holdBUZZ-Swiss lender Cembra Bank outperforms on growth and profit - CS
17/09/2019 09:09
** Credit Suisse upgrades Swiss consumer finance company
Cembra Money Bank CMBN.S to "outperform" from "neutral" and
increases TP to CHF 110 from CHF 96
** "We have confidence in company guidance of an
accelerating incremental net income contribution of CHF 25-30
million from 2021," the brokerage says
** CS sees recent acquisition of local peer Cashgate as a
unique opportunity to strengthen the company's core businesses
and market position, expecting Cembra's market share in personal
loans and auto leases to increase to 45% from 33% and 24% from
17%, respectively
** According to the broker, Cembra's credit card franchise
remains the growth driver of the whole company with an average
estimated credit card income growth of around 11% per year in
2019-21