ENXTLS:BCP

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Banco Comercial Português

Executive Summary

Banco Comercial Português, S.A., together with its subsidiaries, provides various banking and financial products and services. More Details


Snowflake Analysis

Excellent balance sheet and good value.


Similar Companies

Share Price & News

How has Banco Comercial Português's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BCP is more volatile than 75% of Portuguese stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: BCP's weekly volatility (9%) has been stable over the past year, but is still higher than 75% of Portuguese stocks.


Market Performance


7 Day Return

-8.3%

BCP

-0.4%

PT Banks

-3.6%

PT Market


1 Year Return

-32.5%

BCP

-17.8%

PT Banks

9.9%

PT Market

Return vs Industry: BCP underperformed the Portuguese Banks industry which returned -17.8% over the past year.

Return vs Market: BCP underperformed the Portuguese Market which returned 9.9% over the past year.


Shareholder returns

BCPIndustryMarket
7 Day-8.3%-0.4%-3.6%
30 Day4.0%2.5%10.6%
90 Day67.3%31.3%20.5%
1 Year-32.5%-32.5%-16.9%-17.8%14.2%9.9%
3 Year-57.0%-57.3%-29.6%-36.7%26.1%12.1%
5 Year-72.9%-95.4%4.3%-18.8%59.7%-19.6%

Long-Term Price Volatility Vs. Market

How volatile is Banco Comercial Português's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Banco Comercial Português undervalued compared to its fair value and its price relative to the market?

11.04x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BCP (€0.13) is trading above our estimate of fair value (€0.06)

Significantly Below Fair Value: BCP is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BCP is good value based on its PE Ratio (11x) compared to the XE Banks industry average (11.7x).

PE vs Market: BCP is good value based on its PE Ratio (11x) compared to the Portuguese market (19.6x).


Price to Earnings Growth Ratio

PEG Ratio: BCP is good value based on its PEG Ratio (0.4x)


Price to Book Ratio

PB vs Industry: BCP is good value based on its PB Ratio (0.3x) compared to the XE Banks industry average (0.6x).


Next Steps

Future Growth

How is Banco Comercial Português forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

31.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BCP's forecast earnings growth (31.4% per year) is above the savings rate (1.9%).

Earnings vs Market: BCP's earnings (31.4% per year) are forecast to grow faster than the Portuguese market (15.4% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BCP's revenue (2.2% per year) is forecast to grow slower than the Portuguese market (4.8% per year).

High Growth Revenue: BCP's revenue (2.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BCP's Return on Equity is forecast to be low in 3 years time (5.5%).


Next Steps

Past Performance

How has Banco Comercial Português performed over the past 5 years?

24.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BCP has high quality earnings.

Growing Profit Margin: BCP's current net profit margins (9.7%) are lower than last year (16.5%).


Past Earnings Growth Analysis

Earnings Trend: BCP's earnings have grown significantly by 24.7% per year over the past 5 years.

Accelerating Growth: BCP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BCP had negative earnings growth (-40.9%) over the past year, making it difficult to compare to the Banks industry average (-17.1%).


Return on Equity

High ROE: BCP's Return on Equity (3%) is considered low.


Next Steps

Financial Health

How is Banco Comercial Português's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: BCP's Assets to Equity ratio (11.5x) is moderate.

Allowance for Bad Loans: BCP has a sufficient allowance for bad loans (164%).

Low Risk Liabilities: 80% of BCP's liabilities are made up of primarily low risk sources of funding.

Loan Level: BCP has an appropriate level of Loans to Assets ratio (61%).

Low Risk Deposits: BCP's Loans to Deposits ratio (83%) is appropriate.

Level of Bad Loans: BCP has a high level of bad loans (2.5%).


Next Steps

Dividend

What is Banco Comercial Português's current dividend yield, its reliability and sustainability?

5.38%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate BCP's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BCP's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BCP's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BCP's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: BCP is not paying a notable dividend for the Portuguese market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BCP's dividend in 3 years as they are not forecast to pay a notable one for the Portuguese market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.8yrs

Average board tenure


CEO

Miguel Maya Pinheiro (56 yo)

2.67yrs

Tenure

€880,912

Compensation

Mr. Miguel Maya Dias Pinheiro is a Vice Chair of Administrative Council at Banco Millennium Atlântico, SA since 2018. Mr. Pinheiro had been Vice Chairman of BIM – Banco Internacional. Positions held at B...


CEO Compensation Analysis

Compensation vs Market: Miguel Maya's total compensation ($USD1.07M) is about average for companies of similar size in the Portuguese market ($USD1.06M).

Compensation vs Earnings: Miguel Maya's compensation has been consistent with company performance over the past year.


Board Members

NamePositionTenureCompensationOwnership
Miguel Maya Pinheiro
3rd Vice Chairman2.67yrs€880.91k0.0038%
€ 75.4k
Miguel de Pereira de Braganca
CFO & Director8.92yrs€715.39k0.0037%
€ 73.5k
Rui da Silva Teixeira
Executive Director9.75yrs€626.70k0.0014%
€ 27.7k
José Miguel Bensliman Schorcht Da Pessanha
Executive Director5.67yrs€626.70k0.0012%
€ 22.8k
Lingjiang Xu
Executive Director4yrs€150.66kno data
João de Oliveira Jorge Palma
Executive Director4yrs€715.39k0.0015%
€ 30.1k
Maria De Matos De Campos
Executive Director2.67yrs€579.61k0.0022%
€ 44.0k
Filipe de Sousa Ferreira Abecasis
General Manager and Chairman of the BCP Financeno datano datano data
Nuno da Silva Amado
Chairman of Board & Member of Board for International Strategy2.67yrs€773.95k0.010%
€ 198.2k
Cidália Mota Lopes
Independent Director5.67yrs€22.36k0.000010%
€ 196.5
Jorge Manuel Baptista Correia
1st Vice Chairman and Chairman of Remuneration & Welfare Boardno data€110.00k0.00059%
€ 11.6k
Valter Dias de Barros
2nd Vice Chairmanno datano datano data

4.8yrs

Average Tenure

56yo

Average Age

Experienced Board: BCP's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Banco Comercial Português, S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Banco Comercial Português, S.A.
  • Ticker: BCP
  • Exchange: ENXTLS
  • Founded: 1985
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €1.965b
  • Shares outstanding: 15.11b
  • Website: https://ind.millenniumbcp.pt

Number of Employees


Location

  • Banco Comercial Português, S.A.
  • Praça Dom João I, nº28
  • Piso 4
  • Porto
  • Norte
  • 4000-295
  • Portugal

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BPCG.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
BCPENXTLS (Euronext Lisbon)YesOrdinary SharesPTEURJan 1992
BCPNDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0RJNLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
BCPUBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992

Biography

Banco Comercial Português, S.A., together with its subsidiaries, provides various banking and financial products and services. It operates through Retail Banking; Companies, Corporate & Investment Banking;...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/15 20:52
End of Day Share Price2021/01/15 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.