olivLaw · European equity research
MONETA Money Bank, a.s. MONET.PR
Czechia · Burza cenných papírů Praha · ISIN CZ0008040318 · Vertical: Listed companies from Czechia
MONETA Money Bank, a.s. is a Czech universal bank active in retail lending, financing of small and medium enterprises, building savings and distribution of insurance and investment products, headquartered in Prague. In 2020, during the pandemic, the bank reported 44.7 % growth in its loan portfolio and 47.4 % growth in client deposits, highlighting its growth position in the local market.
At the close of 05 Nov 2026, MONETA Money Bank, a.s. (MONET.PR) stock was 186.40 CZK (−4.21% on the day), with beta 0.52, 52-week range 176.60–215.50 CZK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.9
- neutral
- Bollinger (20, 2)
- 179.52 – 198.34
- in the lower half of the band · %B 0.37 · band width 10.0%
- SMA 50 / 200
- 191.84 / 192.70
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.26 / 0.02
- 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 | +2.4% | −0.6% | +3.1 pp | — |
| 3 months | −5.4% | −4.2% | −1.3 pp | — |
| 6 months | +2.5% | +4.3% | −1.8 pp | — |
| Year to date | −3.6% | +7.5% | −11.1 pp | — |
| 1 year | +3.7% | +9.9% | −6.2 pp | +5.9% |
| 3 years | +105.5% | +49.8% | +55.7 pp | +45.3% |
| 5 years | +109.4% | +42.8% | +66.6 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 | 2019 | 2020 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 4.0 bn | 2.6 bn |
| Net income YoY | unavailable | −35.3% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2020 · 31 Dec 2020
- Cash
- unavailable CZK
- Financial debt
- unavailable CZK
- Net debt
- unavailable CZK
- Equity
- 27.1 bn CZK
- Total assets
- 301.0 bn CZK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.1%
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CZK)
Income statement · CZK
Balance sheet · CZK
| Line | 2019 | 2020 | Source (latest year) |
|---|---|---|---|
| Property, plant & equipment, net | 2.9 bn | 2.7 bn | esef· 20 May 2021verified |
| Intangibles (excl. goodwill) | 2.3 bn | 3.0 bn | esef· 20 May 2021verified |
| Total assets | 219.1 bn | 301.0 bn | esef· 20 May 2021verified |
| Total liabilities | 194.6 bn | 273.9 bn | esef· 20 May 2021verified |
| Equity | 24.4 bn | 27.1 bn | esef· 20 May 2021verified |
Cash flow · CZK
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%
- valuation methods computed: 0 of at least 1
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
The data is older than the freshness threshold.
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| 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
MONETA Money Bank, a.s. (MONET.PR). Latest full fiscal year: 2020; data up to 2020-12-31.
Figures computed from the financial statements: ROE 10.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
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
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.
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 Czechia · same country · compared with 4 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| COLT.PRCZG - Česká zbrojovka Group SE | 26.5 bn | 39.4 | 16.9% | 9.9% | +14.4% | +7% / +49% |
| KOFOL.PRKofola ČeskoSlovensko a.s. | 11.2 bn | 139.1 | 5.6% | 1.3% | −3.7% | +5% / +82% |
| TOMA.PRTOMA, a.s. | 1.7 bn | 5.4 | 7.6% | 23.8% | +52.4% | +1% / +2% |
| ENRGA.PRENERGOAQUA, a.s. | — | — | 10.3% | 37.9% | +23.9% | +16% / +42% |
1- and 3-year price returns: for MONET.PR 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
MONETA Money Bank, a.s. is a Czech universal bank active in retail lending, financing of small and medium enterprises, building savings and distribution of insurance and investment products, headquartered in Prague. In 2020, during the pandemic, the bank reported 44.7 % growth in its loan portfolio and 47.4 % growth in client deposits, highlighting its growth position in the local market 1.
SWOT
Strengths
- The bank holds investment-grade ratings from two international agencies, with stable outlooks, and a diversified group structure 1.
- Rapid growth in deposits and loans shows the bank's ability to attract clients in difficult periods 1.
- Costs are controlled and the cost-to-income ratio improved on the prior year 1.
Weaknesses
- Activity is concentrated almost exclusively in the Czech market, exposing the bank to local economic conditions 1.
- The interest margin has narrowed significantly and revenues depend on loan volume 1.
- Dividends were temporarily suspended in 2020, showing the sensitivity of the distribution policy to regulation 1.
Opportunities
Risks
- Loan portfolio qualityhigh
If the number of borrowers unable to repay their debts rises, the cost of risk could exceed the bank's estimates 1.
- Pressure on the interest marginmedium
If interest rates stay low, interest income could continue to be squeezed 1.
- Dividend restrictionsmedium
Limits imposed by supervisory authorities could reduce distributions to shareholders 1.
- Integration riskmedium
Integrating acquired companies and Wüstenrot hypoteční banka could generate unforeseen costs 1.
- Macroeconomic risklow
If the Czech economic recovery is delayed, loan demand and revenues could be affected 1.
Investment thesis
What would need to be true (bull case)
- Strong growth in the loan portfolio and deposits in 2020 shows the bank's capacity to expand in difficult conditions 1.
- Investment-grade ratings and operational efficiency support a solid position in the Czech market 1.
- If the economy recovers, the medium-term profit and return targets could be reached 1.
What would break the thesis
What to watch
- Trend in cost of risk and non-performing loans2021
- Supervisory decision on dividend payout limits30 September 2021
- Delivery of the market outlook targets for revenue and profit2021
- Integration of Wüstenrot hypoteční banka into the bank's structure2021
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
The MONETA group operates through the parent bank and specialised subsidiaries: MONETA Leasing, MONETA Auto, MONETA Stavební Spořitelna and, from 1 January 2021, Wüstenrot hypoteční banka, merged into the bank as successor company 1. Its core activity covers deposits, loans and revolving credit for retail clients, financing for small and medium businesses and distribution of third-party products, with a focus on the Czech market. In 2020 the group earned a net profit after tax of CZK 2.6 billion 1. Shares are listed on the Prime Market of the Prague Stock Exchange 1.
The group and shareholder structure shows a bank anchored in the Czech Republic, with its seat in Prague and a shared services centre in Ostrava 1. The bank holds ratings from Moody's (A2, stable outlook) and S&P (BBB, stable outlook) 1. The dividend policy aims to distribute at least 70 % of consolidated net profit, subject to restrictions imposed in 2020 by regulators that limited payouts during the pandemic 1.
For 2021–2025 management published a market outlook with revenue and profit targets; overall the plan assumes single-digit loan portfolio growth and a decline in risk costs toward 40–60 basis points by 2023 1. These targets depend on the Czech economic recovery and pandemic measures and could be revised 1.
Segments
Retail and building savings
The retail segment includes deposits, consumer loans, mortgages and building savings through MONETA Stavební Spořitelna, which contributes to revenue diversification 1. The 44.7 % loan growth and 47.4 % deposit growth in 2020 are largely linked to this segment 1.
Market context
The Czech banking sector in 2020 recorded 3.8 % loan growth and 9.2 % deposit growth, while interest rates fell across all product categories 1. The CNB forecast for 2021 pointed to a return to economic growth, but vaccination and pandemic risks remain 1. The bank's revenues could be affected by low interest rates if these conditions persist 1.
Competition and loan demand depend on household consumption, labour market developments and an interest rate environment that could rise moderately in the second half of 2021 1. If inflation and economic growth stay within the estimated range, the bank may keep its planned growth pace 1.
Trends
- Falling interest ratesheadwind
Client interest rates fell by 80 basis points in 2020, compressing the net interest margin 1. This presses revenues, even though net interest income continued to grow 1.
- Deposit and loan growthtailwind
Client deposits and loans grew strongly in 2020, supporting the funding base and future revenues 1. If this momentum persists, the bank could strengthen its position in the local market 1.
- Pandemic and cost of riskmixed
The pandemic raised uncertainty about loan quality; the cost of risk was estimated at 175 to 190 basis points but came in at 174 basis points after the sale of non-performing loans 1. Later developments depend on the economic recovery 1.
- Digitalisation and cost efficiencytailwind
The bank kept operating costs under control, which rose 10.1 % in 2020, while the cost-to-income ratio fell to 45.7 % 1. If operational efficiency holds, profit margins could remain stable 1.
Competitive position
The bank competes in the Czech market with universal banks and banks specialised in mortgages or building savings, all operating in a low-interest-rate environment 1. Competitive pressure shows up in loan and deposit pricing, and market share depends on the ability to attract deposits 1.
- Česká spořitelna
Czech universal bank with similar retail and savings activity, cited as a local market reference.
- Komerční banka
Czech universal bank with a loan and deposit portfolio comparable to MONETA on the local market.
- Raiffeisenbank Czech Republic
Bank within the Austrian Raiffeisen group active in the Czech Republic and a competitor in small and medium enterprise financing.
- ČSOB
Czech universal bank with a broad range of retail and commercial products.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202020 May 2021
Sources
- [1] Annual report, fiscal year ended 2020-12-31 (ESEF) · SEC / MONETA Money Bank, a.s. · 31 Dec 2020
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.