Cembra Money Bank AG (CMBN) AI Stock Analysis

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.