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Komerční Banka AS: Model Update
研报英文原文证据摘录
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.
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