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Cembra Money Bank AG
(CMBN)
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Rating:72Outperform
Price Target:
CHF98.00
â–˛(9.80% Upside)
Action:Reiterated
Date:10/24/26
The score is driven primarily by solid financial performance (strong cash generation and steady profitability) and supportive valuation (moderate P/E with a high dividend yield). These positives are tempered by mixed technicals (weaker long-term trend despite improving near-term momentum) and earnings-call risks tied to the acquisition’s near-term dilution, capital impact, and modest credit/yield pressures.
Positive Factors
High-quality cash generation
Cash conversion closely tracking earnings indicates that reported profitability is translating into substantial internally generated funds. This supports dividends, reinvestment, and balance-sheet resilience, while the 2025 acceleration provides a durable cushion for managing credit or funding pressures.
Negative Factors
Debt-heavy funding profile
Cembra’s leverage remains a structural sensitivity because its debt-heavy funding model can amplify the effects of weaker credit performance or higher funding costs. Low operating-cash-flow coverage of debt also means deleveraging could be slow if conditions become less favorable.
Read all positive and negative factors
Positive Factors
Negative Factors
High-quality cash generation
Cash conversion closely tracking earnings indicates that reported profitability is translating into substantial internally generated funds. This supports dividends, reinvestment, and balance-sheet resilience, while the 2025 acceleration provides a durable cushion for managing credit or funding pressures.
Read all positive factors
Cembra Money Bank AG (CMBN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF2.62B
Dividend Yield5.2%
Average Volume (3M)62.70K
Price to Earnings (P/E)14.3
Beta (1Y)0.42
Revenue Growth-3.21%
EPS Growth3.07%
CountryCH
Employees744
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)6.24
Shares Outstanding30,000,000
10 Day Avg. Volume52,343
30 Day Avg. Volume62,700
Financial Highlights & Ratios
PEG Ratio2.94
Price to Book (P/B)2.22
Price to Sales (P/S)4.69
P/FCF Ratio14.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)6.43
Revenue Forecast (FY)CHF546.39M
Cembra Money Bank AG Business Overview & Revenue Model
Company Description
Cembra Money Bank AG provides consumer finance products and services in Switzerland. The company offers savings and deposit products; cash and personal loans, and auto loans and leasing products; credit card and invoice financing receivables; leas...
Cembra Money Bank AG Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 18, 2027
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: net income and EPS growth, receivables growth, meaningful efficiency gains (lower OpEx, improved cost/income ratio), stable NIM, and strong capital and liquidity metrics. Management also announced a strategically attractive acquisition to scale the auto business and expand partnerships, with medium-term earnings upside (EPS accretive from 2027 and +25 bps ROE by 2028). Notable near-term challenges include flat revenues amid pricing pressure, a slight uptick in the loss rate (and one-off accounting impacts related to the deal), near-term EPS dilution and a 70–80 bps capital hit from the acquisition, and temporary pressure on fee income and some product volumes (BNPL). Overall, the positive operational momentum, capital strength, and strategic rationale for the acquisition outweigh the near-term dilutive and accounting headwinds.Positive Updates
Net Income and EPS Growth
Net income of CHF 92.3 million in H1 2026, up 6% year-over-year; EPS of CHF 3.15, also representing 6% growth.
Negative Updates
Flat Net Revenues and Pricing Pressure
Net revenues remained broadly flat in H1 despite management actions; company absorbed CHF 5.7 million negative pricing impact from lower maximum interest rates and CHF 0.8 million lower cash income, indicating yield pressure on higher-priced vintages.
Read all updates
Q2-2026 Updates
Positive
Negative
Net Income and EPS Growth
Net income of CHF 92.3 million in H1 2026, up 6% year-over-year; EPS of CHF 3.15, also representing 6% growth.
Read all positive updates
Company Guidance
The company reconfirmed its full‑year guidance on a core (ex‑transaction) basis: net interest margin targeted to remain at 5.4%, organic net revenues to grow in line with GDP, and a pre‑transaction loss rate around 1% (H1 loss rate 1.1%, provisions CHF36.2m) with the inclusion of the Santander auto deal pushing 2026 slightly above the mid‑term ~1% target; cost/income guidance is ~43% (H1: 43.5%) with H2 run‑rate below 40% excluding the transaction, OpEx for 2026 expected CHF228–230m (≥CHF15m reduction) and FTEs down to 744; capital and returns: ROE around 14% (H1: 14.1%), Tier‑1 17.7% (CET1 15.3%) now and expected to be ~17% year‑end after a 70–80bp transaction hit, dividend policy unchanged (at least CHF4.60 for 2026); transaction specifics: CHF820m purchase price (financed with CHF120m equity / CHF680m debt), EPS dilutive in 2026 but accretive from 2027 and adding ~25bp to ROE by 2028; balance sheet/funding: net financing receivables +2% to CHF6.69bn, total funding ~CHF6.3bn with deposits 57%/non‑deposits 43%, end‑period funding cost 1.17% (may edge up modestly), LCR 446% and NSFR 112%; H1 net income CHF92.3m, EPS CHF3.15.Cembra Money Bank AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
68
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 628.27M | 635.10M | 550.45M | 458.78M | 538.25M | 513.05M |
| Gross Profit | 463.70M | 468.62M | 550.45M | 590.60M | 538.25M | 513.05M |
| EBITDA | 251.26M | 241.85M | 238.61M | 223.67M | 236.43M | 225.53M |
| Net Income | 185.08M | 180.00M | 170.40M | 158.03M | 169.30M | 161.50M |
Balance Sheet | ||||||
| Total Assets | 7.76B | 7.94B | 7.95B | 8.09B | 7.66B | 7.10B |
| Cash, Cash Equivalents and Short-Term Investments | 506.49M | 780.98M | 793.20M | 921.97M | 632.64M | 544.77M |
| Total Debt | 2.73B | 2.83B | 2.91B | 3.11B | 2.63B | 2.52B |
| Total Liabilities | 6.49B | 6.60B | 6.66B | 6.84B | 6.38B | 5.90B |
| Stockholders Equity | 1.27B | 1.35B | 1.29B | 1.25B | 1.27B | 1.20B |
Cash Flow | ||||||
| Free Cash Flow | 260.92M | 207.41M | 250.34M | 179.57M | 231.65M | 164.64M |
| Operating Cash Flow | 274.39M | 219.40M | 260.64M | 188.53M | 243.42M | 174.61M |
| Investing Cash Flow | -171.63M | -58.77M | -112.57M | -233.44M | -471.87M | 34.45M |
| Financing Cash Flow | -368.52M | -162.16M | -288.63M | 352.89M | 297.64M | -258.63M |
Cembra Money Bank AG Technical Analysis
Positive
89.25
Price Trends
87.54
Positive
89.58
Negative
91.79
Negative
Market Momentum
0.29
Negative
61.61
Neutral
74.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:CMBN, the sentiment is Positive. The current price of 89.25 is above the 20-day moving average (MA) of 87.11, above the 50-day MA of 87.54, and below the 200-day MA of 91.79, indicating a neutral trend. The MACD of 0.29 indicates Negative momentum. The RSI at 61.61 is Neutral, neither overbought nor oversold. The STOCH value of 74.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:CMBN.
Cembra Money Bank AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | CHF2.63B | 29.61 | 5.17% | 2.40% | -11.86% | 3.44% | |
72 Outperform | CHF2.62B | 14.29 | 14.13% | 5.20% | -3.21% | 3.07% | |
65 Neutral | CHF3.24B | 24.60 | 8.12% | 2.04% | -10.05% | -1.35% | |
63 Neutral | CHF3.98B | 21.96 | 5.89% | 2.51% | -3.86% | -0.07% | |
63 Neutral | CHF11.20B | 25.47 | 11.28% | 3.37% | -7.86% | 1.46% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | CHF2.31B | 14.70 | 5.69% | 4.10% | -10.84% | 3.22% |
* General Sector Average
CH:CMBN
Cembra Money Bank AG
89.20
3.04
3.52%
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CH:ZUGER
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Cembra Money Bank AG Corporate Events
Cembra to Shift Headquarters from Zurich to Baden’s Konnex Complex
Sep 24, 2026
Cembra Money Bank AG plans to relocate its headquarters from Zurich Altstetten to the Konnex building complex in Baden-Nord, with the move expected in autumn 2027. The site is designed as a modern, energy-efficient workplace aligned with the bank&...
Cembra Raises CHF 52 Million via Treasury Share Placement to Fund Santander Auto Finance Deal
Jul 24, 2026
Cembra Money Bank AG has executed an accelerated bookbuilding to sell 601,801 treasury shares, representing about 2% of its share capital, at CHF 86.80 per share. The private placement, directed at professional investors in Switzerland and qualifi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.