Komerční Banka AS: Model Update

Research evidence excerpt

J P M O R G A N

Europe Equity Research

10 August 2026

Komercni Banka AS

Model Update

Neutral

BKOM.PR, KOMB CP

Price (10 Aug 26):CZK1,050.00

Price Target (Dec-27):CZK1,120.00

Post 2Q results from Komercni (see First Take), we make limited changes (0-1%)

to our 2026-28E Adj. EPS forecast, with lower Revenues offset by lower costs and

provisions (in 2026E). Komercni trades at 11.3x P/E on our 2027E forecasts. We

rate the shares Neutral.

European Banks

Amit Ranjan AC

(44-20) 7134-4576

Kian Abouhossein

(44-20) 7134-4575

J.P. Morgan Securities plc

Specialist Sales contact details:

Gigi Sparling - Specialist Sales European Financials

(44-20) 7134-0355

Key Changes (FYE Dec)

Adj. EPS - 26E (CZK)

Prev

89

Cur

90

0.9%

Quarterly Forecasts (FYE Dec)

Adj. EPS (CZK)

Q1

Q2

Q3

Q4

FY

2025A

22

24

25

24

96

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.