Cembra: Ahead of 1H26 results: Profitability still in focus

研报英文原文证据摘录

Cembra: Ahead of 1H26 results: Profitability still in focus

Deutsche Bank

Research

Rating Company Date

Hold Cembra 9 July 2026

Forecast Change

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 8 Jul 2026 (CHF) 93.20

CMBN.S CMBN SW SWX CMBN

Price Target (CHF) 95.00

Banks

52-week range (CHF) 104.60 - 88.95

Ahead of 1H26 results: Profitability still

Valuation & Risks in focus

Miriam Killian

Slower growth, steady execution Research Analyst

For Cembra's upcoming 1H26 results, we expect resilient earnings supported by +49-69-910-62169

stable margins, ongoing efficiency measures and broadly unchanged credit

Marlene Eibensteiner

quality. Looking beyond the upcoming results, we remain somewhat cautious, as Research Analyst

we continue to see limited room for execution missteps, with our FY26 return on +49-69-910-46423

equity estimate of 14.3% remaining below management's target of around 15%,

while our FY26 estimated cost/income ratio of 41.5% is slightly above the Key changes

company's guided 39-41% range. While cost development remains encouraging, EPS (Stated) 6.78 to 6.69 ↓ -1.3%

slower revenue growth continues to weigh on profitability delivery. In light of a Source: Deutsche Bank

softer macroeconomic backdrop, we have modestly lowered our financing

receivables growth assumptions across the forecast period, resulting in limited

estimate changes, while keeping our target price of CHF95 unchanged. Taken

together, we reiterate our Hold recommendation on Cembra, currently trading at a

12.8x P/E (2027E).

1H26 results preview: Resilient profitability despite slower macro growth

Cembra is due to report 1H26 results on 23 July in the morning. From a top-line

perspective, we expect net interest income to remain broadly stable YoY, as lower