# Raiffeisen Bank International AG (RBI.VI)

Canonical: https://gigainvestors.com/s/RBI.VI

Analysis as of: 2026-10-16T07:34:42.004Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## 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: EUR 56.15 per share; close as of 2026-10-15.

Estimated value: low EUR 58.92 per share, central EUR 64.81 per share, high EUR 72.01 per share. Buy at or below the central value EUR 64.81 per share. Valuation as of 2026-10-16T07:34:42.004Z; scenarios are not confidence intervals.

Expected annual return: 11.5% at the stated quote. About 11.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AT 10-year bond 3.7% + 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): 0.50×

Chart: Net income; fiscal year observations.

- FY2016: EUR 463M

- FY2017: EUR 1.1B

- FY2018: EUR 1.2B

- FY2019: EUR 1.2B

- FY2020: EUR 729M

- FY2021: EUR 1.3B

- FY2022: EUR 3.5B

- FY2023: EUR 2.3B

- FY2024: EUR 1.0B

- FY2025: EUR 1.4B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.8%

- Years with reported combined ratio: 0

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

- FY2016: 5.8%

- FY2017: 11.1%

- FY2018: 11.0%

- FY2019: 9.5%

- FY2020: 5.7%

- FY2021: 9.5%

- FY2022: 23.4%

- FY2023: 12.9%

- FY2024: 5.8%

- FY2025: 6.9%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 11.6%

- Book return interval: 10 years

- Starting book value per share: EUR 25.12

- Ending book value per share: EUR 60.88

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

- FY2016: 10.2%

- FY2017: 10.0%

- FY2018: 15.2%

- FY2019: 8.8%

- FY2020: 9.5%

- FY2021: 10.9%

- FY2022: 12.2%

- FY2023: 20.3%

- FY2024: 5.9%

- FY2025: 13.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: -0.1%

- Share growth excluding flagged crisis recapitalisations: 1.2%

- Five-year share growth excluding flagged crisis recapitalisations: -0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.14×

- Book value created per share: EUR 35.76

- Earnings retained per share after dividends and buybacks: EUR 31.40

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

- FY2015: 100

- FY2016: 100

- FY2017: 112

- FY2018: 112

- FY2019: 117

- FY2020: 113

- FY2021: 112

- FY2022: 113

- FY2023: 112

- FY2024: 112

- FY2025: 112

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits shrink 1.5% a year forever · net income +30.9%

Story as of 2026-10-16T10:00:02.020Z; price observation 2026-10-15.

The price assumes profits shrink 1.5% a year forever

### Net income · FY2025

net income +30.9%; source https://filings.xbrl.org/9ZHRYM6F437SQJ6OUG95/2025-12-31/ESEF/AT/1/rbi-2025-12-31-1-de/reports/rbi-2025-12-31-1-de.xhtml; observed 2026-03-10.

- FY2016: EUR 463M 

- FY2017: EUR 1.1B 

- FY2018: EUR 1.2B 

- FY2019: EUR 1.2B 

- FY2020: EUR 729M 

- FY2021: EUR 1.3B 

- FY2022: EUR 3.5B 

- FY2023: EUR 2.3B 

- FY2024: EUR 1.0B 

- FY2025: EUR 1.4B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are EUR 9.1 billion.

- Source: https://filings.xbrl.org/9ZHRYM6F437SQJ6OUG95/2025-12-31/ESEF/AT/1/rbi-2025-12-31-1-de/reports/rbi-2025-12-31-1-de.xhtml (filed 2026-03-10); FY2025: revenue 9149000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RBI.VI: Raiffeisen Bank International AG, together with its subsidiaries, offers banking services to corporate, retail, and institutional customers. The company provides cash management, investment and subsidized financing, eSpeedTrack, financing and sustainable solutions, electronic bank account management, reporting and payment, supply chain financing, payment acceptance, factoring solutions, export and trade finance, factoring, leveraged and acquisition financing, project and structured financing, real estate financing, leasing, digital banking, working capital, investment banking, investing, hedging, and investor services to its institutional clients and corporate customers in agri food and beverage, mobility, construction and building materials, healthcare and pharmaceuticals, infrastructure and logistics, manufacturing, metals and mining, energy, packaging, real estate, retail, technology, telecom, and utilities industries. It also offers corporate, investment, and retail banking services, such as wealth management services to retail customers and small and medium-sized enterprises. In addition, the company provides accounts, clearing, reporting, settlement, domestic banks, and instant payment services; and investment banking services, including asset based finance, fund finance and alternatives investments, loan syndication, mergers and acquisitions advisory, and debt and equity capital markets services. It operates through a network of business outlets in Central, Southeastern, and Eastern Europe, as well as Albania, Bosnia and Herzegovina, Croatia, Kosovo, Romania, Serbia, Russia, Austria, Czech Republic, Hungary, Poland, Slovenia, Montenegro, Slovakia, and Ukraine. Raiffeisen Bank International AG was founded in 1886 and is based in Vienna, Austria.

### Why customers stay

It earns 9.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 10-year return on tangible equity observations [[2016,0.057511479532436086],[2017,0.11120245029704842],[2018,0.10971352727712932],[2019,0.09549604490516865],[2020,0.05738134223224284],[2021,0.09459060005911912],[2022,0.23441644562334218],[2023,0.12900849858356941],[2024,0.057915698639230004],[2025,0.0686529794692038]]; median 0.0950433224821439. 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 EUR 174 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2016,40272000],[2017,89938000],[2018,342557000],[2019,305614000],[2020,121000000],[2021,536000000],[2022,119000000],[2023,429000000],[2024,605000000],[2025,609000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/9ZHRYM6F437SQJ6OUG95/2025-12-31/ESEF/AT/1/rbi-2025-12-31-1-de/reports/rbi-2025-12-31-1-de.xhtml (filed 2026-03-10); FY2025: cash repurchases 174000000 EUR.

### Are managers owners

Insiders own 61.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RBI.VI SharesStats.PercentInsiders = 61.17 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 1.5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Price 56.15; FX 1; original perpetual distributable cash 6.481168191599951; discount 0.1; growth -0.015425969574353535. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: EUR 14.93 per share

- 2016-11: EUR 17.19 per share

- 2016-12: EUR 17.58 per share

- 2017-01: EUR 20.55 per share

- 2017-02: EUR 20.96 per share

- 2017-03: EUR 21.16 per share

- 2017-04: EUR 20.93 per share

- 2017-05: EUR 23.45 per share

- 2017-06: EUR 22.10 per share

- 2017-07: EUR 24.92 per share

- 2017-08: EUR 27.56 per share

- 2017-09: EUR 28.36 per share

- 2017-10: EUR 29.91 per share

- 2017-11: EUR 29.75 per share

- 2017-12: EUR 30.20 per share

- 2018-01: EUR 34.63 per share

- 2018-02: EUR 31.99 per share

- 2018-03: EUR 31.59 per share

- 2018-04: EUR 28.00 per share

- 2018-05: EUR 27.09 per share

- 2018-06: EUR 26.29 per share

- 2018-07: EUR 28.53 per share

- 2018-08: EUR 24.50 per share

- 2018-09: EUR 24.80 per share

- 2018-10: EUR 24.10 per share

- 2018-11: EUR 26.04 per share

- 2018-12: EUR 22.20 per share

- 2019-01: EUR 23.08 per share

- 2019-02: EUR 22.42 per share

- 2019-03: EUR 20.01 per share

- 2019-04: EUR 23.77 per share

- 2019-05: EUR 20.82 per share

- 2019-06: EUR 20.63 per share

- 2019-07: EUR 21.22 per share

- 2019-08: EUR 19.89 per share

- 2019-09: EUR 21.29 per share

- 2019-10: EUR 22.05 per share

- 2019-11: EUR 21.31 per share

- 2019-12: EUR 22.39 per share

- 2020-01: EUR 20.60 per share

- 2020-02: EUR 18.68 per share

- 2020-03: EUR 13.38 per share

- 2020-04: EUR 15.73 per share

- 2020-05: EUR 16.54 per share

- 2020-06: EUR 15.86 per share

- 2020-07: EUR 14.55 per share

- 2020-08: EUR 15.00 per share

- 2020-09: EUR 13.07 per share

- 2020-10: EUR 12.34 per share

- 2020-11: EUR 16.06 per share

- 2020-12: EUR 16.68 per share

- 2021-01: EUR 16.17 per share

- 2021-02: EUR 16.82 per share

- 2021-03: EUR 18.73 per share

- 2021-04: EUR 18.19 per share

- 2021-05: EUR 19.47 per share

- 2021-06: EUR 19.10 per share

- 2021-07: EUR 19.96 per share

- 2021-08: EUR 20.34 per share

- 2021-09: EUR 22.68 per share

- 2021-10: EUR 25.30 per share

- 2021-11: EUR 26.22 per share

- 2021-12: EUR 25.88 per share

- 2022-01: EUR 24.78 per share

- 2022-02: EUR 14.67 per share

- 2022-03: EUR 12.95 per share

- 2022-04: EUR 10.98 per share

- 2022-05: EUR 12.37 per share

- 2022-06: EUR 10.34 per share

- 2022-07: EUR 11.77 per share

- 2022-08: EUR 12.64 per share

- 2022-09: EUR 12.21 per share

- 2022-10: EUR 14.07 per share

- 2022-11: EUR 15.03 per share

- 2022-12: EUR 15.35 per share

- 2023-01: EUR 16.46 per share

- 2023-02: EUR 15.80 per share

- 2023-03: EUR 14.16 per share

- 2023-04: EUR 13.91 per share

- 2023-05: EUR 13.70 per share

- 2023-06: EUR 14.52 per share

- 2023-07: EUR 14.72 per share

- 2023-08: EUR 13.25 per share

- 2023-09: EUR 13.81 per share

- 2023-10: EUR 13.67 per share

- 2023-11: EUR 15.30 per share

- 2023-12: EUR 18.67 per share

- 2024-01: EUR 19.32 per share

- 2024-02: EUR 19.24 per share

- 2024-03: EUR 18.46 per share

- 2024-04: EUR 17.38 per share

- 2024-05: EUR 16.92 per share

- 2024-06: EUR 16.22 per share

- 2024-07: EUR 18.01 per share

- 2024-08: EUR 17.91 per share

- 2024-09: EUR 17.86 per share

- 2024-10: EUR 16.49 per share

- 2024-11: EUR 18.46 per share

- 2024-12: EUR 19.75 per share

- 2025-01: EUR 21.96 per share

- 2025-02: EUR 25.80 per share

- 2025-03: EUR 23.72 per share

- 2025-04: EUR 23.48 per share

- 2025-05: EUR 26.88 per share

- 2025-06: EUR 25.88 per share

- 2025-07: EUR 25.44 per share

- 2025-08: EUR 28.38 per share

- 2025-09: EUR 29.34 per share

- 2025-10: EUR 32.34 per share

- 2025-11: EUR 34.94 per share

- 2025-12: EUR 38.30 per share

- 2026-01: EUR 42.68 per share

- 2026-02: EUR 42.26 per share

- 2026-03: EUR 36.36 per share

- 2026-04: EUR 46.40 per share

- 2026-05: EUR 49.42 per share

- 2026-06: EUR 55.85 per share

- 2026-07: EUR 59.40 per share

- 2026-08: EUR 63.80 per share

- 2026-09: EUR 62.10 per share

- 2026-10: EUR 57.30 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 18.36 per share, central EUR 20.20 per share, high EUR 22.44 per share

- FY2017: low EUR 20.02 per share, central EUR 22.02 per share, high EUR 24.46 per share

- FY2018: low EUR 13.89 per share, central EUR 16.53 per share, high EUR 20.42 per share

- FY2019: low EUR 22.32 per share, central EUR 27.90 per share, high EUR 37.21 per share

- FY2020: low EUR 25.75 per share, central EUR 28.33 per share, high EUR 31.47 per share

- FY2021: low EUR 13.70 per share, central EUR 16.75 per share, high EUR 21.55 per share

- FY2022: low EUR 20.71 per share, central EUR 25.89 per share, high EUR 34.52 per share

- FY2023: low EUR 44.12 per share, central EUR 55.15 per share, high EUR 73.54 per share

- FY2024: low EUR 45.19 per share, central EUR 56.49 per share, high EUR 75.32 per share

- FY2025: low EUR 55.90 per share, central EUR 61.49 per share, high EUR 68.32 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

Prior published observations retained from 2026-10-15T06:40:27.367Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/9ZHRYM6F437SQJ6OUG95/2025-12-31/ESEF/AT/1/rbi-2025-12-31-1-de/reports/rbi-2025-12-31-1-de.xhtml); period 2025-12-31, filed 2026-03-10.

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