# ING Bank Śląski (ING.WAR)

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

Analysis as of: 2026-10-16T07:35:07.688Z. 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 456.60 per share; close as of 2026-10-15.

Estimated value: low PLN 270.49 per share, central PLN 332.36 per share, high PLN 430.92 per share. Buy at or below the central value PLN 332.36 per share. Valuation as of 2026-10-16T07:35:07.688Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% 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): 0.39×

Chart: Net income; fiscal year observations.

- FY2016: PLN 1.3B

- FY2017: PLN 1.4B

- FY2018: PLN 1.5B

- FY2019: PLN 1.7B

- FY2020: PLN 1.3B

- FY2021: PLN 2.3B

- FY2022: PLN 1.7B

- FY2023: PLN 4.4B

- FY2024: PLN 4.4B

- FY2025: PLN 4.6B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 15.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 11.2%

- Years with reported combined ratio: 0

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

- FY2016: 12.5%

- FY2017: 12.6%

- FY2018: 11.8%

- FY2019: 11.2%

- FY2020: 7.4%

- FY2021: 17.5%

- FY2022: 19.2%

- FY2023: 27.3%

- FY2024: 26.1%

- FY2025: 22.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 14.6%

- Book return interval: 10 years

- Starting book value per share: PLN 78.85

- Ending book value per share: PLN 159.72

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

- FY2016: 3.4%

- FY2017: 10.5%

- FY2018: 19.8%

- FY2019: 18.4%

- FY2020: 27.5%

- FY2021: -24.0%

- FY2022: -26.9%

- FY2023: 82.0%

- FY2024: 29.6%

- FY2025: 43.9%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.0%

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

- Share growth excluding flagged crisis recapitalisations: 0.0%

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

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.78×

- Book value created per share: PLN 80.87

- Earnings retained per share after dividends and buybacks: PLN 104.06

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.2% a year forever · net income +6%

Story as of 2026-10-16T10:00:03.754Z; price observation 2026-10-15.

The price assumes profits grow 7.2% a year forever

### Net income · FY2025

net income +6%; source https://filings.xbrl.org/259400YLRTOBISHBVX41/2022-12-31/ESEF/PL/0/PL_ING_Bank_Slaski_Skonsolidowane_sprawozdanie_finansowe_2022/reports/PL_ING_Bank_Slaski_Skonsolidowane_sprawozdanie_finansowe_2022.xhtml; observed 2023-05-02.

- FY2016: PLN 1.3B 

- FY2017: PLN 1.4B 

- FY2018: PLN 1.5B 

- FY2019: PLN 1.7B 

- FY2020: PLN 1.3B 

- FY2021: PLN 2.3B 

- FY2022: PLN 1.7B 

- FY2023: PLN 4.4B 

- FY2024: PLN 4.4B 

- FY2025: PLN 4.6B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are PLN 17.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: revenue 17269000000.

### Why customers stay

It earns 15.1% 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 [[2016,0.12469274632539533],[2017,0.12636783658912215],[2018,0.11828541265602682],[2019,0.11212432571281788],[2020,0.07352803751161244],[2021,0.175482742891896],[2022,0.1920466002016355],[2023,0.27341008434402514],[2024,0.2614132711063244],[2025,0.2228368043865134]]; median 0.15092528974050906. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back PLN 22 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Dividend observations: [[2016,559500000],[2017,200000],[2018,416200000],[2019,455400000],[2020,663500000],[2021,663500000],[2022,689500000],[2023,0],[2024,4339000000],[2025,3276000000]]. 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 22000000 PLN.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ING.WAR SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Price 456.6; FX 1; original perpetual distributable cash 14.530574165987115; discount 0.10372; growth 0.07189657869910838. 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 144.00 per share

- 2016-11: PLN 148.30 per share

- 2016-12: PLN 161.40 per share

- 2017-01: PLN 177.00 per share

- 2017-02: PLN 183.50 per share

- 2017-03: PLN 172.05 per share

- 2017-04: PLN 179.10 per share

- 2017-05: PLN 176.60 per share

- 2017-06: PLN 182.35 per share

- 2017-07: PLN 198.00 per share

- 2017-08: PLN 200.00 per share

- 2017-09: PLN 204.50 per share

- 2017-10: PLN 198.00 per share

- 2017-11: PLN 203.00 per share

- 2017-12: PLN 205.60 per share

- 2018-01: PLN 220.00 per share

- 2018-02: PLN 196.60 per share

- 2018-03: PLN 196.80 per share

- 2018-04: PLN 197.00 per share

- 2018-05: PLN 191.20 per share

- 2018-06: PLN 179.00 per share

- 2018-07: PLN 192.00 per share

- 2018-08: PLN 180.00 per share

- 2018-09: PLN 182.80 per share

- 2018-10: PLN 163.00 per share

- 2018-11: PLN 181.80 per share

- 2018-12: PLN 180.00 per share

- 2019-01: PLN 191.40 per share

- 2019-02: PLN 191.40 per share

- 2019-03: PLN 192.20 per share

- 2019-04: PLN 193.00 per share

- 2019-05: PLN 189.80 per share

- 2019-06: PLN 202.00 per share

- 2019-07: PLN 191.60 per share

- 2019-08: PLN 188.00 per share

- 2019-09: PLN 199.40 per share

- 2019-10: PLN 194.00 per share

- 2019-11: PLN 190.00 per share

- 2019-12: PLN 202.50 per share

- 2020-01: PLN 203.00 per share

- 2020-02: PLN 182.80 per share

- 2020-03: PLN 148.80 per share

- 2020-04: PLN 133.40 per share

- 2020-05: PLN 140.00 per share

- 2020-06: PLN 142.20 per share

- 2020-07: PLN 132.00 per share

- 2020-08: PLN 135.00 per share

- 2020-09: PLN 123.00 per share

- 2020-10: PLN 102.60 per share

- 2020-11: PLN 154.00 per share

- 2020-12: PLN 171.00 per share

- 2021-01: PLN 171.00 per share

- 2021-02: PLN 182.00 per share

- 2021-03: PLN 174.40 per share

- 2021-04: PLN 173.40 per share

- 2021-05: PLN 198.00 per share

- 2021-06: PLN 185.00 per share

- 2021-07: PLN 191.00 per share

- 2021-08: PLN 231.50 per share

- 2021-09: PLN 232.50 per share

- 2021-10: PLN 272.00 per share

- 2021-11: PLN 261.00 per share

- 2021-12: PLN 267.00 per share

- 2022-01: PLN 270.00 per share

- 2022-02: PLN 241.50 per share

- 2022-03: PLN 236.50 per share

- 2022-04: PLN 197.00 per share

- 2022-05: PLN 190.40 per share

- 2022-06: PLN 170.40 per share

- 2022-07: PLN 173.00 per share

- 2022-08: PLN 133.00 per share

- 2022-09: PLN 139.20 per share

- 2022-10: PLN 166.40 per share

- 2022-11: PLN 164.40 per share

- 2022-12: PLN 164.80 per share

- 2023-01: PLN 172.60 per share

- 2023-02: PLN 170.80 per share

- 2023-03: PLN 164.00 per share

- 2023-04: PLN 158.40 per share

- 2023-05: PLN 163.40 per share

- 2023-06: PLN 187.40 per share

- 2023-07: PLN 199.80 per share

- 2023-08: PLN 195.60 per share

- 2023-09: PLN 180.00 per share

- 2023-10: PLN 218.50 per share

- 2023-11: PLN 242.00 per share

- 2023-12: PLN 256.00 per share

- 2024-01: PLN 252.00 per share

- 2024-02: PLN 313.00 per share

- 2024-03: PLN 339.50 per share

- 2024-04: PLN 318.00 per share

- 2024-05: PLN 297.00 per share

- 2024-06: PLN 304.00 per share

- 2024-07: PLN 302.00 per share

- 2024-08: PLN 279.00 per share

- 2024-09: PLN 263.00 per share

- 2024-10: PLN 248.50 per share

- 2024-11: PLN 236.50 per share

- 2024-12: PLN 241.50 per share

- 2025-01: PLN 284.50 per share

- 2025-02: PLN 295.50 per share

- 2025-03: PLN 318.00 per share

- 2025-04: PLN 327.50 per share

- 2025-05: PLN 298.50 per share

- 2025-06: PLN 311.50 per share

- 2025-07: PLN 333.50 per share

- 2025-08: PLN 305.00 per share

- 2025-09: PLN 303.50 per share

- 2025-10: PLN 315.50 per share

- 2025-11: PLN 347.00 per share

- 2025-12: PLN 341.50 per share

- 2026-01: PLN 388.00 per share

- 2026-02: PLN 408.50 per share

- 2026-03: PLN 406.00 per share

- 2026-04: PLN 392.20 per share

- 2026-05: PLN 439.00 per share

- 2026-06: PLN 446.00 per share

- 2026-07: PLN 443.00 per share

- 2026-08: PLN 443.20 per share

- 2026-09: PLN 470.00 per share

- 2026-10: PLN 459.00 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 87.05 per share, central PLN 106.96 per share, high PLN 138.68 per share

- FY2017: low PLN 96.19 per share, central PLN 118.19 per share, high PLN 153.24 per share

- FY2018: low PLN 113.34 per share, central PLN 139.26 per share, high PLN 180.56 per share

- FY2019: low PLN 121.37 per share, central PLN 149.14 per share, high PLN 193.36 per share

- FY2020: low PLN 141.24 per share, central PLN 173.54 per share, high PLN 225.01 per share

- FY2021: low PLN 102.13 per share, central PLN 125.49 per share, high PLN 162.70 per share

- FY2022: low PLN 73.24 per share, central PLN 90.00 per share, high PLN 116.68 per share

- FY2023: low PLN 142.91 per share, central PLN 175.59 per share, high PLN 227.67 per share

- FY2024: low PLN 156.71 per share, central PLN 192.55 per share, high PLN 249.65 per share

- FY2025: low PLN 270.34 per share, central PLN 332.17 per share, high PLN 430.68 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 2026-10-15T06:40:51.344Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/259400YLRTOBISHBVX41/2022-12-31/ESEF/PL/0/PL_ING_Bank_Slaski_Skonsolidowane_sprawozdanie_finansowe_2022/reports/PL_ING_Bank_Slaski_Skonsolidowane_sprawozdanie_finansowe_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.

ING Bank Śląski

ING · WAR

STOXX Europe 600

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: PLN 456.60
Buy up to: PLN 332.36
Expected / yr: 9.2% at today's price (10.4% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: PLN 1.7B
Worst year: PLN 1.3B
Latest · 2025: PLN 4.6B

Earned a median 15.1% on tangible equity (minimum 12%), and the second-worst year 11.2% (minimum 5%).

Return on tangible common equity

10y median: 15.1%
Worst year: 7.4%
Latest · 2025: 22.3%

Book value plus dividends grew 14.6% a year (minimum 7%).

Annual book + dividend return

10y median: 19.1%
Worst year: -26.9%
Latest · 2025: 43.9%

Book value gained 80.87 per share against 104.06 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 100
Latest · 2025: 100

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 34.44 PLN.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price PLN 144.00 · Value 106.96 · Buy at or below 106.96; 2016-11 · Price PLN 148.30 · Value 106.96 · Buy at or below 106.96; 2016-12 · Price PLN 161.40 · Value 106.96 · Buy at or below 106.96; 2017-01 · Price PLN 177.00 · Value 106.96 · Buy at or below 106.96; 2017-02 · Price PLN 183.50 · Value 118.19 · Buy at or below 118.19; 2017-03 · Price PLN 172.05 · Value 118.19 · Buy at or below 118.19; 2017-04 · Price PLN 179.10 · Value 118.19 · Buy at or below 118.19; 2017-05 · Price PLN 176.60 · Value 118.19 · Buy at or below 118.19; 2017-06 · Price PLN 182.35 · Value 118.19 · Buy at or below 118.19; 2017-07 · Price PLN 198.00 · Value 118.19 · Buy at or below 118.19; 2017-08 · Price PLN 200.00 · Value 118.19 · Buy at or below 118.19; 2017-09 · Price PLN 204.50 · Value 118.19 · Buy at or below 118.19; 2017-10 · Price PLN 198.00 · Value 118.19 · Buy at or below 118.19; 2017-11 · Price PLN 203.00 · Value 118.19 · Buy at or below 118.19; 2017-12 · Price PLN 205.60 · Value 118.19 · Buy at or below 118.19; 2018-01 · Price PLN 220.00 · Value 118.19 · Buy at or below 118.19; 2018-02 · Price PLN 196.60 · Value 139.26 · Buy at or below 139.26; 2018-03 · Price PLN 196.80 · Value 139.26 · Buy at or below 139.26; 2018-04 · Price PLN 197.00 · Value 139.26 · Buy at or below 139.26; 2018-05 · Price PLN 191.20 · Value 139.26 · Buy at or below 139.26; 2018-06 · Price PLN 179.00 · Value 139.26 · Buy at or below 139.26; 2018-07 · Price PLN 192.00 · Value 139.26 · Buy at or below 139.26; 2018-08 · Price PLN 180.00 · Value 139.26 · Buy at or below 139.26; 2018-09 · Price PLN 182.80 · Value 139.26 · Buy at or below 139.26; 2018-10 · Price PLN 163.00 · Value 139.26 · Buy at or below 139.26; 2018-11 · Price PLN 181.80 · Value 139.26 · Buy at or below 139.26; 2018-12 · Price PLN 180.00 · Value 139.26 · Buy at or below 139.26; 2019-01 · Price PLN 191.40 · Value 139.26 · Buy at or below 139.26; 2019-02 · Price PLN 191.40 · Value 149.14 · Buy at or below 149.14; 2019-03 · Price PLN 192.20 · Value 149.14 · Buy at or below 149.14; 2019-04 · Price PLN 193.00 · Value 149.14 · Buy at or below 149.14; 2019-05 · Price PLN 189.80 · Value 149.14 · Buy at or below 149.14; 2019-06 · Price PLN 202.00 · Value 149.14 · Buy at or below 149.14; 2019-07 · Price PLN 191.60 · Value 149.14 · Buy at or below 149.14; 2019-08 · Price PLN 188.00 · Value 149.14 · Buy at or below 149.14; 2019-09 · Price PLN 199.40 · Value 149.14 · Buy at or below 149.14; 2019-10 · Price PLN 194.00 · Value 149.14 · Buy at or below 149.14; 2019-11 · Price PLN 190.00 · Value 149.14 · Buy at or below 149.14; 2019-12 · Price PLN 202.50 · Value 149.14 · Buy at or below 149.14; 2020-01 · Price PLN 203.00 · Value 149.14 · Buy at or below 149.14; 2020-02 · Price PLN 182.80 · Value 173.54 · Buy at or below 173.54; 2020-03 · Price PLN 148.80 · Value 173.54 · Buy at or below 173.54; 2020-04 · Price PLN 133.40 · Value 173.54 · Buy at or below 173.54; 2020-05 · Price PLN 140.00 · Value 173.54 · Buy at or below 173.54; 2020-06 · Price PLN 142.20 · Value 173.54 · Buy at or below 173.54; 2020-07 · Price PLN 132.00 · Value 173.54 · Buy at or below 173.54; 2020-08 · Price PLN 135.00 · Value 173.54 · Buy at or below 173.54; 2020-09 · Price PLN 123.00 · Value 173.54 · Buy at or below 173.54; 2020-10 · Price PLN 102.60 · Value 173.54 · Buy at or below 173.54; 2020-11 · Price PLN 154.00 · Value 173.54 · Buy at or below 173.54; 2020-12 · Price PLN 171.00 · Value 173.54 · Buy at or below 173.54; 2021-01 · Price PLN 171.00 · Value 173.54 · Buy at or below 173.54; 2021-02 · Price PLN 182.00 · Value 125.49 · Buy at or below 125.49; 2021-03 · Price PLN 174.40 · Value 125.49 · Buy at or below 125.49; 2021-04 · Price PLN 173.40 · Value 125.49 · Buy at or below 125.49; 2021-05 · Price PLN 198.00 · Value 125.49 · Buy at or below 125.49; 2021-06 · Price PLN 185.00 · Value 125.49 · Buy at or below 125.49; 2021-07 · Price PLN 191.00 · Value 125.49 · Buy at or below 125.49; 2021-08 · Price PLN 231.50 · Value 125.49 · Buy at or below 125.49; 2021-09 · Price PLN 232.50 · Value 125.49 · Buy at or below 125.49; 2021-10 · Price PLN 272.00 · Value 125.49 · Buy at or below 125.49; 2021-11 · Price PLN 261.00 · Value 125.49 · Buy at or below 125.49; 2021-12 · Price PLN 267.00 · Value 125.49 · Buy at or below 125.49; 2022-01 · Price PLN 270.00 · Value 125.49 · Buy at or below 125.49; 2022-02 · Price PLN 241.50 · Value 90.00 · Buy at or below 90.00; 2022-03 · Price PLN 236.50 · Value 90.00 · Buy at or below 90.00; 2022-04 · Price PLN 197.00 · Value 90.00 · Buy at or below 90.00; 2022-05 · Price PLN 190.40 · Value 90.00 · Buy at or below 90.00; 2022-06 · Price PLN 170.40 · Value 90.00 · Buy at or below 90.00; 2022-07 · Price PLN 173.00 · Value 90.00 · Buy at or below 90.00; 2022-08 · Price PLN 133.00 · Value 90.00 · Buy at or below 90.00; 2022-09 · Price PLN 139.20 · Value 90.00 · Buy at or below 90.00; 2022-10 · Price PLN 166.40 · Value 90.00 · Buy at or below 90.00; 2022-11 · Price PLN 164.40 · Value 90.00 · Buy at or below 90.00; 2022-12 · Price PLN 164.80 · Value 90.00 · Buy at or below 90.00; 2023-01 · Price PLN 172.60 · Value 90.00 · Buy at or below 90.00; 2023-02 · Price PLN 170.80 · Value 175.59 · Buy at or below 175.59; 2023-03 · Price PLN 164.00 · Value 175.59 · Buy at or below 175.59; 2023-04 · Price PLN 158.40 · Value 175.59 · Buy at or below 175.59; 2023-05 · Price PLN 163.40 · Value 175.59 · Buy at or below 175.59; 2023-06 · Price PLN 187.40 · Value 175.59 · Buy at or below 175.59; 2023-07 · Price PLN 199.80 · Value 175.59 · Buy at or below 175.59; 2023-08 · Price PLN 195.60 · Value 175.59 · Buy at or below 175.59; 2023-09 · Price PLN 180.00 · Value 175.59 · Buy at or below 175.59; 2023-10 · Price PLN 218.50 · Value 175.59 · Buy at or below 175.59; 2023-11 · Price PLN 242.00 · Value 175.59 · Buy at or below 175.59; 2023-12 · Price PLN 256.00 · Value 175.59 · Buy at or below 175.59; 2024-01 · Price PLN 252.00 · Value 175.59 · Buy at or below 175.59; 2024-02 · Price PLN 313.00 · Value 192.55 · Buy at or below 192.55; 2024-03 · Price PLN 339.50 · Value 192.55 · Buy at or below 192.55; 2024-04 · Price PLN 318.00 · Value 192.55 · Buy at or below 192.55; 2024-05 · Price PLN 297.00 · Value 192.55 · Buy at or below 192.55; 2024-06 · Price PLN 304.00 · Value 192.55 · Buy at or below 192.55; 2024-07 · Price PLN 302.00 · Value 192.55 · Buy at or below 192.55; 2024-08 · Price PLN 279.00 · Value 192.55 · Buy at or below 192.55; 2024-09 · Price PLN 263.00 · Value 192.55 · Buy at or below 192.55; 2024-10 · Price PLN 248.50 · Value 192.55 · Buy at or below 192.55; 2024-11 · Price PLN 236.50 · Value 192.55 · Buy at or below 192.55; 2024-12 · Price PLN 241.50 · Value 192.55 · Buy at or below 192.55; 2025-01 · Price PLN 284.50 · Value 192.55 · Buy at or below 192.55; 2025-02 · Price PLN 295.50 · Value 332.17 · Buy at or below 332.17; 2025-03 · Price PLN 318.00 · Value 332.17 · Buy at or below 332.17; 2025-04 · Price PLN 327.50 · Value 332.17 · Buy at or below 332.17; 2025-05 · Price PLN 298.50 · Value 332.17 · Buy at or below 332.17; 2025-06 · Price PLN 311.50 · Value 332.17 · Buy at or below 332.17; 2025-07 · Price PLN 333.50 · Value 332.17 · Buy at or below 332.17; 2025-08 · Price PLN 305.00 · Value 332.17 · Buy at or below 332.17; 2025-09 · Price PLN 303.50 · Value 332.17 · Buy at or below 332.17; 2025-10 · Price PLN 315.50 · Value 332.17 · Buy at or below 332.17; 2025-11 · Price PLN 347.00 · Value 332.17 · Buy at or below 332.17; 2025-12 · Price PLN 341.50 · Value 332.17 · Buy at or below 332.17; 2026-01 · Price PLN 388.00 · Value 332.17 · Buy at or below 332.17; 2026-02 · Price PLN 408.50 · Value 332.36 · Buy at or below 332.36; 2026-03 · Price PLN 406.00 · Value 332.36 · Buy at or below 332.36; 2026-04 · Price PLN 392.20 · Value 332.36 · Buy at or below 332.36; 2026-05 · Price PLN 439.00 · Value 332.36 · Buy at or below 332.36; 2026-06 · Price PLN 446.00 · Value 332.36 · Buy at or below 332.36; 2026-07 · Price PLN 443.00 · Value 332.36 · Buy at or below 332.36; 2026-08 · Price PLN 443.20 · Value 332.36 · Buy at or below 332.36; 2026-09 · Price PLN 470.00 · Value 332.36 · Buy at or below 332.36; 2026-10 · Price PLN 459.00 · Value 332.36 · Buy at or below 332.36; 2026-10 · Price PLN 456.60 · Value 332.36 · Buy at or below 332.36

PLN per share · annual estimates

Price & return math
Value range	PLN 270.49 – PLN 430.92
Buy at or below	Central value PLN 332.36
Discount to value	1 − 456.60 / 332.36 = -37.4%
Return / year	About 9.2% a year at today's price (required return 10.4%)
Cash-flow inputs	Book PLN 159.81/share; ROE 15.1%; first payout PLN 14.53/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.4% / year, earned by construction at the central value

Net incomePLN 4.6B

Net income

Book / sharePLN 159.72

Book / share

Dividend / sharePLN 25.17

Dividend / share

Return on tangible equity22.3%

Return on tangible equity

Diluted shares130M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·