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ProCredit Holding (0RL9) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of ProCredit Holding €13.85, price €8.59, upside +61.3%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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Thin data
Sep 24, 2026
ProCredit Holding
0RL9 · LSECheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.
✓Fair value €13.85 · Strongly undervalued (+61.3%)
!Quality 41/100
!Expensive Growth (revenue 5y +13.8 %/yr)
✓Solidly profitable · 18.6% net margin (TTM)
!Low debt · negative free cash flow
!5.5% dividend yield · Watch coverage
!Moderate moat 53/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €2.12 – €10.09 · fair‑value band €13.52 – €17.50 · the €8.59 price screens below the €13.85 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
ProCredit Holding AG, together with its subsidiaries, provides commercial banking products and services for small and medium enterprises and private clients in Europe, South America, and Germany. The company accepts various deposits, including current, savings, and term deposit accounts.
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ProCredit Holding AG, together with its subsidiaries, provides commercial banking products and services for small and medium enterprises and private clients in Europe, South America, and Germany. The company accepts various deposits, including current, savings, and term deposit accounts. It also offers business loans for wholesale and retail trade; agriculture; forestry and fishing; production; transportation and storage; construction and real estate; hotel, restaurant, and catering; electricity, gas, steam, and air conditioning supply; and other activities, as well as investment and green loans; and private loans, such as housing, investment, and consumer loans. The company was formerly known as Internationale Micro Investitionen AG. ProCredit Holding AG was founded in 1998 and is based in Frankfurt am Main, Germany.
Stock analysis
ProCredit Holding (0RL9) currently trades at €8.59, while our model-based Fair Value estimate is €13.85, implying the stock looks roughly 38.0% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €18.50 per share, and 4 of the 6 models we run sit above the €8.59 price.
Bear case: the Dividend Discount group reads lowest at €7.57, and 2 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: €13.52 (bear) to €17.50 (bull), the price of €8.59 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
ProCredit Holding reported revenue of €751M in FY2025 versus €413M in FY2021, a compound +16.1%/yr. Reported net income was €83.5M in FY2025, compounding +1.2%/yr from FY2021.
Key figures
Market cap €506M · P/E ratio 0.1 · EPS (TTM) €1.06 · Dividend yield 5.5% · Net margin 11.1% · Return on equity 7.4% · Return on assets (EBIT) 1.1% · Operating margin 27.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 31% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −17% fair-value upside, at 61%, 0RL9 screens cheaper than that median.
Fair Value models
Bear €13.52
Fair Value €13.85
Bull €17.50
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.4469 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income
€14.31
€14.93
€16.37
76
Gordon GGM
€4.60
€8.29
€11.41
68
DDM Multi-Stage
€4.60
€7.57
€8.86
67
All 6 models by family
Dividend Discount
Gordon GGM
€4.60
€8.29
€11.41
68
DDM Multi-Stage
€4.60
€7.57
€8.86
67
Multiples
P/E Multiple
€13.87
€18.50
€23.12
63
P/B Multiple
€18.14
€24.19
€30.24
55
Asset-Based
NCAV (Graham)
€9.15
€12.26
€18.30
54
Economic Profit
Residual Income
€14.31
€14.93
€16.37
76
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Set up alert →Quality Score breakdown
Overall quality
41/100
Of which business quality 43 · Market factors (momentum, volatility) 51
Profitability
24
Margins and returns on capital today
Quality Growth
47
Are margins and returns improving?
Cashflow
0
Earnings quality: real cash, not paper profit
Fin. Strength
62
Balance sheet, leverage, solvency risk
Investment
66
Disciplined investing over empire-building
Low Volatility
47
Calm price path (market factor)
Momentum
51
Price trend over the last 3–12 months (market factor)
52W Momentum
56
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.8%
Start year 2020 (pandemic). Over 10 years: +5.3% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+15.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.7%
Dividend (yield on the price)5.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9.7% vs 2.0%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 14%
Start year 2020 (pandemic)
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Compare ProCredit Holding with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Diversified · 43 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Banks - Diversified median · lower = cheaper
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Banks - Diversified stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| JPMorgan Chase & Co JPM | $330.83 | $188.11 | −43% |
| Industrial and Commercial Bank of China Limited 601398 | ¥8.28 | ¥10.93 | +32% |
| China Construction Bank Corporation 601939 | ¥10.98 | ¥13.69 | +25% |
| Bank of America Corporation BAC | $55.47 | $42.37 | −24% |
| Agricultural Bank of China Limited 601288 | ¥6.97 | ¥12.94 | +86% |
| Bank of China Limited 601988 | ¥6.62 | ¥9.86 | +49% |
| Royal Bank of Canada RY | $200.95 | $130.85 | −35% |
| Mitsubishi UFJ Financial Group MUFG | $23.37 | $14.86 | −36% |
| Wells Fargo & Company WFC | $80.05 | $66.44 | −17% |
| Citigroup Inc C | $130.80 | $107.10 | −18% |
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Frequently asked questions
Is ProCredit Holding (0RL9) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €13.85 versus a price of €8.59, about +61% upside (undervalued).
What is the fair value of 0RL9?
Our model-based fair value for ProCredit Holding is €13.85 (as of Sep 24, 2026), built from audited fundamentals. The current price: €8.59.
What is the quality score of 0RL9?
ProCredit Holding has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ProCredit Holding (0RL9)?
Our model-based price target is the fair value of €13.85 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario €13.52, optimistic scenario €17.50. It is a calculation from audited fundamentals, not an analyst target.
What is the ProCredit Holding stock forecast for 2026?
Our models put fair value at €13.85, about +61% upside versus a price of €8.59 (undervalued). Cautious scenario €13.52, optimistic scenario €17.50. The calculation is refreshed regularly with new filings.
What is the revenue of ProCredit Holding (0RL9)?
ProCredit Holding reported trailing-twelve-month revenue of about €431M (latest available figure, as of Sep 24, 2026).
Does ProCredit Holding pay a dividend?
ProCredit Holding currently shows a dividend yield of about 5.47% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of ProCredit Holding (0RL9)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ProCredit Holding it is €13.85 per share (as of Sep 24, 2026), against a price of €8.59. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is ProCredit Holding stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0RL9 trades below its calculated fair value: price €8.59, fair value €13.85, a gap of about +61% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0RL9?
No. The price is what the market pays today (€8.59); the fair value is what the company's own numbers justify (€13.85). For ProCredit Holding the two are €5.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is ProCredit Holding worth?
The market values ProCredit Holding at about €506M (market capitalisation, as of Sep 24, 2026). Per share that is €8.59; our models calculate a fair value of €13.85 per share.
What do the bullish and bearish scenarios say about 0RL9?
Our models span a range for ProCredit Holding: cautious scenario €13.52, base €13.85, optimistic €17.50 per share (as of Sep 24, 2026, price €8.59). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0RL9?
ProCredit Holding trades at a price-to-earnings ratio of 0.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €13.85 is built from several models across several years.
How solid is the balance sheet of ProCredit Holding (0RL9)?
Balance-sheet figures for ProCredit Holding (as of Sep 24, 2026): return on equity 7.4%, debt of 0.33 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 0RL9 from its 52-week high?
ProCredit Holding trades at €8.59, about 6% below its 52-week high of €9.12 and 31% above the low of €6.57 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €13.85 is for.
Which stocks are comparable to ProCredit Holding?
From the same area (Financial Services) we also value JPMorgan Chase & Co, Industrial and Commercial Bank of China Limited, China Construction Bank Corporation, Bank of America Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ProCredit Holding stock attractive at the current price?
The data as of Sep 24, 2026: price €8.59, calculated fair value €13.85 (+61%), Quality Score 41/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0RL9 calculated?
We run ProCredit Holding through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €13.85, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. ProCredit Holding currently trades 38 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ProCredit Holding (0RL9)?
The closing price on Oct 2, 2026 was €8.59. Our model-based fair value is €13.85, about +61% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ProCredit Holding right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€13.52). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of ProCredit Holding (0RL9) come from?
Earnings per share at ProCredit Holding grew +5.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.0 %, EBIT margin +4.3 %, tax rate −0.2 %, residual (interest, one-offs) −2.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of ProCredit Holding
How large is the market capitalisation of ProCredit Holding (0RL9)?
The market capitalisation of ProCredit Holding is €506M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of ProCredit Holding (0RL9)?
Earnings per share at ProCredit Holding are €1.06 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ProCredit Holding (0RL9)?
The dividend yield of ProCredit Holding is 5.5% (payout 44.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ProCredit Holding (0RL9)?
The net margin of ProCredit Holding is 11.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ProCredit Holding (0RL9)?
The return on equity (ROE) of ProCredit Holding is 7.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ProCredit Holding (0RL9)?
On an EBIT basis the return on assets of ProCredit Holding is 1.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ProCredit Holding (0RL9)?
The operating margin of ProCredit Holding is 27.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ProCredit Holding (0RL9)?
Revenue at ProCredit Holding is growing +1.4% versus a year earlier (3y avg +14.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ProCredit Holding (0RL9)?
Earnings per share at ProCredit Holding are growing −14.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ProCredit Holding (0RL9) generate?
The free cash flow of ProCredit Holding is −€141M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does ProCredit Holding (0RL9) hold?
ProCredit Holding holds more cash than debt, €846M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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