Banco Comercial Portugues, SA BPCGY

FinancialsBanking ServicesPortugal

Last close 11.99 USD on Nov 3, 2026, +16.4% year to date

Quant rating

Quant rating A+ Rank 9 of 304 in Financials

Growth B 104 of 304
Valuation B 136 of 304
Quality B 120 of 304
Revisions B 175 of 304
Momentum A 6 of 304

Wall Street consensus Buy (2.48)Average target 1.35 USD −88.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 17.4B
Enterprise value: 20.8B
52-week range: 9.09 – 15.00
3-year range: 2.61 – 15.00
Dividend yield: 3.26%
Beta (5 years): –
Shares outstanding: 14,805M
Next earnings: Feb 24, 2027

About the company

Banco Comercial Portugues SA is a Portugal-based company primarily engaged in the banking and financial services industry. The Company operates under the Millennium BCP brand and provides various banking products and financial services to retail, business, corporate, and institutional customers. Some of its services include deposit accounts, payment services, lending solutions, investment products, asset management, and other financial services offered through a branch network and digital channels. The Company is also present in several foreign countries, including Poland, Mozambique, Angola, and China (Macau). In addition, the Bank offers remote banking channels, including telephone banking, Mobile Banking, and Internet Banking, which function as distribution channels for its financial products and services.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,143	4,882	4,824	2,929	1,943	–
Revenue growth	5.3%	1.2%	64.7%	50.8%	−11.9%	18.5%
EPS (basic, normalized)	0.08	0.06	0.06	0.02	0.01	–
EPS growth	24.0%	−0.5%	185.3%	171.0%	−54.3%	34.3%
Gross margin	–	–	–	–	–	–
Net margin	23.3%	19.2%	19.6%	7.4%	3.9%	14.7%
ROE	–	13.5%	16.0%	4.0%	2.2%	8.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	7,101
Net debt (mil)	–
Total equity (mil)	9,022
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	5,143	+5.3%	4.0x	0.59	+31.1%	20.3x	0.08	+29.2%	153.8x
2026	4,492	−12.7%	4.6x	0.63	+6.3%	19.1x	0.09	+15.3%	133.4x
2027	4,784	+6.5%	4.3x	0.66	+5.6%	18.1x	0.11	+17.4%	113.7x
2028	5,058	+5.7%	4.1x	0.70	+5.9%	17.0x	0.12	+15.5%	98.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,492	+0.2%	+1.4%	+2.5%	0.09	−0.7%	+0.8%	+1.9%
2027	4,784	+0.1%	+1.8%	+3.1%	0.11	−3.2%	−0.7%	+2.4%
2028	5,058	−0.1%	+2.4%	+4.0%	0.12	−1.4%	+4.0%	+9.0%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	890	846	942	862	893	955	962	1,042	965	967
Sales mean (mil)	865	848	908	910	892	921	948	954	628	614
Surprise	+2.9%	−0.2%	+3.8%	−5.3%	+0.1%	+3.7%	+1.5%	+9.2%	+53.7%	+57.4%
EPS reported	0.06	0.00	0.01	0.01	0.06	0.00	0.00	0.02	0.08	0.02
EPS mean	0.01	0.01	0.01	0.01	–	0.01	0.02	0.02	0.02	0.02
Surprise	+510.0%	−80.0%	0.0%	0.0%	–	−80.0%	−90.0%	0.0%	+310.0%	0.0%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
BPCGY Banco Comercial Portugues, SA	17.4B	–	23.3%	1.58x	133.4x	113.7x	19.1x	18.1x
KGTFY Krung Thai Bank PCL	17.8B	–	32.6%	1.24x	251.3x	242.6x	26.1x	26.1x
JBAXY Julius Baer Gruppe AG	17.5B	–	41.8%	1.68x	11.3x	11.3x	1.8x	1.8x
BREJY mBank SA	17.4B	–	24.3%	1.72x	0.2x	0.1x	0.0x	0.0x
KPCPY Kasikornbank Public Company Limited	17.1B	–	28.5%	1.31x	44.8x	42.1x	3.8x	3.7x
BDORY Banco Do Brasil SA	16.9B	–	–	–	5.0x	3.7x	–	–
Mean		–	30.1%	1.51x	74.3x	68.9x	10.2x	9.9x
Median		–	28.5%	1.58x	28.1x	26.7x	3.8x	3.7x

Technical analysis

1M−16.2%
3M−2.1%
1Y+40.7%
3Y+222.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Banco Comercial Portugues, SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	5,143	4,882	4,824	2,929	1,943	2,205
Total interest expense	1,740	1,952	1,706	629	137	335
Net interest income	3,404	2,931	3,118	2,301	1,806	1,871
Loan loss provision	318	294	295	654	401	627
Net interest income after loan loss provision	3,086	2,637	2,823	1,647	1,405	1,244
Non-interest income	1,617	1,307	1,444	1,283	1,292	1,413
Non-interest expense	−2,860	−2,555	−2,625	−2,472	−2,518	−2,260
Net income before taxes	1,843	1,389	1,642	459	179	397
Provision for taxes	480	353	593	326	231	161
Minority interest & equity in affiliates	−167	−97.4	−101	83.3	129	−31.0
Other	0	0	0	0	0	0
Net income before extraordinary items	1,196	938	948	216	76.4	205
Extraordinary items	0	0.3	−3.1	5.9	80.6	19.0
Net income	1,196	938	945	222	157	224
Basic weighted average shares (mil)	14,939	15,114	15,114	15,114	15,114	15,114
Diluted weighted average shares (mil)	14,939	15,114	15,114	15,114	15,114	15,114
Basic EPS excluding extraordinary items	0.08	0.06	0.06	0.01	0.01	0.01
Basic EPS, normalized	0.08	0.06	0.06	0.02	0.01	0.02

Balance sheet in millions of USD, fiscal years

Balance sheet, Banco Comercial Portugues, SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	5,815	6,612	6,019	7,476	9,378	7,717
Other earning assets	49,787	38,028	33,226	23,705	26,686	25,774
Net loans	67,424	55,810	58,827	58,514	62,493	63,535
Property, plant & equipment	683	641	669	615	683	783
Goodwill	53.8	46.8	49.1	44.2	168	181
Intangibles	325	239	197	151	124	119
Long-term investments	535	445	383	337	526	531
Other long-term assets	2,045	2,341	2,811	3,330	3,227	3,434
Other assets	1,743	1,588	1,966	2,014	2,331	2,609
Total assets	128,411	105,750	104,147	96,187	105,614	104,684
Liabilities
Accounts payable	713	688	489	412	347	349
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	106,441	87,814	86,916	82,297	89,157	87,792
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	31.2	22.7	53.0	44.5	69.2	68.3
Current portion of long-term debt	25.6	22.8	–	–	–	–
Long-term debt	6,344	5,263	4,444	2,961	4,040	3,382
Minority interest	1,465	1,136	1,090	837	1,072	1,423
Other liabilities	4,214	3,457	4,200	4,119	3,974	4,072
Total liabilities	119,234	98,404	97,191	90,670	98,658	97,086
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,523	3,106	3,311	3,211	5,371	5,771
Additional paid-in capital	19.3	17.1	18.2	17.6	18.7	20.1
Retained earnings (accumulated deficit)	5,164	3,808	3,186	1,860	1,112	1,319
Treasury stock	–	–	–	–	0	0
Other equity	470	414	441	428	455	489
Total equity	9,177	7,345	6,956	5,517	6,957	7,598
Total liabilities & shareholders' equity	128,411	105,750	104,147	96,187	105,614	104,684

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Banco Comercial Portugues, SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	2,470	4,113	2,027	−2,620	3,462	2,258
Cash from operations	4,203	5,764	4,384	−620	5,015	3,728
Investing activities
Capital expenditures	−178	−168	−138	−135	−91.5	−96.2
Other investing cash flows	−5,239	−4,739	−7,144	−470	−2,976	−2,441
Cash from investing	−5,417	−4,907	−7,282	−605	−3,068	−2,537
Financing activities
Financing cash flow items	−289	−208	296	−47.5	−65.3	16.4
Cash dividends paid	−526	−266	–	−14.6	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	249	545	1,045	−783	940	−798
Cash from financing	−566	70.7	1,341	−846	874	−781
Foreign exchange effects	−58.2	62.6	65.1	13.5	125	−313
Net change in cash	−1,838	991	−1,492	−2,058	2,946	96.3
Free cash flow	4,025	5,596	4,246	−755	4,924	3,632

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.