Komercni Banka A.S. (KOMB) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Komercni Banka A.S. CZK 1,039, price CZK 1,025, upside +1.3%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range 361.60 CZK – 1,151 CZK · fair‑value band 779.04 CZK – 1,298 CZK · the 1,025 CZK price screens below the 1,039 CZK fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Komercní banka, a.s., together with its subsidiaries, provides various retail, corporate, and investment banking services primarily in the Czech Republic, and Central and Eastern Europe. The company operates through Retail Banking, Corporate Banking, and Investment Banking segments.
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Komercní banka, a.s., together with its subsidiaries, provides various retail, corporate, and investment banking services primarily in the Czech Republic, and Central and Eastern Europe. The company operates through Retail Banking, Corporate Banking, and Investment Banking segments. It accepts various deposits, such as current, business, and savings accounts; term deposits; and building savings. The company's loan products include personal, revolving, sustainable housing, syndicated, consumer, credit card, and business loans; mortgages; home equity loans and lines of credit; and overdrafts, as well as operational, investment, pension, import and export, claim, real estate, and structured financing. It also offers debit and credit cards; travel, risk life, savings life, accident, residential real estate, household, investment life, property, capital life, solvency, and payment insurance products; bond issuance and private banking services; foreign currency and derivative products; investment solutions; securities; guarantee transactions; payments; cash pooling; and currency spot, cross currency swap, currency option and forward, and foreign exchange forward and swap services, as well as trades in financial instruments. In addition, the company internet and mobile banking, online tools for international trade, and other digital services. It serves individuals, entrepreneurs, small businesses, and corporations and institutions. The company was founded in 1990 and is headquartered in Prague, the Czech Republic. Komercní banka, a.s. is a subsidiary of Société Générale Société anonyme.
Stock analysis
Komercni Banka A.S. (KOMB) currently trades at 1,025 CZK, while our model-based Fair Value estimate is 1,039 CZK, so the stock looks roughly fairly valued today (gap 1.3%).
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Valuation
Bull case: the Multiples group reads highest at a median of 943.16 CZK per share, and 1 of the 4 models we run sit above the 1,025 CZK price.
Bear case: the Asset-Based group reads lowest at 451.37 CZK, and 3 of the 4 models stay below the price. Evidence for this calculation is high.
Scenario range: 779.04 CZK (bear) to 1,298 CZK (bull), the price of 1,025 CZK sits inside 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 64/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Komercni Banka A.S. reported revenue of 36.8B CZK in FY2025 versus 31.3B CZK in FY2021, a compound +4.1%/yr. Reported net income was 18.1B CZK in FY2025, compounding +9.1%/yr from FY2021.
Key figures
Market cap 194B CZK (≈ $9.0B) · P/E ratio 11.1 · P/S ratio 5.43 · EPS (TTM) 92.56 CZK · Dividend yield 9.3% · Net margin 49.1% · Return on equity 14.9% · Return on assets (EBIT) 2.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 1%, KOMB screens cheaper than that median.
Fair Value models
Bear 779.04 CZKFair Value 1,039 CZKBull 1,298 CZK
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.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.
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.71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.9%
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.
−1.6%
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.
+4.4%
Start year 2020 (pandemic). Over 10 years: +2.0% a year
Revenue growth 19 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.
+1.8%
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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.
+16.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.2%
Dividend (yield on the price)9.3%
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.7.2% vs 3.4%, picking up
Profit margin 2017 to 2022 ⓘ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.77% → 223%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−4.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (Czechia: IMF forecast 2.2% a year to 2030, 4.5% from 2016 to 2025) that is about −7.0% a year for the price and +1.9% for the forecasts.
Price, fair value, quality and upside side by side.
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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 - Regional · 1058 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+1.3% · Above median
Profitability
Return on equity (TTM)14.9% · Top 25%
Return on assets1.1% · Above median
Net margin (TTM)47.0% · Top 25%
Operating margin (TTM)56.4% · Top 25%
Growth and dividend
Revenue growth−1.8% · Bottom 25%
Dividend yield (TTM)9.3% · Top 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Komercni Banka A.S. (KOMB) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 1,039 CZK versus a price of 1,025 CZK, about +1% upside (fairly valued).
What is the fair value of KOMB?
Our model-based fair value for Komercni Banka A.S. is 1,039 CZK (as of Sep 27, 2026), built from audited fundamentals. The current price: 1,025 CZK.
What is the quality score of KOMB?
Komercni Banka A.S. has a Quality Score of 64/100. 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 Komercni Banka A.S. (KOMB)?
Our model-based price target is the fair value of 1,039 CZK (as of Sep 27, 2026) from 4 valuation models. Cautious scenario 779.04 CZK, optimistic scenario 1,298 CZK. It is a calculation from audited fundamentals, not an analyst target.
What is the Komercni Banka A.S. stock forecast for 2026?
Our models put fair value at 1,039 CZK, about +1% upside versus a price of 1,025 CZK (fairly valued). Cautious scenario 779.04 CZK, optimistic scenario 1,298 CZK. The calculation is refreshed regularly with new filings.
What is the revenue of Komercni Banka A.S. (KOMB)?
Komercni Banka A.S. reported trailing-twelve-month revenue of about 37.8B CZK (latest available figure, as of Sep 27, 2026).
Does Komercni Banka A.S. pay a dividend?
Komercni Banka A.S. currently shows a dividend yield of about 9.33% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Komercni Banka A.S. (KOMB)?
For today's price to be fair in a discounted-cash-flow model, Komercni Banka A.S. would have to grow free cash flow by -4.9 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.4 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of KOMB use?
Our models discount Komercni Banka A.S. at 11.0 %: a base by market capitalisation (mid), damped by beta 0.11, country premium for Czechia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Komercni Banka A.S. that is -4.9 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Komercni Banka A.S. (KOMB) delivered so far?
Over the past 5 years revenue at Komercni Banka A.S. grew +4.4 % a year. The price currently implies -4.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Komercni Banka A.S. (KOMB) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into Komercni Banka A.S. (-4.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Komercni Banka A.S. (KOMB)?
The free-cash-flow yield on the price is 11.85 %: that much free cash flow Komercni Banka A.S. produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Komercni Banka A.S. (KOMB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Komercni Banka A.S. it is 1,039 CZK per share (as of Sep 27, 2026), against a price of 1,025 CZK. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Komercni Banka A.S. stock overvalued or undervalued in 2026?
As of Sep 27, 2026, KOMB trades below its calculated fair value: price 1,025 CZK, fair value 1,039 CZK, a gap of about +1% (fairly valued). 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 KOMB?
No. The price is what the market pays today (1,025 CZK); the fair value is what the company's own numbers justify (1,039 CZK). For Komercni Banka A.S. the two are 13.72 CZK per share apart. That gap is exactly why we show both numbers side by side.
How much is Komercni Banka A.S. worth?
The market values Komercni Banka A.S. at about 194B CZK (market capitalisation, as of Sep 27, 2026). Per share that is 1,025 CZK; our models calculate a fair value of 1,039 CZK per share.
What do the bullish and bearish scenarios say about KOMB?
Our models span a range for Komercni Banka A.S.: cautious scenario 779.04 CZK, base 1,039 CZK, optimistic 1,298 CZK per share (as of Sep 27, 2026, price 1,025 CZK). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KOMB?
Komercni Banka A.S. trades at a price-to-earnings ratio of 11.1 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,039 CZK is built from several models across several years. Other multiples: PEG 1.3, P/B 1.5, P/S 5.1, EV/EBITDA 1.1.
What is the PEG ratio of KOMB?
The PEG ratio of Komercni Banka A.S. is 1.30 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Komercni Banka A.S. (KOMB)?
Balance-sheet figures for Komercni Banka A.S. (as of Sep 27, 2026): return on equity 14.9%. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is KOMB from its 52-week high?
Komercni Banka A.S. trades at 1,025 CZK, about 11% below its 52-week high of 1,151 CZK and 10% above the low of 932.51 CZK (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 1,039 CZK is for.
Which stocks are comparable to Komercni Banka A.S.?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, 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 Komercni Banka A.S. stock attractive at the current price?
The data as of Sep 27, 2026: price 1,025 CZK, calculated fair value 1,039 CZK (+1%), Quality Score 64/100, from 4 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 KOMB calculated?
We run Komercni Banka A.S. through 4 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 1,039 CZK, 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 15.9 % above its aggregate fair value. Komercni Banka A.S. currently trades 1 % 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 Komercni Banka A.S. (KOMB)?
The closing price on Sep 25, 2026 was 1,025 CZK. Our model-based fair value is 1,039 CZK, about +1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Komercni Banka A.S. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. 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 Komercni Banka A.S. (KOMB) come from?
Earnings per share at Komercni Banka A.S. grew +0.8 % a year from 2011 to 2022. Broken into its drivers: revenue per share +0.4 %, EBIT margin +4.7 %, tax rate −0.3 %, residual (interest, one-offs) −3.9 %. 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 Komercni Banka A.S.
How large is the market capitalisation of Komercni Banka A.S. (KOMB)?
The market capitalisation of Komercni Banka A.S. is 194B CZK (≈ $9.0B). 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 is the P/S ratio of Komercni Banka A.S. (KOMB)?
The price-to-sales ratio of Komercni Banka A.S. is 5.43 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Komercni Banka A.S. (KOMB)?
Earnings per share at Komercni Banka A.S. are 92.56 CZK (price ÷ EPS = P/E 11.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Komercni Banka A.S. (KOMB)?
The dividend yield of Komercni Banka A.S. is 9.3% (payout 103%). 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 Komercni Banka A.S. (KOMB)?
The net margin of Komercni Banka A.S. is 49.1% (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 Komercni Banka A.S. (KOMB)?
The return on equity (ROE) of Komercni Banka A.S. is 14.9% (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 Komercni Banka A.S. (KOMB)?
On an EBIT basis the return on assets of Komercni Banka A.S. is 2.6% (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 Komercni Banka A.S. (KOMB)?
The operating margin of Komercni Banka A.S. is 56.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Komercni Banka A.S. (KOMB)?
Revenue at Komercni Banka A.S. is growing −1.8% versus a year earlier (3y avg −1.6%). 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 Komercni Banka A.S. (KOMB)?
Earnings per share at Komercni Banka A.S. are growing −2.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Komercni Banka A.S. (KOMB) carry?
The net debt of Komercni Banka A.S. is 1.7B CZK (fiscal year 2025, ≈ 0.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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