# mBank (MBK.WAR)

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

Analysis as of: 2026-10-16T07:35:06.618Z. 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 1,404.50 per share; close as of 2026-10-15.

Estimated value: low PLN 121.54 per share, central PLN 149.34 per share, high PLN 193.63 per share. Buy at or below the central value PLN 149.34 per share. Valuation as of 2026-10-16T07:35:06.618Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% 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: fail

- positive earnings in fewer than 9 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 8

- Required profitable years: 9

- Return on common equity variation (informational): 1.58×

Chart: Net income; fiscal year observations.

- FY2016: PLN 1.2B

- FY2017: PLN 1.1B

- FY2018: PLN 1.3B

- FY2019: PLN 1.0B

- FY2020: PLN 104M

- FY2021: PLN -1.2B

- FY2022: PLN -703M

- FY2023: PLN 24M

- FY2024: PLN 2.2B

- FY2025: PLN 3.5B

### 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: 7.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -6.2%

- Years with reported combined ratio: 0

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

- FY2016: 9.8%

- FY2017: 8.2%

- FY2018: 9.1%

- FY2019: 6.6%

- FY2020: 0.7%

- FY2021: -9.5%

- FY2022: -6.2%

- FY2023: 0.2%

- FY2024: 14.2%

- FY2025: 18.5%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 5.1%

- Book return interval: 10 years

- Starting book value per share: PLN 277.18

- Ending book value per share: PLN 450.18

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

- FY2016: 6.1%

- FY2017: 6.6%

- FY2018: 10.2%

- FY2019: 6.2%

- FY2020: 1.3%

- FY2021: -19.9%

- FY2022: -8.9%

- FY2023: 6.4%

- FY2024: 31.1%

- FY2025: 21.2%

### 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: 0.1%

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

- Share growth excluding flagged crisis recapitalisations: 0.1%

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

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.87×

- Book value created per share: PLN 173.00

- Earnings retained per share after dividends and buybacks: PLN 198.41

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: 101

- FY2025: 101

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 9.9% a year forever · net income +58%

Story as of 2026-10-16T10:00:03.650Z; price observation 2026-10-15.

The price assumes profits grow 9.9% a year forever

### Net income · FY2025

net income +58%; source https://filings.xbrl.org/259400DZXF7UJKK2AY35/2022-12-31/ESEF/PL/0/mBank-SSF-2022-12-31-pl/reports/mBank-SSF-2022-12-31-pl.xhtml; observed 2023-05-02.

- FY2016: PLN 1.2B 

- FY2017: PLN 1.1B 

- FY2018: PLN 1.3B 

- FY2019: PLN 1.0B 

- FY2020: PLN 104M 

- FY2021: PLN -1.2B 

- FY2022: PLN -703M 

- FY2023: PLN 24M 

- FY2024: PLN 2.2B 

- FY2025: PLN 3.5B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are PLN 14.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: revenue 14600929000.

### Why customers stay

It earns 7.4% 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 [[2016,0.0980044116702608],[2017,0.08235517092510043],[2018,0.09051567811200664],[2019,0.06607093507947803],[2020,0.006701180133383373],[2021,-0.09481529946235136],[2022,-0.06206808161681871],[2023,0.0019989615438824166],[2024,0.14188502799535568],[2025,0.1849390008281583]]; median 0.07421305300228923. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Dividend observations: [[2016,8155000],[2017,5486000],[2018,217907000],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

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

### What the price says

The price assumes profits grow 9.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Price 1404.5; FX 1; original perpetual distributable cash 6.529210043865882; discount 0.10372; growth 0.09907122104388333. 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 353.80 per share

- 2016-11: PLN 324.50 per share

- 2016-12: PLN 335.25 per share

- 2017-01: PLN 378.00 per share

- 2017-02: PLN 396.20 per share

- 2017-03: PLN 373.50 per share

- 2017-04: PLN 433.00 per share

- 2017-05: PLN 422.00 per share

- 2017-06: PLN 462.10 per share

- 2017-07: PLN 455.00 per share

- 2017-08: PLN 438.00 per share

- 2017-09: PLN 419.00 per share

- 2017-10: PLN 460.45 per share

- 2017-11: PLN 470.00 per share

- 2017-12: PLN 465.00 per share

- 2018-01: PLN 510.00 per share

- 2018-02: PLN 458.00 per share

- 2018-03: PLN 418.80 per share

- 2018-04: PLN 429.40 per share

- 2018-05: PLN 421.40 per share

- 2018-06: PLN 399.80 per share

- 2018-07: PLN 427.60 per share

- 2018-08: PLN 409.60 per share

- 2018-09: PLN 447.60 per share

- 2018-10: PLN 374.00 per share

- 2018-11: PLN 408.40 per share

- 2018-12: PLN 424.20 per share

- 2019-01: PLN 449.00 per share

- 2019-02: PLN 427.40 per share

- 2019-03: PLN 425.20 per share

- 2019-04: PLN 443.00 per share

- 2019-05: PLN 402.60 per share

- 2019-06: PLN 430.00 per share

- 2019-07: PLN 349.40 per share

- 2019-08: PLN 322.60 per share

- 2019-09: PLN 347.60 per share

- 2019-10: PLN 381.80 per share

- 2019-11: PLN 372.20 per share

- 2019-12: PLN 389.40 per share

- 2020-01: PLN 371.20 per share

- 2020-02: PLN 298.00 per share

- 2020-03: PLN 221.80 per share

- 2020-04: PLN 219.00 per share

- 2020-05: PLN 215.40 per share

- 2020-06: PLN 230.00 per share

- 2020-07: PLN 187.40 per share

- 2020-08: PLN 188.10 per share

- 2020-09: PLN 166.40 per share

- 2020-10: PLN 115.50 per share

- 2020-11: PLN 151.40 per share

- 2020-12: PLN 179.20 per share

- 2021-01: PLN 195.60 per share

- 2021-02: PLN 221.60 per share

- 2021-03: PLN 214.40 per share

- 2021-04: PLN 235.00 per share

- 2021-05: PLN 302.40 per share

- 2021-06: PLN 325.00 per share

- 2021-07: PLN 320.80 per share

- 2021-08: PLN 371.00 per share

- 2021-09: PLN 411.00 per share

- 2021-10: PLN 564.50 per share

- 2021-11: PLN 485.00 per share

- 2021-12: PLN 433.20 per share

- 2022-01: PLN 465.20 per share

- 2022-02: PLN 413.00 per share

- 2022-03: PLN 353.20 per share

- 2022-04: PLN 299.20 per share

- 2022-05: PLN 278.40 per share

- 2022-06: PLN 224.60 per share

- 2022-07: PLN 220.80 per share

- 2022-08: PLN 217.00 per share

- 2022-09: PLN 200.40 per share

- 2022-10: PLN 267.60 per share

- 2022-11: PLN 315.20 per share

- 2022-12: PLN 296.00 per share

- 2023-01: PLN 317.80 per share

- 2023-02: PLN 328.00 per share

- 2023-03: PLN 306.40 per share

- 2023-04: PLN 347.50 per share

- 2023-05: PLN 352.80 per share

- 2023-06: PLN 406.10 per share

- 2023-07: PLN 478.20 per share

- 2023-08: PLN 429.00 per share

- 2023-09: PLN 395.30 per share

- 2023-10: PLN 519.80 per share

- 2023-11: PLN 564.20 per share

- 2023-12: PLN 535.00 per share

- 2024-01: PLN 534.20 per share

- 2024-02: PLN 695.00 per share

- 2024-03: PLN 740.20 per share

- 2024-04: PLN 685.80 per share

- 2024-05: PLN 626.00 per share

- 2024-06: PLN 637.00 per share

- 2024-07: PLN 623.00 per share

- 2024-08: PLN 640.00 per share

- 2024-09: PLN 617.40 per share

- 2024-10: PLN 561.80 per share

- 2024-11: PLN 530.00 per share

- 2024-12: PLN 547.20 per share

- 2025-01: PLN 629.80 per share

- 2025-02: PLN 740.20 per share

- 2025-03: PLN 811.20 per share

- 2025-04: PLN 823.00 per share

- 2025-05: PLN 820.00 per share

- 2025-06: PLN 798.00 per share

- 2025-07: PLN 888.60 per share

- 2025-08: PLN 878.20 per share

- 2025-09: PLN 900.00 per share

- 2025-10: PLN 981.20 per share

- 2025-11: PLN 1,026.00 per share

- 2025-12: PLN 1,061.50 per share

- 2026-01: PLN 1,038.00 per share

- 2026-02: PLN 1,033.50 per share

- 2026-03: PLN 1,079.50 per share

- 2026-04: PLN 1,141.50 per share

- 2026-05: PLN 1,280.00 per share

- 2026-06: PLN 1,364.00 per share

- 2026-07: PLN 1,351.50 per share

- 2026-08: PLN 1,363.00 per share

- 2026-09: PLN 1,469.50 per share

- 2026-10: PLN 1,449.00 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 342.08 per share, central PLN 420.32 per share, high PLN 544.98 per share

- FY2017: low PLN 320.22 per share, central PLN 351.09 per share, high PLN 388.56 per share

- FY2018: low PLN 284.52 per share, central PLN 349.60 per share, high PLN 453.28 per share

- FY2019: low PLN 302.17 per share, central PLN 371.28 per share, high PLN 481.39 per share

- FY2020: low PLN 302.60 per share, central PLN 371.81 per share, high PLN 482.07 per share

- FY2021: low PLN 186.59 per share, central PLN 229.27 per share, high PLN 297.27 per share

- FY2022: low PLN 131.11 per share, central PLN 161.10 per share, high PLN 208.88 per share

- FY2023: low PLN 69.91 per share, central PLN 85.90 per share, high PLN 111.37 per share

- FY2024: low PLN 91.66 per share, central PLN 112.62 per share, high PLN 146.02 per share

- FY2025: low PLN 111.06 per share, central PLN 136.46 per share, high PLN 176.93 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 2026-10-15T06:40:49.783Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/259400DZXF7UJKK2AY35/2022-12-31/ESEF/PL/0/mBank-SSF-2022-12-31-pl/reports/mBank-SSF-2022-12-31-pl.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.

mBank

MBK · WAR

STOXX Europe 600

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price: PLN 1,404.50
Buy up to: PLN 149.34
Expected / yr: 6.5% 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 8 years (at least 9 needed).

Net income

10y median: PLN 1.1B
Worst year: PLN -1.2B
Latest · 2025: PLN 3.5B

Earned a median 7.4% on tangible equity (minimum 12%), and the second-worst year -6.2% (minimum 5%).

Return on tangible common equity

10y median: 7.4%
Worst year: -9.5%
Latest · 2025: 18.5%

Book value plus dividends grew 5.1% a year (minimum 7%).

Annual book + dividend return

10y median: 6.3%
Worst year: -19.9%
Latest · 2025: 21.2%

Book value gained 173 per share against 198.41 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 101
Latest · 2025: 101

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 2 loss years in 10 (at most 2), three-year average earnings per share 45.51 PLN.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price PLN 353.80 · Value 420.32 · Buy at or below 420.32; 2016-11 · Price PLN 324.50 · Value 420.32 · Buy at or below 420.32; 2016-12 · Price PLN 335.25 · Value 420.32 · Buy at or below 420.32; 2017-01 · Price PLN 378.00 · Value 420.32 · Buy at or below 420.32; 2017-02 · Price PLN 396.20 · Value 351.09 · Buy at or below 351.09; 2017-03 · Price PLN 373.50 · Value 351.09 · Buy at or below 351.09; 2017-04 · Price PLN 433.00 · Value 351.09 · Buy at or below 351.09; 2017-05 · Price PLN 422.00 · Value 351.09 · Buy at or below 351.09; 2017-06 · Price PLN 462.10 · Value 351.09 · Buy at or below 351.09; 2017-07 · Price PLN 455.00 · Value 351.09 · Buy at or below 351.09; 2017-08 · Price PLN 438.00 · Value 351.09 · Buy at or below 351.09; 2017-09 · Price PLN 419.00 · Value 351.09 · Buy at or below 351.09; 2017-10 · Price PLN 460.45 · Value 351.09 · Buy at or below 351.09; 2017-11 · Price PLN 470.00 · Value 351.09 · Buy at or below 351.09; 2017-12 · Price PLN 465.00 · Value 351.09 · Buy at or below 351.09; 2018-01 · Price PLN 510.00 · Value 351.09 · Buy at or below 351.09; 2018-02 · Price PLN 458.00 · Value 349.60 · Buy at or below 349.60; 2018-03 · Price PLN 418.80 · Value 349.60 · Buy at or below 349.60; 2018-04 · Price PLN 429.40 · Value 349.60 · Buy at or below 349.60; 2018-05 · Price PLN 421.40 · Value 349.60 · Buy at or below 349.60; 2018-06 · Price PLN 399.80 · Value 349.60 · Buy at or below 349.60; 2018-07 · Price PLN 427.60 · Value 349.60 · Buy at or below 349.60; 2018-08 · Price PLN 409.60 · Value 349.60 · Buy at or below 349.60; 2018-09 · Price PLN 447.60 · Value 349.60 · Buy at or below 349.60; 2018-10 · Price PLN 374.00 · Value 349.60 · Buy at or below 349.60; 2018-11 · Price PLN 408.40 · Value 349.60 · Buy at or below 349.60; 2018-12 · Price PLN 424.20 · Value 349.60 · Buy at or below 349.60; 2019-01 · Price PLN 449.00 · Value 349.60 · Buy at or below 349.60; 2019-02 · Price PLN 427.40 · Value 371.28 · Buy at or below 371.28; 2019-03 · Price PLN 425.20 · Value 371.28 · Buy at or below 371.28; 2019-04 · Price PLN 443.00 · Value 371.28 · Buy at or below 371.28; 2019-05 · Price PLN 402.60 · Value 371.28 · Buy at or below 371.28; 2019-06 · Price PLN 430.00 · Value 371.28 · Buy at or below 371.28; 2019-07 · Price PLN 349.40 · Value 371.28 · Buy at or below 371.28; 2019-08 · Price PLN 322.60 · Value 371.28 · Buy at or below 371.28; 2019-09 · Price PLN 347.60 · Value 371.28 · Buy at or below 371.28; 2019-10 · Price PLN 381.80 · Value 371.28 · Buy at or below 371.28; 2019-11 · Price PLN 372.20 · Value 371.28 · Buy at or below 371.28; 2019-12 · Price PLN 389.40 · Value 371.28 · Buy at or below 371.28; 2020-01 · Price PLN 371.20 · Value 371.28 · Buy at or below 371.28; 2020-02 · Price PLN 298.00 · Value 371.81 · Buy at or below 371.81; 2020-03 · Price PLN 221.80 · Value 371.81 · Buy at or below 371.81; 2020-04 · Price PLN 219.00 · Value 371.81 · Buy at or below 371.81; 2020-05 · Price PLN 215.40 · Value 371.81 · Buy at or below 371.81; 2020-06 · Price PLN 230.00 · Value 371.81 · Buy at or below 371.81; 2020-07 · Price PLN 187.40 · Value 371.81 · Buy at or below 371.81; 2020-08 · Price PLN 188.10 · Value 371.81 · Buy at or below 371.81; 2020-09 · Price PLN 166.40 · Value 371.81 · Buy at or below 371.81; 2020-10 · Price PLN 115.50 · Value 371.81 · Buy at or below 371.81; 2020-11 · Price PLN 151.40 · Value 371.81 · Buy at or below 371.81; 2020-12 · Price PLN 179.20 · Value 371.81 · Buy at or below 371.81; 2021-01 · Price PLN 195.60 · Value 371.81 · Buy at or below 371.81; 2021-02 · Price PLN 221.60 · Value 229.27 · Buy at or below 229.27; 2021-03 · Price PLN 214.40 · Value 229.27 · Buy at or below 229.27; 2021-04 · Price PLN 235.00 · Value 229.27 · Buy at or below 229.27; 2021-05 · Price PLN 302.40 · Value 229.27 · Buy at or below 229.27; 2021-06 · Price PLN 325.00 · Value 229.27 · Buy at or below 229.27; 2021-07 · Price PLN 320.80 · Value 229.27 · Buy at or below 229.27; 2021-08 · Price PLN 371.00 · Value 229.27 · Buy at or below 229.27; 2021-09 · Price PLN 411.00 · Value 229.27 · Buy at or below 229.27; 2021-10 · Price PLN 564.50 · Value 229.27 · Buy at or below 229.27; 2021-11 · Price PLN 485.00 · Value 229.27 · Buy at or below 229.27; 2021-12 · Price PLN 433.20 · Value 229.27 · Buy at or below 229.27; 2022-01 · Price PLN 465.20 · Value 229.27 · Buy at or below 229.27; 2022-02 · Price PLN 413.00 · Value 161.10 · Buy at or below 161.10; 2022-03 · Price PLN 353.20 · Value 161.10 · Buy at or below 161.10; 2022-04 · Price PLN 299.20 · Value 161.10 · Buy at or below 161.10; 2022-05 · Price PLN 278.40 · Value 161.10 · Buy at or below 161.10; 2022-06 · Price PLN 224.60 · Value 161.10 · Buy at or below 161.10; 2022-07 · Price PLN 220.80 · Value 161.10 · Buy at or below 161.10; 2022-08 · Price PLN 217.00 · Value 161.10 · Buy at or below 161.10; 2022-09 · Price PLN 200.40 · Value 161.10 · Buy at or below 161.10; 2022-10 · Price PLN 267.60 · Value 161.10 · Buy at or below 161.10; 2022-11 · Price PLN 315.20 · Value 161.10 · Buy at or below 161.10; 2022-12 · Price PLN 296.00 · Value 161.10 · Buy at or below 161.10; 2023-01 · Price PLN 317.80 · Value 161.10 · Buy at or below 161.10; 2023-02 · Price PLN 328.00 · Value 85.90 · Buy at or below 85.90; 2023-03 · Price PLN 306.40 · Value 85.90 · Buy at or below 85.90; 2023-04 · Price PLN 347.50 · Value 85.90 · Buy at or below 85.90; 2023-05 · Price PLN 352.80 · Value 85.90 · Buy at or below 85.90; 2023-06 · Price PLN 406.10 · Value 85.90 · Buy at or below 85.90; 2023-07 · Price PLN 478.20 · Value 85.90 · Buy at or below 85.90; 2023-08 · Price PLN 429.00 · Value 85.90 · Buy at or below 85.90; 2023-09 · Price PLN 395.30 · Value 85.90 · Buy at or below 85.90; 2023-10 · Price PLN 519.80 · Value 85.90 · Buy at or below 85.90; 2023-11 · Price PLN 564.20 · Value 85.90 · Buy at or below 85.90; 2023-12 · Price PLN 535.00 · Value 85.90 · Buy at or below 85.90; 2024-01 · Price PLN 534.20 · Value 85.90 · Buy at or below 85.90; 2024-02 · Price PLN 695.00 · Value 112.62 · Buy at or below 112.62; 2024-03 · Price PLN 740.20 · Value 112.62 · Buy at or below 112.62; 2024-04 · Price PLN 685.80 · Value 112.62 · Buy at or below 112.62; 2024-05 · Price PLN 626.00 · Value 112.62 · Buy at or below 112.62; 2024-06 · Price PLN 637.00 · Value 112.62 · Buy at or below 112.62; 2024-07 · Price PLN 623.00 · Value 112.62 · Buy at or below 112.62; 2024-08 · Price PLN 640.00 · Value 112.62 · Buy at or below 112.62; 2024-09 · Price PLN 617.40 · Value 112.62 · Buy at or below 112.62; 2024-10 · Price PLN 561.80 · Value 112.62 · Buy at or below 112.62; 2024-11 · Price PLN 530.00 · Value 112.62 · Buy at or below 112.62; 2024-12 · Price PLN 547.20 · Value 112.62 · Buy at or below 112.62; 2025-01 · Price PLN 629.80 · Value 112.62 · Buy at or below 112.62; 2025-02 · Price PLN 740.20 · Value 136.46 · Buy at or below 136.46; 2025-03 · Price PLN 811.20 · Value 136.46 · Buy at or below 136.46; 2025-04 · Price PLN 823.00 · Value 136.46 · Buy at or below 136.46; 2025-05 · Price PLN 820.00 · Value 136.46 · Buy at or below 136.46; 2025-06 · Price PLN 798.00 · Value 136.46 · Buy at or below 136.46; 2025-07 · Price PLN 888.60 · Value 136.46 · Buy at or below 136.46; 2025-08 · Price PLN 878.20 · Value 136.46 · Buy at or below 136.46; 2025-09 · Price PLN 900.00 · Value 136.46 · Buy at or below 136.46; 2025-10 · Price PLN 981.20 · Value 136.46 · Buy at or below 136.46; 2025-11 · Price PLN 1026.00 · Value 136.46 · Buy at or below 136.46; 2025-12 · Price PLN 1061.50 · Value 136.46 · Buy at or below 136.46; 2026-01 · Price PLN 1038.00 · Value 136.46 · Buy at or below 136.46; 2026-02 · Price PLN 1033.50 · Value 149.34 · Buy at or below 149.34; 2026-03 · Price PLN 1079.50 · Value 149.34 · Buy at or below 149.34; 2026-04 · Price PLN 1141.50 · Value 149.34 · Buy at or below 149.34; 2026-05 · Price PLN 1280.00 · Value 149.34 · Buy at or below 149.34; 2026-06 · Price PLN 1364.00 · Value 149.34 · Buy at or below 149.34; 2026-07 · Price PLN 1351.50 · Value 149.34 · Buy at or below 149.34; 2026-08 · Price PLN 1363.00 · Value 149.34 · Buy at or below 149.34; 2026-09 · Price PLN 1469.50 · Value 149.34 · Buy at or below 149.34; 2026-10 · Price PLN 1449.00 · Value 149.34 · Buy at or below 149.34; 2026-10 · Price PLN 1404.50 · Value 149.34 · Buy at or below 149.34

PLN per share · annual estimates

Price & return math
Value range	PLN 121.54 – PLN 193.63
Buy at or below	Central value PLN 149.34
Discount to value	1 − 1404.50 / 149.34 = -840.5%
Return / year	About 6.5% a year at today's price (required return 10.4%)
Cash-flow inputs	Book PLN 492.67/share; ROE 7.3%; first payout PLN 6.53/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.4% / year, earned by construction at the central value

Net incomePLN 3.5B

Net income

Book / sharePLN 450.18

Book / share

Dividend / sharePLN 0

Dividend / share

Return on tangible equity18.5%

Return on tangible equity

Diluted shares43M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·