Cembra Money Bank AG (CH:CMBN)
:CMBN
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Cembra Money Bank AG
(CMBN)
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Rating:72Outperform
Price Target:
CHF111.00
▲(12.29% Upside)
Action:ReiteratedDate:03/02/26
The score is primarily driven by solid financial performance (profitable with strong cash conversion) and a constructive earnings outlook centered on further cost reductions and ~15% ROE guidance supported by strong capital. Valuation is reasonable with an attractive dividend yield, while technical signals are only moderately positive due to mixed momentum indicators.
Positive Factors
Strong cash generation
High and closely aligned free cash flow demonstrates earnings quality and durable internal funding capacity. Sustained FCF near net income gives management flexibility to pay dividends, reinvest in digital and partnerships, and absorb credit cycles without immediate reliance on costly external funding.
Negative Factors
High leverage and funding mix
Elevated leverage and reliance on debt-style funding amplify sensitivity to funding cost volatility and credit shocks. Even with improving metrics, high debt-to-equity constrains rapid asset growth, increases refinancing and liquidity risk, and limits flexibility for aggressive expansion over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
High and closely aligned free cash flow demonstrates earnings quality and durable internal funding capacity. Sustained FCF near net income gives management flexibility to pay dividends, reinvest in digital and partnerships, and absorb credit cycles without immediate reliance on costly external funding.
Read all positive factors
Cembra Money Bank AG (CMBN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF2.86B
Dividend Yield4.3%
Average Volume (3M)50.87K
Price to Earnings (P/E)16.6
Beta (1Y)0.39
Revenue Growth3.32%
EPS Growth11.19%
CountryCH
Employees759
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.15
Shares Outstanding30,000,000
10 Day Avg. Volume53,197
30 Day Avg. Volume50,870
Financial Highlights & Ratios
PEG Ratio5.06
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)6.92
Revenue Forecast (FY)CHF550.95M
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 products, including medium-term notes and deposit accounts; loans comprising cash, consumer, personal, business, and auto loans; credit...
How the Company Makes Money
Cembra Money Bank AG generates revenue primarily through interest income from its lending activities, including personal loans, auto financing, and credit card products. The company earns interest on the money it lends to customers, which constitu...
Cembra Money Bank AG Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call emphasized operational execution, cost discipline and capital strength with clear, measurable improvements (net income +5%, CHF 19m cost savings, improved cost/income, defended NIM, strong Tier 1 at 17.6%). Management acknowledged headwinds (net revenue -2%, personal loans -6%, regulatory pressure on card yields and a higher H2 loss rate driven by a collections/write-off synchronization). On balance the positives — improved profitability metrics, strong capital and clear 2026 targets (ROE ~15%, further OpEx reduction) — outweigh the transitory and structural challenges discussed.Positive Updates
Net Income Growth
Net income increased 5% to CHF 179.6 million (presented as ~CHF 180 million), demonstrating resilience and delivery from transformation programs.
Negative Updates
Net Revenue Decline
Net revenue decreased 2% to CHF 542 million, impacted by selective receivables growth and lower interest income in cards following regulatory interest rate caps.
Read all updates
Q4-2025 Updates
Positive
Negative
Net Income Growth
Net income increased 5% to CHF 179.6 million (presented as ~CHF 180 million), demonstrating resilience and delivery from transformation programs.
Read all positive updates
Company Guidance
The company guided to a resilient 2026 with net revenues growing in line with GDP, a stable net interest margin (around the 2025 level of 5.5%), and a loss rate near 1% (consistent with 2025’s 1.1% / CHF 73.6–74m provisions); management expects CHF 15–20m of additional OpEx savings in 2026 (after CHF 19m saved in 2025), driving a full‑year cost/income ratio into a 39–41% range (H2 2025 was 42.9%, FY2025 45.2%), and targets an ROE of about 15% for 2026; capital remains strong (Tier 1 17.6% at FY2025, around 17% expected year‑end 2026), funding cost improved to ~1.33%, liquidity metrics are robust (LCR 744%, NSFR 116%), net financing receivables were CHF 6.6bn (‑0.6% YoY), FY2025 net income was ~CHF 179.6–180m with net revenue CHF 542m (‑2%), operating expense CHF 245m (‑7%), commission & fees CHF 170m, and the board proposes an ordinary dividend up 8% to CHF 4.60 plus an extraordinary CHF 1.Cembra Money Bank AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
68
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 635.10M | 550.45M | 458.78M | 538.25M | 513.05M |
| Gross Profit | 561.50M | 550.45M | 590.60M | 538.25M | 513.05M |
| EBITDA | 0.00 | 0.00 | 223.67M | 236.43M | 225.53M |
| Net Income | 180.00M | 170.40M | 158.03M | 169.30M | 161.50M |
Balance Sheet | |||||
| Total Assets | 7.94B | 7.95B | 8.09B | 7.66B | 7.10B |
| Cash, Cash Equivalents and Short-Term Investments | 780.98M | 793.20M | 921.97M | 632.64M | 544.77M |
| Total Debt | 2.83B | 2.91B | 3.11B | 2.63B | 2.52B |
| Total Liabilities | 6.60B | 6.66B | 6.84B | 6.38B | 5.90B |
| Stockholders Equity | 1.35B | 1.29B | 1.25B | 1.27B | 1.20B |
Cash Flow | |||||
| Free Cash Flow | 207.41M | 250.34M | 179.57M | 231.65M | 164.64M |
| Operating Cash Flow | 219.40M | 260.64M | 188.53M | 243.42M | 174.61M |
| Investing Cash Flow | -58.77M | -112.57M | -233.44M | -471.87M | 34.45M |
| Financing Cash Flow | -162.16M | -288.63M | 352.89M | 297.64M | -258.63M |
Cembra Money Bank AG Technical Analysis
Positive
98.85
Price Trends
98.13
Negative
96.58
Positive
95.24
Positive
Market Momentum
-0.49
Negative
50.28
Neutral
79.91
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 98.85 is above the 20-day moving average (MA) of 97.15, above the 50-day MA of 98.13, and above the 200-day MA of 95.24, indicating a neutral trend. The MACD of -0.49 indicates Negative momentum. The RSI at 50.28 is Neutral, neither overbought nor oversold. The STOCH value of 79.91 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 (68)
CH:CMBN
Cembra Money Bank AG
97.20
1.94
2.04%
GB:0QM2
Berner Kantonalbank AG
397.06
163.21
69.79%
GB:0RE6
Walliser Kantonalbank
152.84
38.02
33.11%
GB:0QPU
Valiant Holding
173.77
59.83
52.51%
DE:1Y61
Zuger Kantonalbank AG
11,250.00
5,733.77
103.94%
CH:LLBN
Liechtensteinische Landesbank AG
99.80
23.55
30.89%
Cembra Money Bank AG Corporate Events
Cembra lifts profit, tightens costs and eyes higher returns in 2026
Feb 19, 2026
Cembra Money Bank reported a 5% rise in net income to CHF 180 million for 2025, driven by growth in vehicle financing, strict cost discipline and stable credit quality, even as net receivables and revenues declined slightly amid selective lending....
Cembra boosts Certo! credit card appeal with expanded Swiss cashback programme
Feb 12, 2026
Cembra is enhancing its Certo! Mastercard credit card range with an expanded, app-integrated cashback programme that it says is unique in Switzerland, aiming to make consumer payments simpler, more flexible and more attractive. The updated offer a...
Cembra extends digital app to personal loan customers in Switzerland
Dec 18, 2025
Cembra has expanded its mobile Cembra App to include personal loan customers, advancing its strategy to build a cross-product, highly secure digital platform. Users of personal loans can now view and manage contracts, invoices and payments, access...
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.