Komercní banka, a.s. (KOMB.PR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-21.2%

CZK 790.06

vs CZK 1,003.00 price

Levered DCF

-CZK 128.56

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.07

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.15×	9.29×	8.78×	7.02×	13.87×	15.21×	10.51×	10.88×
P/B	1.72×	1.27×	1.1×	1.02×	1.43×	1.09×	1.48×	1.62×
P/S	2.03×	1.24×	1.06×	1.2×	5.76×	2.77×	2.96×	3.74×
EV / EBITDA	11.11×	6.91×	9.05×	6.54×	8.77×	8.23×	7.04×	6.95×
Gross margin	34.0%	30.3%	27.9%	37.4%	102.2%	66.2%	61.5%	74.6%
Operating margin	20.0%	15.9%	14.7%	21.2%	52.3%	23.0%	35.1%	42.9%
Net margin	16.7%	13.4%	12.0%	17.1%	41.5%	18.2%	28.1%	34.4%
Current ratio	2.56×	0.06×	0.01×	0.01×	0.03×	0.02×	0.02×	0.03×
Debt / equity	0.5×	0.64×	0.64×	0.44×	0.15×	0.06×	0.09×	0.05×
Interest coverage	0.31×	0.23×	0.2×	0.34×	1.16×	0.68×	0.91×	1.69×
Dividend yield	7.9%	9.8%	8.2%	15.3%	2.5%	0.0%	6.1%	5.5%
Payout ratio	95.7%	90.7%	72.3%	107.6%	35.3%	0.0%	64.4%	59.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.2%	13.6%	12.5%	14.5%	10.3%	7.2%	14.1%	14.9%
Return on invested capital	22.5%	6.5%	5.7%	6.8%	6.4%	4.8%	9.5%	10.0%
Return on assets	1.1%	1.1%	1.0%	1.4%	1.0%	0.7%	1.4%	1.4%
Free cash flow yield	3.6%	47.0%	-10.5%	-26.3%	-0.6%	7.3%	-0.2%	6.3%
Earnings yield	8.2%	10.8%	11.4%	14.2%	7.2%	6.6%	9.5%	9.2%
Enterprise value	CZK 282.7B	CZK 168.3B	CZK 203.6B	CZK 162.7B	CZK 165.3B	CZK 107B	CZK 148.1B	CZK 141.7B
Net debt / EBITDA	2.49×	0.33×	2.96×	1.57×	-0.6×	-1.32×	-0.41×	-0.97×
Cash conversion cycle (days)	0	-10	-27	-32	-32	-39	-44	-111