Coverage by brokers and Guidance
List of external analysts and their recommendations, comparison of actual results with analysts’ estimates and MONETA Group market guidance.
External analysts' list
Sorted alphabetically by company
Analyst | |
|---|---|
| Citigroup | Andrzej Powierza |
| Erste Group | Thomas Unger |
| Fio Banka | Karel Nedvěd |
| Goldman Sachs | Mikhail Butkov |
| Ipopema Securities | Marta Czajkowska-Baldyga |
| J&T Banka | Milan Lávička |
| J.P. Morgan | Mehmet Sevim |
| Komerční banka | Bohumil Trampota |
| mBank | Michal Konarski |
| Patria Finance | Michal Křikava |
| Pekao | Adam Motala |
| PKO BP Securities | Robert Brzoza |
| Wood & Company | Marta 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: 15 November 2024
| Firm | Analyst | Recommendation | Target Price (CZK) | Last report date |
|---|---|---|---|---|
| J&T Banka | Milan Lávička | buy | 134.0 | 15 November 2024 |
| mBank | Michal Konarski | buy | 120.0 | 30 July 2024 |
| J.P. Morgan | Mehmet Sevim | neutral | 120.0 | 24 October 2024 |
| Patria Finance | Michal Křikava | hold | 120.0 | 4 November 2024 |
| PKO BP Securities | Robert Brzoza | buy | 116.5 | 17 July 2024 |
| Wood & Company | Marta Jezewska-Wasilewska | hold | 116.2 | 27 August 2024 |
| Citi | Andrzej Powierza | neutral | 113.0 | 15 November 2024 |
| Pekao | Adam Motala | hold | 107.5 | 18 March 2024 |
| Erste Bank | Thomas Unger | hold | 105.0 | 22 April 2024 |
| Goldman Sachs | Mikhail Butkov | neutral | 105.0 | 26 July 2024 |
| Fio Banka | Karel Nedvěd | accumulate | 104.0 | 9 January 2024 |
| Ipopema Securities | Marta Czajkowska-Baldyga | buy | 103.6 | 26 July 2021 |
| Komerční banka | Bohumil Trampota | under review | under review | 25 July 2024 |
| Average | 113.7 | |||
| Median | 114.6 | |||
| Minimum | 103.6 | |||
| Maximum | 134.0 |
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) | 3Q 2024 YtD Results | Consensus MIN | Consensus AVG | Consensus MAX | # of contributing analysts |
| Net interest income | 6,490 | 6,376 | 6,416 | 6,491 | 12 |
| Net fee and commission income | 2,246 | 2,247 | 2,259 | 2,286 | 12 |
| Other income | 731 | 739 | 775 | 814 | 12 |
| Total operating income | 9,467 | 9,370 | 9,450 | 9,567 | 12 |
| Total operating expenses | (4,169) | (4,250) | (4,189) | (4,131) | 12 |
| Operating profit | 5,298 | 5,152 | 5,261 | 5,410 | 12 |
| Cost of risk | (351) | (407) | (368) | (340) | 12 |
| Income tax | (711) | (739) | (690) | (673) | 12 |
| Net profit | 4,236 | 4,120 | 4,203 | 4,327 | 12 |
MONETA Group market guidance, its assumptions and limitations
Date of publishing: 2 February 2024
Medium term market guidance 2024–2028
| Metrics | 2024 | 2025 | 2026 | 2027 | 2028 | CAGR 2024-2028 |
| Total operating income (CZK) | ≥12.4bn | ≥12.8bn | ≥13.5bn | ≥14.0bn | ≥14.5bn | 4.0% |
| Total operating expenses (CZK) | ≤5.8bn | ≤5.9bn | ≤6.0bn | ≤6.2bn | ≤6.3bn | 2.1% |
| Operating profit (CZK) | ≥6.6bn | ≥6.9bn | ≥7.5bn | ≥7.8bn | ≥8.2bn | 5.6% |
| Cost of risk (bps) | 10-30 | 15-35 | 25-45 | 25-45 | 25-45 | n/a |
| Effective tax rate | ~14.0% | ~15.0% | ~15.0% | ~15.0% | ~15.0% | n/a |
| Net profit (CZK) | ≥5.2bn | ≥5.3bn | ≥5.5bn | ≥5.7bn | ≥6.0bn | 3.6% |
| Earnings per share (CZK) | ≥10.2 | ≥10.4 | ≥10.8 | ≥11.2 | ≥11.7 | 3.6% |
| Return on tangible equity1 | ≥17.0% | ≥17.0% | ≥17.0% | ≥17.0% | ≥17.0% | n/a |
1) Net profit divided by tangible equity.
Material assumptions for medium term guidance
| Assumptions | 2024 | 2025 | 2026 | 2027 | 2028 |
| GDP growth | 1.2% | 2.8% | 2.8% | 2.7% | 2.5% |
| Unemployment | 3.0% | 3.0% | 2.9% | 2.7% | 2.5% |
| Inflation | 2.6% | 2.1% | 2.0% | 2.0% | 2.0% |
| 2W REPO rate (annual average) | 5.2% | 3.3% | 3.0% | 3.0% | 3.0% |
| 1M PRIBOR (annual average) | 5.4% | 3.4% | 3.1% | 3.1% | 3.1% |
| CZK/EUR | 24.6 | 24.1 | 24.0 | 24.0 | 24.0 |
Loans and deposit growth assumptions
| Gross performing loans (CZK bn) | 2023 | 2024F | 2025F | 2026F | 2027F | 2028F | CAGR 2023-2028 |
| Retail | 179.5 | 178.8 | 180.9 | 183.2 | 192.1 | 206.1 | 2.8% |
| Commercial | 84.4 | 87.5 | 91.3 | 95.7 | 101.7 | 105.9 | 4.6% |
| Total | 263.9 | 266.4 | 272.2 | 278.9 | 293.8 | 311.9 | 3.4% |
| Customer deposits (CZK bn) | 2023 | 2024F | 2025F | 2026F | 2027F | 2028F | CAGR 2023-2028 |
| Retail | 313.2 | 321.3 | 333.9 | 353.7 | 372.1 | 391.1 | 4.5% |
| Commercial | 86.1 | 94.0 | 97.6 | 101.1 | 104.7 | 108.3 | 4.7% |
| Total | 399.2 | 415.3 | 431.5 | 454.9 | 476.7 | 499.4 | 4.6% |
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.
Regular IR newsletter
Subscribe for regular IR news. Please start with registration here.
