# Erste Bank Polska (EBP.WAR)

Canonical: https://gigainvestors.com/s/EBP.WAR

Analysis as of: 2026-10-16T07:34:43.780Z. Financial observations: FY2015–FY2025.

Listing currency: PLN. Reporting currency: PLN.

## 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: PLN 779.00 per share; close as of 2026-10-15.

Estimated value: low PLN 289.81 per share, central PLN 356.10 per share, high PLN 461.70 per share. Buy at or below the central value PLN 356.10 per share. Valuation as of 2026-10-16T07:34:43.780Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.4%). required return 10.4% a year (PL 10-year bond 6.4% + 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): 0.42×

Chart: Net income; fiscal year observations.

- FY2016: PLN 2.2B

- FY2017: PLN 2.2B

- FY2018: PLN 2.4B

- FY2019: PLN 2.1B

- FY2020: PLN 1.0B

- FY2021: PLN 1.1B

- FY2022: PLN 2.8B

- FY2023: PLN 4.8B

- FY2024: PLN 5.2B

- FY2025: PLN 6.5B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 11.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 4.8%

- Years with reported combined ratio: 0

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

- FY2016: 12.3%

- FY2017: 11.2%

- FY2018: 10.5%

- FY2019: 9.3%

- FY2020: 4.2%

- FY2021: 4.8%

- FY2022: 11.6%

- FY2023: 16.6%

- FY2024: 17.5%

- FY2025: 19.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 13.2%

- Book return interval: 10 years

- Starting book value per share: PLN 173.57

- Ending book value per share: PLN 320.48

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

- FY2016: 11.0%

- FY2017: 12.9%

- FY2018: 19.5%

- FY2019: 9.3%

- FY2020: 7.4%

- FY2021: -4.8%

- FY2022: 6.3%

- FY2023: 30.4%

- FY2024: 18.1%

- FY2025: 25.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.3%

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

- Share growth excluding flagged crisis recapitalisations: 0.3%

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

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.18×

- Book value created per share: PLN 146.90

- Earnings retained per share after dividends and buybacks: PLN 124.02

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

- FY2015: 100

- FY2016: 100

- FY2017: 102

- FY2018: 100

- FY2019: 103

- FY2020: 103

- FY2021: 103

- FY2022: 103

- FY2023: 103

- FY2024: 103

- FY2025: 103

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.4% a year forever · net income +24.3%

Story as of 2026-10-16T10:00:02.178Z; price observation 2026-10-15.

The price assumes profits grow 8.4% a year forever

### Net income · FY2025

net income +24.3%; source https://filings.xbrl.org/259400LGXW3K0GDAG361/2022-12-31/ESEF/PL/0/ESEF_SantanderBankPolska/reports/Raport_Roczny_Grupy_SBP_za_rok_2022.xhtml; observed 2023-05-02.

- FY2016: PLN 2.2B 

- FY2017: PLN 2.2B 

- FY2018: PLN 2.4B 

- FY2019: PLN 2.1B 

- FY2020: PLN 1.0B 

- FY2021: PLN 1.1B 

- FY2022: PLN 2.8B 

- FY2023: PLN 4.8B 

- FY2024: PLN 5.2B 

- FY2025: PLN 6.5B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are PLN 17.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: revenue 17883423000.

### Why customers stay

It earns 11.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); 10-year return on tangible equity observations [[2016,0.12307750243971376],[2017,0.11231018494036846],[2018,0.10504238134122273],[2019,0.09318303695506683],[2020,0.042205287483227424],[2021,0.04806903430138391],[2022,0.115592216336453],[2023,0.16562622605603836],[2024,0.17471513896150906],[2025,0.19782937177218404]]; median 0.11395120063841073. 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 PLN 82.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Dividend observations: [[2016,1516074000],[2017,646828000],[2018,514130000],[2019,2331071000],[2020,86555000],[2021,296384000],[2022,350125000],[2023,2413763000],[2024,4607282000],[2025,4794995000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: cash repurchases 82367000 PLN.

### Are managers owners

Insiders own 58.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EBP.WAR SharesStats.PercentInsiders = 58.699 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Price 779; FX 1; original perpetual distributable cash 15.56861437155989; discount 0.10372; growth 0.08373461569761247. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: PLN 317.00 per share

- 2016-11: PLN 292.55 per share

- 2016-12: PLN 316.00 per share

- 2017-01: PLN 344.50 per share

- 2017-02: PLN 351.05 per share

- 2017-03: PLN 342.50 per share

- 2017-04: PLN 356.20 per share

- 2017-05: PLN 339.25 per share

- 2017-06: PLN 342.30 per share

- 2017-07: PLN 380.05 per share

- 2017-08: PLN 369.60 per share

- 2017-09: PLN 349.30 per share

- 2017-10: PLN 365.30 per share

- 2017-11: PLN 370.00 per share

- 2017-12: PLN 396.25 per share

- 2018-01: PLN 420.00 per share

- 2018-02: PLN 374.20 per share

- 2018-03: PLN 362.20 per share

- 2018-04: PLN 371.40 per share

- 2018-05: PLN 347.00 per share

- 2018-06: PLN 333.60 per share

- 2018-07: PLN 366.80 per share

- 2018-08: PLN 376.00 per share

- 2018-09: PLN 375.60 per share

- 2018-10: PLN 340.40 per share

- 2018-11: PLN 355.80 per share

- 2018-12: PLN 358.20 per share

- 2019-01: PLN 373.80 per share

- 2019-02: PLN 376.40 per share

- 2019-03: PLN 381.00 per share

- 2019-04: PLN 396.80 per share

- 2019-05: PLN 365.20 per share

- 2019-06: PLN 370.80 per share

- 2019-07: PLN 327.40 per share

- 2019-08: PLN 305.00 per share

- 2019-09: PLN 313.60 per share

- 2019-10: PLN 313.20 per share

- 2019-11: PLN 275.00 per share

- 2019-12: PLN 307.40 per share

- 2020-01: PLN 286.40 per share

- 2020-02: PLN 250.80 per share

- 2020-03: PLN 173.50 per share

- 2020-04: PLN 163.00 per share

- 2020-05: PLN 162.80 per share

- 2020-06: PLN 175.40 per share

- 2020-07: PLN 150.40 per share

- 2020-08: PLN 151.50 per share

- 2020-09: PLN 142.60 per share

- 2020-10: PLN 123.00 per share

- 2020-11: PLN 174.00 per share

- 2020-12: PLN 185.70 per share

- 2021-01: PLN 181.40 per share

- 2021-02: PLN 210.40 per share

- 2021-03: PLN 218.60 per share

- 2021-04: PLN 224.40 per share

- 2021-05: PLN 267.00 per share

- 2021-06: PLN 254.40 per share

- 2021-07: PLN 256.30 per share

- 2021-08: PLN 302.00 per share

- 2021-09: PLN 300.20 per share

- 2021-10: PLN 370.50 per share

- 2021-11: PLN 364.70 per share

- 2021-12: PLN 348.50 per share

- 2022-01: PLN 350.10 per share

- 2022-02: PLN 314.70 per share

- 2022-03: PLN 305.00 per share

- 2022-04: PLN 270.60 per share

- 2022-05: PLN 257.60 per share

- 2022-06: PLN 233.00 per share

- 2022-07: PLN 234.80 per share

- 2022-08: PLN 214.20 per share

- 2022-09: PLN 196.90 per share

- 2022-10: PLN 254.20 per share

- 2022-11: PLN 273.60 per share

- 2022-12: PLN 259.40 per share

- 2023-01: PLN 287.00 per share

- 2023-02: PLN 298.80 per share

- 2023-03: PLN 291.80 per share

- 2023-04: PLN 338.20 per share

- 2023-05: PLN 336.60 per share

- 2023-06: PLN 389.00 per share

- 2023-07: PLN 397.40 per share

- 2023-08: PLN 371.60 per share

- 2023-09: PLN 360.00 per share

- 2023-10: PLN 456.40 per share

- 2023-11: PLN 496.80 per share

- 2023-12: PLN 489.80 per share

- 2024-01: PLN 487.00 per share

- 2024-02: PLN 549.50 per share

- 2024-03: PLN 569.50 per share

- 2024-04: PLN 560.80 per share

- 2024-05: PLN 504.40 per share

- 2024-06: PLN 541.20 per share

- 2024-07: PLN 522.00 per share

- 2024-08: PLN 519.60 per share

- 2024-09: PLN 454.30 per share

- 2024-10: PLN 447.70 per share

- 2024-11: PLN 437.20 per share

- 2024-12: PLN 457.60 per share

- 2025-01: PLN 507.00 per share

- 2025-02: PLN 520.60 per share

- 2025-03: PLN 554.40 per share

- 2025-04: PLN 577.20 per share

- 2025-05: PLN 500.60 per share

- 2025-06: PLN 493.60 per share

- 2025-07: PLN 549.40 per share

- 2025-08: PLN 506.00 per share

- 2025-09: PLN 472.80 per share

- 2025-10: PLN 487.20 per share

- 2025-11: PLN 515.00 per share

- 2025-12: PLN 545.40 per share

- 2026-01: PLN 559.20 per share

- 2026-02: PLN 591.20 per share

- 2026-03: PLN 583.00 per share

- 2026-04: PLN 616.00 per share

- 2026-05: PLN 613.60 per share

- 2026-06: PLN 644.60 per share

- 2026-07: PLN 735.00 per share

- 2026-08: PLN 720.20 per share

- 2026-09: PLN 798.00 per share

- 2026-10: PLN 785.00 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 326.44 per share, central PLN 401.10 per share, high PLN 520.05 per share

- FY2017: low PLN 334.05 per share, central PLN 410.45 per share, high PLN 532.18 per share

- FY2018: low PLN 364.96 per share, central PLN 448.43 per share, high PLN 581.42 per share

- FY2019: low PLN 328.58 per share, central PLN 403.74 per share, high PLN 523.47 per share

- FY2020: low PLN 309.37 per share, central PLN 380.13 per share, high PLN 492.86 per share

- FY2021: low PLN 234.14 per share, central PLN 256.72 per share, high PLN 284.11 per share

- FY2022: low PLN 237.98 per share, central PLN 292.42 per share, high PLN 379.14 per share

- FY2023: low PLN 286.67 per share, central PLN 352.24 per share, high PLN 456.69 per share

- FY2024: low PLN 293.22 per share, central PLN 360.29 per share, high PLN 467.14 per share

- FY2025: low PLN 321.86 per share, central PLN 395.48 per share, high PLN 512.76 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 2026-10-15T06:40:29.129Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/259400LGXW3K0GDAG361/2022-12-31/ESEF/PL/0/ESEF_SantanderBankPolska/reports/Raport_Roczny_Grupy_SBP_za_rok_2022.xhtml); period 2022-12-31, filed 2023-05-02.

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