External analysts' list

Sorted alphabetically by company
FirmAnalyst
CitigroupAndrzej Powierza
Erste GroupThomas Unger
Fio BankaKarel Nedvěd
Goldman SachsMikhail Butkov
HSBC BankAndrzej Nowaczek
Ipopema SecuritiesMarta Czajkowska-Baldyga
J&T BankaMilan Lávička
J.P. MorganMehmet Sevim
Komerční bankaBohumil Trampota
mBankMichal Konarski
Patria FinanceMichal Křikava
PekaoMichal Fidelus
PKO BP SecuritiesRobert Brzoza
Wood & CompanyMarta Jeżewska-Wasilewska

 

Note: To the best of our knowledge, the external analysts listed above cover MONETA Money Bank, a.s. The list may not be complete and may change from time to time. MONETA Money Bank, a.s. will update the list periodically based on information availability. Please note that any opinions, estimates or forecasts made by these analysts on MONETA Money Bank's performance are not opinions, forecasts or predictions of MONETA Money Bank, a.s. or its management. By providing the list above and including these information, MONETA Money Bank, a.s. does not imply its endorsement of or concurrence with such information, conclusions or recommendations and disclaims any liability for the completeness, timeliness, accuracy or selection of such information. MONETA Money Bank, a.s. does not distribute detailed reports by any of the listed analysts or the rationale for their recommendations.

Target prices and recommendations overview

Sorted by target price. Last update: 18 September 2023
Firm Analyst Recommendation Target Price (CZK) Last report date
Fio Banka Karel Nedvěd buy 117.0 31 May 2022
Komerční banka Bohumil Trampota buy 104.6 3 February 2023
J&T Banka Milan Lávička buy 104.0 6 February 2023
Ipopema Securities Marta Czajkowska-Baldyga buy 103.6 26 July 2021
Citigroup Andrzej Powierza buy 102.3 18 September 2023
Pekao Michal Fidelus hold 100.5 28 March 2022
mBank Michal Konarski buy 95.5 3 July 2023
J.P. Morgan Mehmet Sevim neutral 94.0 28 July 2023
Erste Bank Thomas Unger accumulate 93.0 3 February 2023
Wood & Company Marta Jezewska-Wasilewska hold 90.1 11 July 2023
HSBC Andrzej Nowaczek hold 90.0 28 July 2023
Goldman Sachs Mikhail Butkov neutral 90.0 28 July 2023
Patria Finance Michal Křikava accumulate 85.0 3 February 2023
PKO BP Securities Robert Brzoza hold 84.8 24 February 2023
Average     96.7  
Median     94.7  
Minimum     84.8  
Maximum     117.0  

 

Note: To the best of our knowledge, the external analysts listed above cover MONETA Money Bank, a.s. The list may not be complete and may change from time to time. MONETA Money Bank, a.s. will update the list periodically based on information availability. Please note that any opinions, estimates or forecasts made by these analysts on MONETA Money Bank's performance are not opinions, forecasts or predictions of MONETA Money Bank, a.s. or its management. By providing the list above and including these information, MONETA Money Bank, a.s. does not imply its endorsement of or concurrence with such information, conclusions or recommendations and disclaims any liability for the completeness, timeliness, accuracy or selection of such information. MONETA Money Bank, a.s. does not distribute detailed reports by any of the listed analysts or the rationale for their recommendations.

Comparison of actual results of MONETA Money Bank, a.s. with analysts' estimates

Metrics (CZK m)1H 2023 Results Consensus
MINAVGMAX# of contributing analysts
Net interest income4,1984,0794,1354,23112
Net fee and commission income1,2791,1891,2411,27912
Other income39535241250412
Total operating income5,8725,6965,7885,84212
Total operating expenses(2,917)(2,993)(2,896)(2,844)12
Operating profit2,9552,7952,8922,97512
Cost of risk(30)(168)(36)2812
Net profit2,4782,2512,3892,50912

 

MONETA Group market guidance, its assumptions and limitations

Date of publishing: 27 July 2023

Medium term market guidance 2023–2027

Metrics20232024202520262027CAGR 2023-2027
Total operating income (CZK)≥12.0bn≥12.8bn≥13.1bn≥13.5bn≥14.0bn4.0%
Total operating expenses (CZK)≤5.7bn≤5.8bn≤5.9bn≤6.0bn≤6.1bn1.7%
Operating profit (CZK)≥6.3bn≥7.0bn≥7.2bn≥7.5bn≥7.9bn6.0%
Cost of risk (bps)15-3530-5035-5535-5535-55n/a
Effective tax rate~16.0%~16.5%~16.5%~16.5%~16.5%n/a
Net profit (CZK)≥4.7bn≥4.8bn≥5.0bn≥5.3bn≥5.6bn4.5%
Earnings per share (CZK)≥9.2≥9.4≥9.8≥10.4≥11.04.5%
Return on tangible equity1≥16.0%≥16.0%≥16.0%≥16.0%≥16.0%n/a


1) Net profit divided by tangible equity.

Material assumptions for medium term guidance

Assumptions20232024202520262027
GDP growth0.5%3.0%2.8%2.6%2.5%
Unemployment2.5%2.8%3.5%3.0%2.6%
Inflation11.2%2.1%2.0%2.0%2.0%
2W REPO rate7.0%5.7%3.0%2.8%2.8%
1M PRIBOR7.1%5.7%3.1%2.9%2.9%
CZK/EUR23.724.324.324.324.3

 

Loans and deposit growth assumptions

Gross performing loans (CZK bn)20222023F2024F2025F2026F2027FCAGR 2022-2027
Retail186.6178.3171.1175.8182.7195.81.0%
Commercial83.483.584.586.687.888.51.2%
Total270.1261.9255.5262.4270.6284.31.0%

 

Core customer deposits (CZK bn)20222023F2024F2025F2026F2027FCAGR 2022-2027
Retail256.3307.4324.6343.3361.5379.68.2%
Commercial77.585.393.798.1102.5106.66.6%
Total333.8392.7418.3441.4463.9486.27.8%

 

Disclaimer for forward looking statements

Forward looking statements may contain estimates, forecasts, targets, and forward-looking statements with respect to the management‘s medium term guidance, profitability, costs, assets, capital position, financial condition, results of operations, dividend and business of MONETA Group. The forward-looking statements assume a purely organic growth without regard to any potential acquisition.

Any forward-looking statements involve material assumptions and subjective judgements which may or may not prove to be correct and there can be no assurance that any of the matters set out in forward-looking statements will actually occur or will be realized or that such matters are complete or accurate. The assumptions may prove to be incorrect and involve known and unknown risks, uncertainties, contingencies and other important factors, many of which are outside the control of the Group. Actual achievements, results, performance or other future events or conditions may differ materially from those stated, implied and/or reflected in any forward-looking statements due to a variety of risks, uncertainties and other factors. Any forward-looking statement published on this page is made as at the date of its publishing. MONETA Money Bank, a.s. does not assume, and hereby disclaims, any obligation or duty to update forward-looking statements if circumstances or management’s assumptions beliefs, expectations or opinions should change, unless it would be required to do so under applicable law or regulation. For these reasons, recipients should not place reliance on, and are cautioned about relying on, any forward-looking statements.