 2 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of ProCredit Holding KGaA's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
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Income/ dividend checks
We assess ProCredit Holding KGaA's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can ProCredit Holding KGaA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ProCredit Holding KGaA has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

0RL9 Management

 What is the CEO of ProCredit Holding KGaA's salary, the management and board of directors tenure and is there insider trading?

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.
  • ProCredit Holding KGaA has no CEO, or we have no data on them.
Management Team

Gabriel Schor

TITLE
MD & Member of the Management Board of Procredit General Partner AG
COMPENSATION
€175K
AGE
66

Borislav Kostadinov

TITLE
Member of the Management Board of Procredit General Partner AG
COMPENSATION
€169K
AGE
42

Sandrine Massiani

TITLE
Member of the Management Board of Procredit General Partner AG
COMPENSATION
€168K
AGE
47
TENURE
2 yrs

Rossana Mazzilli

TITLE
Chief Legal Counsel
Board of Directors Tenure

Average tenure of the ProCredit Holding KGaA board of directors in years:

3.8
Average Tenure
  • The tenure for the ProCredit Holding KGaA board of directors is about average.
Board of Directors

Claus-Peter Zeitinger

TITLE
Supervisory Board Chairman

Christian Krämer

TITLE
Supervisory Board Vice Chairman

Jasper Snoek

TITLE
Member of Supervisory Board
TENURE
11.2 yrs

Petar Slavov

TITLE
Member of Supervisory Board
TENURE
5.2 yrs

Rainer Ottenstein

TITLE
Supervisory Board Member
AGE
60
TENURE
2.3 yrs

Marianne Loner

TITLE
Supervisory Board Member
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess ProCredit Holding KGaA's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. ProCredit Holding KGaA has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

0RL9 News

Simply Wall St News

0RL9 Company Info

Description

ProCredit Holding AG & Co. KGaA, through its subsidiaries, operates as a development-oriented commercial banking company that offers various financial services to small and medium businesses, and private individuals in Germany, Eastern Europe, South Eastern Europe, and South America. The company provides account services, such as e-banking, cards, domestic and international payments, and transactions; advice on liquidity management or accounting and reporting; payroll services, documentary business, and trade finance; savings and personal banking services; overdrafts; and housing and housing improvement loans. The company was formerly known as Internationale Micro Investitionen AG. ProCredit Holding AG & Co. KGaA was founded in 1998 and is based in Frankfurt am Main, Germany.

Details
Name: ProCredit Holding AG & Co. KGaA
0RL9
Exchange: LSE
Founded: 1998
€588,984,920
58,898,492
Website: http://www.procredit-holding.com
Address: ProCredit Holding AG & Co. KGaA
Rohmerplatz 33-37,
Frankfurt am Main,
Hessen, 60486,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA PCZ Ordinary Shares XETRA Trading Platform DE EUR 22. Dec 2016
DB PCZ Ordinary Shares Deutsche Boerse AG DE EUR 22. Dec 2016
LSE 0RL9 Ordinary Shares London Stock Exchange GB EUR 22. Dec 2016
Number of employees
Current staff
Staff numbers
3,328
ProCredit Holding KGaA employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/18 21:54
End of day share price update: 2018/12/19 00:00
Last estimates confirmation: 2019/02/15
Last earnings filing: 2018/11/14
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.