olivLaw · European equity research
Wiener Privatbank SE WPB.VI
Austria · Wiener Börse · ISIN AT0000741301 · Vertical: Listed companies from Austria
Wiener Privatbank SE is an Austrian private bank listed on the Vienna Stock Exchange, focused on selective real estate financing, Lombard loans, investment services and capital market advisory for small and mid-sized companies. Fiscal 2025 brought the bank close to break-even after a very weak 2024, supported by a very high CET1 capital ratio, while asset quality remains under pressure.
At the close of 04 Nov 2026, Wiener Privatbank SE (WPB.VI) stock was 13.40 EUR (+1.52% on the day), with market capitalisation 66.5 m EUR, P/E 103.1 on diluted EPS of 0.13 EUR over the last 12 months, dividend yield 2.05%, beta -0.12, 52-week range 9.75–14.50 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)
- 48.1
- neutral
- Bollinger (20, 2)
- 12.53 – 15.02
- in the lower half of the band · %B 0.35 · band width 18.1%
- SMA 50 / 200
- 13.68 / 10.97
- mixed trend
- MACD (12, 26, 9)
- -0.15 / -0.07
- MACD below 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 | −6.9% | −0.6% | −6.3 pp | — |
| 3 months | −7.6% | −4.2% | −3.4 pp | — |
| 6 months | +26.4% | +4.3% | +22.1 pp | — |
| Year to date | +24.1% | +7.5% | +16.6 pp | — |
| 1 year | +31.4% | +9.9% | +21.5 pp | +5.4% |
| 3 years | +125.2% | +49.8% | +75.4 pp | +8.1% |
| 5 years | +155.2% | +42.8% | +112.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 2.8, median 9.5, max 83.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 2.8 m | -12.1 m | -666.9 k |
| Net income YoY | unavailable | −526.5% | unavailable |
| Diluted EPS | 0.57 | 2.41 | 0.13 |
| Diluted EPS YoY | unavailable | +322.8% | −94.6% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 129.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 32.9 m EUR
- Total assets
- 344.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -2.0%
- ROA
- -0.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 3.9 m | -13.9 m | -716.8 k | esef· 22 Apr 2026verified |
| Income tax | 1.0 m | -1.8 m | -3.2 k | esef· 22 Apr 2026verified |
| Net income | 2.8 m | -12.1 m | -666.9 k | esef· 22 Apr 2026verified |
| Diluted EPS | 0.57 | 2.41 | 0.13 | esef· 22 Apr 2026verified |
| Dividend per share | 0.28 | — | — | esef· 29 Apr 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 90.9 m | 90.5 m | 129.9 m | esef· 22 Apr 2026verified |
| Property, plant & equipment, net | 1.3 m | 780.4 k | 2.0 m | esef· 22 Apr 2026verified |
| Total assets | 342.4 m | 325.8 m | 344.6 m | esef· 22 Apr 2026verified |
| Equity | 45.3 m | 33.3 m | 32.9 m | esef· 22 Apr 2026verified |
| Shares outstanding at year end | 5.0 m | — | — | esef· 29 Apr 2025derived |
Cash flow · EUR
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: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 66.5 m EUR
Key indicators
Coverage and freshness
Score by group
17% · 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: 1.52 – 5.11 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/E1.52 – 2.89 (Mid 2.22)25 companies used · median multiple 17.0x · quartiles 11.7x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)3.74 – 5.11 (Mid 4.32)
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: 2 of at least 6; score weight coverage: 16.7% 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 | 103.1x | 4 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 38% |
| 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· partial0/100 · 1/2 factors with a value
- Valuation· partial4/100 · 1/3 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
Wiener Privatbank SE (WPB.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -2.0%.
The estimated value range is 2.63–4.00 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.27 EUR, the price of 13.40 EUR leaves a potential of -75.6% (value / price − 1) and a margin of safety of -310.1% (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: 2 of at least 6; score weight coverage: 16.7% 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
- P/E (TTM): 103.1x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
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, EV/EBITDA, FCF yield, 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 WPB.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
Wiener Privatbank SE is an Austrian private bank listed on the Vienna Stock Exchange, focused on selective real estate financing, Lombard loans, investment services and capital market advisory for small and mid-sized companies. Fiscal 2025 brought the bank close to break-even after a very weak 2024, supported by a very high CET1 capital ratio, while asset quality remains under pressure 1.
SWOT
Strengths
- Core capital and liquidity are very strong, giving a significant safety margin against shocks.
- The bank states expertise in SME capital market advisory and in equity investments.
- Close client relationships and a compact decision structure allow quick reactions in volatile markets.
Weaknesses
- Profitability remains weak, and high operating costs relative to revenue leave little room for error.
- Scale is small compared with large Austrian banks, which limits investment in technology and products.
- Non-performing loan ratios are rising, and the portfolio remains sensitive to commercial real estate.
Opportunities
- If the property market keeps recovering, the bank could return to more active lending in well-secured segments.
- Special financings and new investment products could diversify revenue and reduce reliance on interest income.
- The capital market for Austrian SMEs could grow, bringing more issuance mandates to the bank.
Threats
- A deeper recession in Austria could lead to new provisioning costs and deterioration of the portfolio.
- Geopolitical conflicts and volatile energy prices could delay economic recovery.
- Competition from larger banks and digital platforms could reduce margins and client volumes.
Risks
- Loan qualityhigh
Non-performing loan ratios rose compared with the prior year, and commercial real estate risk remains elevated. If valuation adjustments increase, the result could turn negative again.
- Low profitabilityhigh
The cost-income ratio is above break-even and return on equity is negative. Without higher revenue, the bank could remain at a very small profit.
- Real estate concentrationmedium
The business model depends heavily on the property market, through both lending and property trading. A shock in this market could hit several revenue lines at once.
- Shareholder structuremedium
Major shareholders and concentrated ownership can influence strategic decisions and limit free float and share liquidity on the exchange.
- Geopolitical and macroeconomic risksmedium
Regional conflicts and interest rate volatility can affect investment values and loan demand, and their exact effects are hard to estimate.
Investment thesis
What would need to be true (bull case)
- Very solid capital and high liquidity could give the bank a stable base to get through a difficult property cycle, and a market recovery could bring a fast rise in profit.
- If the bank develops its special financing products and capital market advisory, revenue could become more diversified and less sensitive to interest rates.
- The reduction in provisions compared with 2024 shows risk management has worked, and a better credit cycle could support a return to profitability.
What would break the thesis
- Non-performing loan ratios are rising and the commercial property portfolio remains vulnerable; new provisions could erase the progress made in 2025.
- A cost-income ratio above break-even shows the bank has not yet turned business volume into sustained profit.
- Small scale and competition from larger banks could prevent the bank from expanding market share or sustaining margins over the long term.
What to watch
- Trend in non-performing loan ratio and loan loss provisions2026
- Cost-income ratio and consolidated resultQ1 2027
- Volume and quality of new special financings2026
- Management guidance on profitability in the next annual reportnext 10-K
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 bank operates as a niche universal bank focused on private clients, real estate investors and companies seeking access to capital markets. Its core activities include real estate project financing, now more selective and largely secured, Lombard loans with clearly defined terms, real estate trading and custody and brokerage services 1. Consolidated total assets were 344.63 million EUR at 31 December 2025, compared with the prior year-end 1. The consolidated result was close to zero, which shows that the revenue structure is still sensitive to the property cycle 1.
Capital strength is a central feature of the profile. The bank points to a very solid capital ratio and a high liquidity coverage ratio, which it says allow it to stay stable even in adverse scenarios 1. At the same time, management deliberately reduced exposure to high-risk property loans and temporarily suspended mezzanine lending tied to real estate, which lowered the loan book and interest income 1.
The bank intends to diversify revenue through new lending niches, investment products including in-house managed asset funds, and capital market advisory. These directions are presented as part of a more cautious growth strategy in a weak economic environment with real estate portfolio quality issues 1.
Segments
Financing and Lombard loans
Real estate project financing and Lombard loans are the main lending products. The bank describes them as more selective and better secured than before, and in 2026 it aims to build a niche of special financings with an attractive risk-return profile 1.
Investments and asset management
Investment income relies on the bank's expertise in equity investments, fixed-term deposit products and access to investment property. Custody and brokerage services complete the offering for clients.
Market context
The bank operates mainly in Austria, in an economic environment management describes as weak and fragile. Forecasts for Austrian economic growth in 2026 were revised down by the central bank, and geopolitical tensions and volatile energy prices add uncertainty 1. For commercial real estate, Austrian banks report elevated non-performing loan ratios, so the problem is sector-wide rather than specific to the bank 1.
On the other side, the bank sees signs of a property market recovery in 2025 that continued into early 2026. If this recovery consolidates and inflation eases, conditions for property lending and transactions could become more favourable 1.
Trends
- Commercial real estate cyclemixed
Prices and demand in the commercial property market are the most important variables for the bank. Austrian banks have elevated non-performing loan ratios in this segment, and the bank has deliberately reduced exposure. If the market stabilises, pressure on loan loss provisions could ease 1.
- Credit costs and provisionstailwind
Loan loss provisions fell sharply in fiscal 2025 compared with 2024, which helped reduce the loss 1. However, elevated non-performing loan ratios remain a source of risk.
- Geopolitical uncertainty and energyheadwind
Conflicts in Ukraine and the Middle East, volatile energy prices and international trade influence inflation and interest rates. The bank says indirect effects of these conflicts could affect Austrian economic indicators 1.
- Monetary policy and interest ratesmixed
Interest rate expectations in the euro area were seen as stable but have recently become volatile. Lower rates could reduce interest income, but could also support loan demand and the property market 1.
Competitive position
Wiener Privatbank competes with Austrian universal banks and private and investment banks offering real estate financing, wealth management and capital market advisory. Its declared advantage is specialisation in niches and close client relationships rather than scale 1.
In IPO and SME issue advisory, the bank aims to be a specialist, but this segment is dominated by financial services firms with broader access to institutional investors. Competitive pressure on pricing and lending terms could limit the bank's margins.
- Erste Group Bank
Largest bank in Austria with a broad retail and corporate offering; competes directly for savings clients and real estate financing.
- Raiffeisen Bank International
Universal bank with presence in Austria and Central and Eastern Europe; active in corporate and real estate financing.
- Bank Austria
Part of a large banking group with private banking and corporate financing services in Austria.
- Oberbank
Regional Austrian bank focused on SMEs and local financing, competing in the corporate segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202522 Apr 2026
- Annual report 202429 Apr 2025
- Annual report 202329 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Wiener Privatbank SE · 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.