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Cembra Money Bank AG (CMBN) Fair Value & Analysis

Financial Services · CH · Market cap CHF 2.7B

CM Cembra Money Bank AG CMBN · SW
PriceCHF 85.50
Fair ValueCHF 67.29
Upside-21.3%
Quality58/100
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Mixed Growth
Highly profitable · 38.3% net margin
Moderate debt · generates free cash flow
Trails peers (5/14)
Wide moat 70/100
Evidence: High Range CHF 50.47 – CHF 84.11 Share as image

Fair value as of: Aug 14, 2026

From 6 valuation models · updated yesterday

Fair value updated Aug 14, 2026, revised from CHF 79.88 to CHF 67.29 (−15.8%) since Jul 11, 2026. Share price −6.0% over the past month.

A solid business, but screening 21% overvalued on our models.

What matters now

  • Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

CHF 99.85 CHF 42.93 Fair Value CHF 67.29 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range CHF 42.93 – CHF 99.85 · fair‑value band CHF 50.47 – CHF 84.11 · the CHF 85.50 price screens above the CHF 67.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Cembra Money Bank AG (CMBN) currently trades at CHF 85.50, while our model-based Fair Value estimate is CHF 67.29, implying the stock looks roughly 21.3% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Cembra Money Bank AG generated revenue of CHF 469M at a net margin of 38.3%. Revenue declined 4.4% year over year. It earns a return on equity of 13.7%. Net debt stands at CHF 2.0B. Fundamentals as of Aug 14, 2026

Our scenario range runs from CHF 50.47 (bear case) to CHF 84.11 (bull case); at CHF 85.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 47% fair-value upside, at -21%, CMBN screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Residual Income CHF 43.55 CHF 51.55 CHF 89.69 76
Gordon GGM CHF 37.38 CHF 71.21 CHF 112.79 70
P/E Multiple CHF 59.91 CHF 79.88 CHF 99.84 63
All 6 models by family
Dividend Discount
Gordon GGM CHF 37.38 CHF 71.21 CHF 112.79 70
DDM Multi-Stage CHF 37.38 CHF 56.34 CHF 75.90 61
Multiples
P/E Multiple CHF 59.91 CHF 79.88 CHF 99.84 63
P/B Multiple CHF 48.22 CHF 64.29 CHF 80.37 55
Asset-Based
NCAV (Graham) CHF 22.96 CHF 30.77 CHF 45.92 50
Economic Profit
Residual Income CHF 43.55 CHF 51.55 CHF 89.69 76

Widest divergence: Multiples (CHF 64.29) versus Asset-Based (CHF 30.77). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) CHF 469M
Revenue growth (YoY) -4.4%
Net margin 38.3%
Return on equity 13.7%
Free cash flow CHF 207M FY2025
P/E ratio 14.0
More key figures
Operating margin 49.3%
EPS (TTM) CHF 6.11
EPS growth (YoY) +0.3%
Net debt CHF 2.0B FY2025

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 57 · Market factors (momentum, volatility) 48

Profitability 39
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 68
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Cembra Money Bank AG provides consumer finance products and services in Switzerland. The company offers savings and deposit products; cash and personal loans, and auto loans and leasing products; credit card and invoice financing receivables; leasing services for new and used vehicles, including cars, light commercial vehicles, motorcycles, and caravans, as …

Full company description

Cembra Money Bank AG provides consumer finance products and services in Switzerland. The company offers savings and deposit products; cash and personal loans, and auto loans and leasing products; credit card and invoice financing receivables; leasing services for new and used vehicles, including cars, light commercial vehicles, motorcycles, and caravans, as well as corporate leasing services; and investment securities comprising debt securities. It also provides financial protection products for involuntary unemployment, accident, illness, or disability; travel, cyber, and card protection insurance products; car insurance products; investment products; and credit cards, mobile payment, and online banking services. The company serves private and self-employed individuals, and small enterprises. It operates through a network of branches and online distribution channels; and credit card partners, independent intermediaries, and car dealers. The company was formerly known as GE Money Bank Aktiengesellschaft and changed its name to Cembra Money Bank AG in October 2013. Cembra Money Bank AG was founded in 1912 and is headquartered in Zurich, Switzerland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cembra Money Bank AG reported revenue of CHF 635M in FY2025 versus CHF 513M in FY2021, a compound +5.5%/yr. Reported net income was CHF 180M in FY2025, compounding +2.7%/yr from FY2021.

Growth Quality 68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
CHF 635M
Latest YoY
+15.4%
Avg. growth/yr (3Y) 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.
+5.7%
Avg. growth/yr (5Y) 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.
+3.9%
Avg. growth/yr (18Y) 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.
+3.0%
Revenue +5.5%/yr
FY21 CHF 513M
FY22 CHF 538M
FY23 CHF 459M
FY24 CHF 550M
FY25 CHF 635M
Net income +2.7%/yr
FY21 CHF 161M
FY22 CHF 169M
FY23 CHF 158M
FY24 CHF 170M
FY25 CHF 180M
Character of growth · EPS growth decomposed (2014-2025) +1.7 % p.a.
Revenue per share +5.1 pp

of which total revenue +5.3 pp · buybacks/dilution −0.2 pp

EBIT margin −2.2 pp
Tax rate +0.2 pp
Residual (interest, one-offs) −1.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

CMBN screens 21% overvalued. Compare with PT Bank Central Asia Tbk →

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Cite: Fair Value Calculator (2026). "Cembra Money Bank AG Fair Value". https://www.fairvalue-calculator.com/stock/CMBN

Peer Group

Banks - Regional · 1088 stocks

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.

Quality Score 61 · Top 25%
Fair Value upside −21% · Below median
Return on equity (TTM) 14% · Top 25%
Return on assets 2% · Top 25%
Net margin (TTM) 38% · Top 25%
Operating margin (TTM) 49% · Above median
Revenue growth -4% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 1.45× · Higher than 75% of peers

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 14.0× · Pricier than median
P/B 2.49× · Pricier than 75% of peers
P/S (TTM) 7.14× · Pricier than 75% of peers
P/FCF 16.1× · Pricier than 75% of peers
EV/EBITDA 18.7× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 5 · sector 33
FUTURE 0 · sector 44
PAST 55 · sector 41
HEALTH 28 · sector 85
DIVIDEND 0 · sector 49

Insider activity: 40/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
PT Bank Central Asia Tbk BBCA 6,350 IDR 4,637 IDR -27%
KB Financial Group 105560 168,100 KRW 220,258 KRW +31%
PT Bank Rakyat Indonesia (Persero) Tbk BBRI 3,110 IDR 3,792 IDR +22%
PT Bank Mandiri (Persero) Tbk BMRI 4,130 IDR 6,067 IDR +47%
Banco Bradesco S.A BBD 5,120 ARS 8,400 ARS +64%
Shinhan Financial Group 055550 103,800 KRW 146,032 KRW +41%
Hana Financial Group 086790 127,900 KRW 210,506 KRW +65%
Lloyds Banking Group LYG 4,138 ARS 8,275 ARS +100%
Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB 59,500 VND 45,959 VND -23%
Woori Financial Group 316140 33,000 KRW 60,758 KRW +84%

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Frequently asked questions

Is Cembra Money Bank AG (CMBN) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of CHF 67.29 versus a price of CHF 85.50, about −21% (overvalued).
What is the fair value of CMBN?
Our model-based fair value for Cembra Money Bank AG is CHF 67.29 (as of Aug 14, 2026), built from audited fundamentals. The current price is CHF 85.50.
What is the quality score of CMBN?
Cembra Money Bank AG has a Quality Score of 58/100. 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 revenue of Cembra Money Bank AG (CMBN)?
Cembra Money Bank AG reported trailing-twelve-month revenue of about CHF 469M (latest available figure, as of Aug 14, 2026).
What is the net profit margin of CMBN?
The net profit margin of Cembra Money Bank AG is about 38.3%, meaning it keeps roughly 38.3% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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