# Cembra Money Bank AG (CMBN.SW)

Canonical: https://gigainvestors.com/s/CMBN.SW

Analysis as of: 2026-10-16T07:39:03.783Z. Financial observations: FY2015–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 87.60 per share; close as of 2026-10-15.

Estimated value: low CHF 79.09 per share, central CHF 96.58 per share, high CHF 124.00 per share. Buy at or below the central value CHF 96.58 per share. Valuation as of 2026-10-16T07:39:03.783Z; scenarios are not confidence intervals.

Expected annual return: 10.5% at the stated quote. About 10.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CH 10-year bond 0.5% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.11×

Chart: Net income; fiscal year observations.

- FY2016: CHF 144M

- FY2017: CHF 144M

- FY2018: CHF 154M

- FY2019: CHF 159M

- FY2020: CHF 153M

- FY2021: CHF 161M

- FY2022: CHF 169M

- FY2023: CHF 158M

- FY2024: CHF 170M

- FY2025: CHF 180M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 17.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 15.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 17.4%

- FY2017: 17.1%

- FY2018: 17.4%

- FY2019: 23.3%

- FY2020: 20.9%

- FY2021: 19.8%

- FY2022: 20.7%

- FY2023: 15.3%

- FY2024: 15.8%

- FY2025: 15.7%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 16.9%

- Book return interval: 10 years

- Starting book value per share: CHF 27.40

- Ending book value per share: CHF 38.96

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 18.9%

- FY2017: 17.6%

- FY2018: 16.6%

- FY2019: -14.4%

- FY2020: 23.1%

- FY2021: 26.7%

- FY2022: 14.0%

- FY2023: 40.7%

- FY2024: 15.9%

- FY2025: 17.4%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: -0.0%

- Share growth excluding flagged crisis recapitalisations: 0.4%

- Five-year share growth excluding flagged crisis recapitalisations: -0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.74×

- Book value created per share: CHF 11.56

- Earnings retained per share after dividends and buybacks: CHF 15.72

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 104

- FY2020: 104

- FY2021: 104

- FY2022: 104

- FY2023: 104

- FY2024: 104

- FY2025: 104

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5% a year forever · net income +5.4%

Story as of 2026-10-16T10:00:10.409Z; price observation 2026-10-15.

The price assumes profits grow 5% a year forever

### Net income · FY2025

net income +5.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 144M 

- FY2017: CHF 144M 

- FY2018: CHF 154M 

- FY2019: CHF 159M 

- FY2020: CHF 153M 

- FY2021: CHF 161M 

- FY2022: CHF 169M 

- FY2023: CHF 158M 

- FY2024: CHF 170M 

- FY2025: CHF 180M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are CHF 635.1 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:03.783Z); FY2025: revenue 635100000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CMBN.SW: 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.

### Why customers stay

It earns 17.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:03.783Z); 10-year return on tangible equity observations [[2016,0.17422852771335287],[2017,0.17108776400185188],[2018,0.17426748769252687],[2019,0.23279131998771696],[2020,0.2090466302402802],[2021,0.19779104046207377],[2022,0.20711785654427586],[2023,0.15288283590680737],[2024,0.15763196358859555],[2025,0.15692963156487502]]; median 0.17424800770293986. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CHF 6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:03.783Z); Dividend observations: [[2016,94464000],[2017,125471000],[2018,100097000],[2019,105734000],[2020,110233000],[2021,110181000],[2022,112971000],[2023,115930000],[2024,117394000],[2025,124691000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:03.783Z); FY2025: cash repurchases 6035000 CHF.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CMBN.SW SharesStats.PercentInsiders = 0.044000000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:03.783Z); Price 87.6; FX 1; original perpetual distributable cash 4.366947625757474; discount 0.1; growth 0.05014899970596491. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (CHF per share)

- 2016-10: CHF 75.65 per share

- 2016-11: CHF 75.15 per share

- 2016-12: CHF 74.20 per share

- 2017-01: CHF 74.55 per share

- 2017-02: CHF 81.50 per share

- 2017-03: CHF 82.85 per share

- 2017-04: CHF 84.90 per share

- 2017-05: CHF 91.25 per share

- 2017-06: CHF 90.70 per share

- 2017-07: CHF 86.75 per share

- 2017-08: CHF 83.50 per share

- 2017-09: CHF 84.70 per share

- 2017-10: CHF 89.40 per share

- 2017-11: CHF 88.75 per share

- 2017-12: CHF 90.85 per share

- 2018-01: CHF 91.85 per share

- 2018-02: CHF 89.25 per share

- 2018-03: CHF 84.80 per share

- 2018-04: CHF 84.35 per share

- 2018-05: CHF 79.50 per share

- 2018-06: CHF 78.05 per share

- 2018-07: CHF 90.90 per share

- 2018-08: CHF 90.70 per share

- 2018-09: CHF 88.80 per share

- 2018-10: CHF 84.50 per share

- 2018-11: CHF 83.25 per share

- 2018-12: CHF 77.85 per share

- 2019-01: CHF 85.70 per share

- 2019-02: CHF 95.70 per share

- 2019-03: CHF 94.15 per share

- 2019-04: CHF 94.55 per share

- 2019-05: CHF 89.90 per share

- 2019-06: CHF 94.15 per share

- 2019-07: CHF 96.05 per share

- 2019-08: CHF 100.40 per share

- 2019-09: CHF 104.00 per share

- 2019-10: CHF 104.40 per share

- 2019-11: CHF 104.10 per share

- 2019-12: CHF 106.00 per share

- 2020-01: CHF 112.90 per share

- 2020-02: CHF 108.30 per share

- 2020-03: CHF 89.20 per share

- 2020-04: CHF 91.75 per share

- 2020-05: CHF 94.95 per share

- 2020-06: CHF 92.55 per share

- 2020-07: CHF 99.70 per share

- 2020-08: CHF 107.80 per share

- 2020-09: CHF 109.40 per share

- 2020-10: CHF 101.70 per share

- 2020-11: CHF 105.40 per share

- 2020-12: CHF 107.20 per share

- 2021-01: CHF 97.10 per share

- 2021-02: CHF 94.75 per share

- 2021-03: CHF 104.10 per share

- 2021-04: CHF 99.25 per share

- 2021-05: CHF 102.10 per share

- 2021-06: CHF 103.70 per share

- 2021-07: CHF 94.15 per share

- 2021-08: CHF 66.95 per share

- 2021-09: CHF 62.90 per share

- 2021-10: CHF 61.05 per share

- 2021-11: CHF 63.75 per share

- 2021-12: CHF 66.45 per share

- 2022-01: CHF 63.35 per share

- 2022-02: CHF 63.40 per share

- 2022-03: CHF 68.00 per share

- 2022-04: CHF 70.95 per share

- 2022-05: CHF 67.00 per share

- 2022-06: CHF 68.20 per share

- 2022-07: CHF 68.95 per share

- 2022-08: CHF 66.15 per share

- 2022-09: CHF 70.50 per share

- 2022-10: CHF 72.60 per share

- 2022-11: CHF 74.55 per share

- 2022-12: CHF 76.90 per share

- 2023-01: CHF 80.95 per share

- 2023-02: CHF 80.00 per share

- 2023-03: CHF 71.85 per share

- 2023-04: CHF 71.45 per share

- 2023-05: CHF 67.95 per share

- 2023-06: CHF 74.20 per share

- 2023-07: CHF 66.00 per share

- 2023-08: CHF 64.50 per share

- 2023-09: CHF 62.30 per share

- 2023-10: CHF 62.45 per share

- 2023-11: CHF 65.65 per share

- 2023-12: CHF 65.60 per share

- 2024-01: CHF 66.75 per share

- 2024-02: CHF 75.15 per share

- 2024-03: CHF 75.50 per share

- 2024-04: CHF 70.40 per share

- 2024-05: CHF 73.10 per share

- 2024-06: CHF 76.70 per share

- 2024-07: CHF 76.75 per share

- 2024-08: CHF 78.40 per share

- 2024-09: CHF 78.95 per share

- 2024-10: CHF 77.75 per share

- 2024-11: CHF 81.10 per share

- 2024-12: CHF 82.00 per share

- 2025-01: CHF 89.90 per share

- 2025-02: CHF 96.65 per share

- 2025-03: CHF 99.45 per share

- 2025-04: CHF 99.50 per share

- 2025-05: CHF 101.10 per share

- 2025-06: CHF 99.70 per share

- 2025-07: CHF 91.35 per share

- 2025-08: CHF 90.75 per share

- 2025-09: CHF 91.45 per share

- 2025-10: CHF 91.95 per share

- 2025-11: CHF 94.95 per share

- 2025-12: CHF 99.35 per share

- 2026-01: CHF 98.75 per share

- 2026-02: CHF 99.60 per share

- 2026-03: CHF 98.55 per share

- 2026-04: CHF 95.55 per share

- 2026-05: CHF 95.00 per share

- 2026-06: CHF 94.60 per share

- 2026-07: CHF 89.80 per share

- 2026-08: CHF 88.65 per share

- 2026-09: CHF 86.15 per share

- 2026-10: CHF 87.55 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 63.21 per share, central CHF 79.01 per share, high CHF 105.34 per share

- FY2017: low CHF 65.55 per share, central CHF 81.94 per share, high CHF 109.25 per share

- FY2018: low CHF 69.15 per share, central CHF 86.44 per share, high CHF 115.25 per share

- FY2019: low CHF 51.65 per share, central CHF 64.56 per share, high CHF 86.06 per share

- FY2020: low CHF 55.96 per share, central CHF 69.89 per share, high CHF 93.07 per share

- FY2021: low CHF 62.85 per share, central CHF 78.22 per share, high CHF 103.55 per share

- FY2022: low CHF 67.31 per share, central CHF 84.14 per share, high CHF 112.18 per share

- FY2023: low CHF 57.89 per share, central CHF 63.68 per share, high CHF 70.76 per share

- FY2024: low CHF 87.83 per share, central CHF 109.17 per share, high CHF 144.22 per share

- FY2025: low CHF 84.28 per share, central CHF 102.92 per share, high CHF 132.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations