olivLaw · European equity research
BAWAG Group AG BG.VI
Austria · Wiener Börse · ISIN AT0000BAWAG2 · Vertical: Listed companies from Austria
BAWAG Group AG is an Austrian banking group with operations in Austria, Germany and other Western European countries, serving more than four million customers with a lean operating model. In 2025 net interest income rose sharply and the group reported profit before tax of 1.157,1 mn EUR, while integration of recent acquisitions remains a central topic.
At the close of 05 Nov 2026, BAWAG Group AG (BG.VI) stock was 162.60 EUR (−1.16% on the day), with dividend yield 3.38%, beta 1.04, 52-week range 109.70–184.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.9
- neutral
- Bollinger (20, 2)
- 154.09 – 171.74
- in the lower half of the band · %B 0.48 · band width 10.8%
- SMA 50 / 200
- 172.21 / 157.23
- mixed trend
- MACD (12, 26, 9)
- -3.46 / -4.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.1% | −0.6% | −7.5 pp | — |
| 3 months | −11.2% | −4.2% | −7.0 pp | — |
| 6 months | +9.4% | +4.3% | +5.1 pp | — |
| Year to date | +26.0% | +7.5% | +18.5 pp | — |
| 1 year | +42.5% | +9.9% | +32.6 pp | +5.4% |
| 3 years | +265.6% | +49.8% | +215.7 pp | +8.1% |
| 5 years | +189.1% | +42.8% | +146.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 682.5 m | 760.0 m | 859.9 m |
| Net income YoY | unavailable | +11.4% | +13.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.1 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.8 bn EUR
- Total assets
- 72.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 18.0%
- ROA
- 1.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Depreciation & amortisation | 64.5 m | 66.7 m | 71.6 m | esef· 10 Mar 2026verified |
| Pre-tax income | 910.3 m | 989.9 m | 1.2 bn | esef· 10 Mar 2026verified |
| Income tax | 227.8 m | 229.9 m | 295.2 m | esef· 10 Mar 2026verified |
| Net income | 682.5 m | 760.0 m | 859.9 m | esef· 10 Mar 2026verified |
| Dividend per share | — | 5.00 | 5.50 | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 12.8 bn | 17.6 bn | 14.1 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 259.0 m | 254.0 m | 300.0 m | esef· 10 Mar 2026verified |
| Goodwill | 118.0 m | 119.0 m | 117.0 m | esef· 10 Mar 2026verified |
| Total assets | 55.4 bn | 71.3 bn | 72.3 bn | esef· 10 Mar 2026verified |
| Total liabilities | 51.3 bn | 66.6 bn | 67.5 bn | esef· 10 Mar 2026verified |
| Equity | 4.2 bn | 4.7 bn | 4.8 bn | esef· 10 Mar 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.3 bn | 1.2 bn | -3.3 bn | esef· 10 Mar 2026verified |
| Investing cash flow | -471.0 m | 3.9 bn | 606.0 m | esef· 10 Mar 2026verified |
| Financing cash flow | -560.0 m | -310.0 m | -841.0 m | esef· 10 Mar 2026verified |
| Dividends paid | 305.0 m | 393.0 m | 432.0 m | esef· 10 Mar 2026verified |
| Share repurchases | 175.0 m | 0 | 175.0 m | esef· 10 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
0% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 74.80 – 102.00 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)74.80 – 102.00 (Mid 86.31)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BAWAG Group AG (BG.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 18.0%.
The estimated value range is 74.80–102.00 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 86.31 EUR, the price of 162.60 EUR leaves a potential of -46.9% (value / price − 1) and a margin of safety of -88.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for BG.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BAWAG Group AG is an Austrian banking group with operations in Austria, Germany and other Western European countries, serving more than four million customers with a lean operating model. In 2025 net interest income rose sharply and the group reported profit before tax of 1.157,1 mn EUR 1, while integration of recent acquisitions remains a central topic.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Credit riskhigh
Cost of risk rose in 2025, and a weaker economy could generate additional losses on the loan portfolio 1.
- Interest-rate riskhigh
Interest income depends on rate levels, and unexpected monetary policy changes could affect profitability 1.
- Integration riskmedium
Remaining strategic migrations from acquisitions could be delayed or cost more than planned, affecting synergies 1.
- Competition riskmedium
Pressure from traditional and digital banks could reduce margins on deposits and loans 1.
- Regulatory risklow
Capital requirements and non-financial reporting, including the EU taxonomy, may raise compliance costs 1.
Investment thesis
What would need to be true (bull case)
- If high profitability and operational efficiency persist, the group could keep generating solid profit from its core business 1.
- Integration of acquisitions and group synergies could expand revenue in existing and new markets 1.
- A lean structure and well-defined niches could support a competitive position in the targeted segments 1.
What to watch
- Completion of remaining strategic migrations from acquisitions2026
- Development of cost of risk and NPL ratioQ1 2027
- Evolution of net interest income as rates change2027
- Results of the Corporates, Real Estate and Public Sector segmentnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BAWAG Group AG is the holding company of a banking group based in Vienna, serving retail, SME, corporate and public-sector clients through its subsidiary BAWAG P.S.K. and other consolidated entities 1. The organisational structure is described as lean, with acquired entities integrated into the main bank and branches in Amsterdam, Hamburg, Stuttgart, Eschborn and Dublin 1. Management says it aims to keep a cost advantage in low-risk but highly competitive markets 1.
In 2025 the group expanded through the acquisition of Barclays' German retail business, which led to the opening of the Hamburg branch in February 2025 1. Management expects the remaining strategic migrations from acquisitions to be completed next year and now focuses on channel development and new product launches 1.
The group does not carry out research and development activities within the meaning of § 243 UGB, and its non-financial reporting is published separately 1. Share capital was 77.000.000 EUR, with no shareholder holding at least 10% of capital, according to the reported data 1.
Segments
Retail and SME
The Retail and SME segment is the main growth driver, with net interest income and commissions expanding in 2025 according to consolidated figures 1. Management links the growth to the integration of acquisitions and group synergies 1.
Corporates, Real Estate and Public Sector
This segment complements retail by serving larger clients in core countries with loans, deposits and payment solutions, focusing on senior secured lending 1. Profit declined in 2025, and management expects a solid credit pipeline for 2026 but intense competition for high-quality defensive transactions 1.
Market context
The group operates in markets described as low-risk but highly competitive, especially Austria and Germany, where competition for deposits and loans is sustained 1. Interest-rate volatility decided by central banks remains an uncertainty factor for 2026 1.
The elevated interest-rate level and growth in customer deposits supported interest income, while the cost of risk increased versus the prior year, showing sensitivity to the economic cycle 1.
Trends
- High interest incomemixed
Net interest income rose strongly in 2025 and could remain sensitive to the rate path set by central banks 1.
- Acquisition integrationtailwind
Remaining strategic migrations from acquisitions are expected to be completed next year; if integration goes well, synergies could support margins 1.
- Rising cost of riskheadwind
Credit risk costs increased in 2025 versus the previous year, and this trend could continue if the economic environment deteriorates 1.
- Digital channels and new productstailwind
Management aims to develop channels and new products to serve existing markets better and enter new ones 1.
Competitive position
BAWAG claims a cost advantage through its lean operating structure and focus on efficiency, which allow it to compete in heavily contested markets 1. Competition for high-quality defensive corporate transactions remains high 1.
The group competes with universal banks and digital banks in Austria and Germany, and pressure on deposits and loan pricing could affect margins in coming years 1.
- Erste Group Bank
Universal bank in Austria and Central Europe, a direct competitor in retail and SME on the group's core markets.
- Raiffeisen Bank International
Banking group active in Austria and Central Europe, competing in corporate and lending business.
- Commerzbank
German bank competing in retail and corporate business in Germany, where BAWAG has recently expanded.
- European digital banks
Neobanks and digital banks competing for deposits and retail products, pressing margins through online channels.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202411 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BAWAG Group AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.