OTCPK:KMER.F

Stock Analysis Report

Executive Summary

Komercní banka, a.s., together with its subsidiaries, provides various retail, corporate, and investment banking services primarily in the Czech Republic, and Central and Eastern Europe.

Snowflake

Fundamentals

Excellent balance sheet established dividend payer.


Similar Companies

Share Price & News

How has Komercní banka's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0%

KMER.F

3.7%

US Banks

1.8%

US Market


1 Year Return

n/a

KMER.F

1.9%

US Banks

7.3%

US Market

Return vs Industry: Insufficient data to determine how KMER.F performed against the US Banks industry.

Return vs Market: Insufficient data to determine how KMER.F performed against the US Market.


Shareholder returns

KMER.FIndustryMarket
7 Day0%3.7%1.8%
30 Day-10.3%0.2%-0.7%
90 Dayn/a2.5%0.06%
1 Yearn/a4.9%1.9%9.7%7.3%
3 Year-1.9%-1.9%51.7%41.2%46.3%36.9%
5 Year-86.2%-86.2%69.7%51.2%64.5%46.5%

Price Volatility Vs. Market

How volatile is Komercní banka's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Komercní banka undervalued compared to its fair value and its price relative to the market?

8.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: KMER.F ($31) is trading below our estimate of fair value ($34)

Significantly Undervalued: KMER.F is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: KMER.F is good value based on its PE Ratio (9.6x) compared to the Banks industry average (12.6x).

PE vs Market: KMER.F is good value based on its PE Ratio (9.6x) compared to the US market (17.7x).


Price to Earnings Growth Ratio

Low PEG Ratio: KMER.F is poor value based on its PEG Ratio (6.1x)


Price to Book Ratio

PB vs Industry: KMER.F is overvalued based on its PB Ratio (1.5x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Komercní banka forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

1.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KMER.F's forecast earnings growth (1.6% per year) is below the savings rate (2.7%).

Earnings vs Market: KMER.F's earnings (1.6% per year) are forecast to grow slower than the US market (14.6% per year).

High Growth Earnings: KMER.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: KMER.F's revenue (4.2% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: KMER.F's revenue (4.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: KMER.F's Return on Equity is forecast to be low in 3 years time (12.9%).


Next Steps

Past Performance

How has Komercní banka performed over the past 5 years?

3.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: KMER.F's earnings have grown by 3.8% per year over the past 5 years.

Accelerating Growth: KMER.F's earnings growth over the past year (9.4%) exceeds its 5-year average (3.8% per year).

Earnings vs Industry: KMER.F earnings growth over the past year (9.4%) underperformed the Banks industry 30.5%.


Return on Equity

High ROE: KMER.F's Return on Equity (15.5%) is considered low.


Return on Assets

ROA vs Industry: KMER.F has a higher Return on Assets than the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate KMER.F's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Komercní banka'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

Inventory Level: KMER.F has a low level of unsold assets or inventory.

Debt Coverage by Assets: KMER.F's debt is not covered by short term assets (assets are 0.6x debt).


Financial Institutions Analysis

Asset Level: KMER.F's level of assets compared to its equity is moderate.

Allowance for Bad Loans: KMER.F has a low allowance for bad loans.

Low Risk Liabilities: KMER.F's liabilities are made up of primarily low risk sources of funding.

Loan Level: KMER.F has an acceptable proportion of non-loan assets held.

Low Risk Deposits: KMER.F's loans are broadly funded by customer deposits.

Level of Bad Loans: KMER.F has an appropriate level of bad loans (1.5%)


Next Steps

Dividend

What is Komercní banka's current dividend yield, its reliability and sustainability?

6.56%

Current Dividend Yield


Dividend Yield vs Market

company6.6%marketbottom25%1.5%markettop25%3.7%industryaverage3.0%forecastin3Years6.7%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: KMER.F's dividend (6.56%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: KMER.F's dividend (6.56%) is in the top 25% of dividend payers in the US market (3.72%)

Stable Dividend: KMER.F's dividend payments have been volatile in the past 10 years.

Growing Dividend: KMER.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (62.9%), KMER.F's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: KMER.F's dividends in 3 years are forecast to be covered by earnings (66.6% payout ratio).


Next Steps

Management

What is the CEO of Komercní banka's salary, the management and board of directors tenure and is there insider trading?

1.6yrs

Average management tenure


CEO

Jan Juchelka (48yo)

2.2yrs

Tenure

Kč5,050,166

Compensation

Mr. Jan Juchelka has been Group Country Head for Czech Republic and Slovakia Societe Generale Grou since September 01, 2017. Mr. Juchelka has been the Chairman, Chief Executive Officer and Director of Kome ...


CEO Compensation Analysis

Compensation vs. Market: Jan's total compensation ($USD0.00) is too low to compare against companies of similar size in the US market ($USD6.79M).

Compensation vs Earnings: Insufficient data to compare Jan's compensation with company performance.


Management Age and Tenure

1.6yrs

Average Tenure

51yo

Average Age

Experienced Management: KMER.F's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.


Board Age and Tenure

2.3yrs

Average Tenure

56.5yo

Average Age

Experienced Board: KMER.F's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Insider Trading

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


Ownership Breakdown


Management Team

  • Didier Luc Dominique Colin (56yo)

    Senior Executive Director

    • Tenure: 2yrs
    • Compensation: Kč2.01m
  • Jan Juchelka (48yo)

    Chairman of the Board & CEO

    • Tenure: 2.2yrs
    • Compensation: Kč5.05m
  • Vladimír Jerábek (51yo)

    Senior Executive Director

    • Tenure: 11.3yrs
    • Compensation: Kč7.38m
  • Miroslav Hiršl (47yo)

    Senior Executive Director of Retail Banking & Member of the Board of Directors

    • Tenure: 1.2yrs
  • Jirí Šperl

    Executive Director of Strategy & Finance

    • Tenure: 4.8yrs
  • Margus Simson

    Chief Digital Officer

    • Tenure: 0.8yrs
  • David Formánek (51yo)

    Senior Executive Director of Corporate & Investment Banking and Member of the Board of Directors

    • Tenure: 1.2yrs
  • Ida Balusková

    Manager of Accounting & Reporting

    • Tenure: 0yrs
  • Jakub Cerný

    Head of Investor Relations

    • Tenure: 0yrs
  • Tomáš Hochmeister

    Executive Director of Investment Banking

    • Tenure: 0.5yrs

Board Members

  • Didier Luc Dominique Colin (56yo)

    Senior Executive Director

    • Tenure: 2yrs
    • Compensation: Kč2.01m
  • Jan Juchelka (48yo)

    Chairman of the Board & CEO

    • Tenure: 2.2yrs
    • Compensation: Kč5.05m
  • Jean-Luc Joseph Parer (65yo)

    Chairman of the Supervisory Board

    • Tenure: 6.4yrs
    • Compensation: Kč104.50k
  • Laurent Goutard (58yo)

    Member of the Supervisory Board

    • Tenure: 6.4yrs
    • Compensation: Kč2.30m
  • Petra Wendelová (57yo)

    Member of the Supervisory Board

    • Tenure: 0.5yrs
  • Vladimír Jerábek (51yo)

    Senior Executive Director

    • Tenure: 11.3yrs
    • Compensation: Kč7.38m
  • Gian Soma (59yo)

    Vice-Chairman of Supervisory Board

    • Tenure: 6.4yrs
  • Petr Dvorák (59yo)

    Independent Member of the Supervisory Board

    • Tenure: 2.3yrs
  • Cécile Camilli (44yo)

    Member of Supervisory Board

    • Tenure: 0.5yrs
  • Sylva Kynychová (47yo)

    Member of Supervisory Board

    • Tenure: 0.8yrs

Company Information

Komercní banka, a.s.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Komercní banka, a.s.
  • Ticker: KMER.F
  • Exchange: OTCPK
  • Founded: 1990
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: Kč146.930b
  • Listing Market Cap: Kč6.363b
  • Shares outstanding: 188.86m
  • Website: https://www.kb.cz

Number of Employees


Location

  • Komercní banka, a.s.
  • Na Príkope 33
  • Prague 1
  • Prague
  • 114 07
  • Czech Republic

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KOMBSEP (The Stock Exchange Prague Co. Ltd.)YesBearer SharesCZCZKNov 1993
KONNDB (Deutsche Boerse AG)YesBearer SharesDEEURNov 1993
0IKHLSE (London Stock Exchange)YesBearer SharesGBCZKNov 1993
KMER.FOTCPK (Pink Sheets LLC)YesBearer SharesUSUSDNov 1993
KOMBKBATS-CHIXE (BATS 'Chi-X Europe')YesBearer SharesGBCZKNov 1993

Biography

Komercní banka, a.s., together with its subsidiaries, provides various retail, corporate, and investment banking services primarily in the Czech Republic, and Central and Eastern Europe. The company’s Reta ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/17 23:58
End of Day Share Price2019/10/09 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.