# Bank Millennium (MIL.WAR)

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

Analysis as of: 2026-10-16T07:36:46.681Z. 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 21.69 per share; close as of 2026-10-15.

Estimated value: low PLN 3.81 per share, central PLN 4.69 per share, high PLN 6.08 per share. Buy at or below the central value PLN 4.69 per share. Valuation as of 2026-10-16T07:36:46.681Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% 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): 4.23×

Chart: Net income; fiscal year observations.

- FY2016: PLN 701M

- FY2017: PLN 681M

- FY2018: PLN 761M

- FY2019: PLN 561M

- FY2020: PLN 23M

- FY2021: PLN -1.3B

- FY2022: PLN -1.0B

- FY2023: PLN 576M

- FY2024: PLN 719M

- FY2025: PLN 1.2B

### 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: 8.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -20.1%

- Years with reported combined ratio: 0

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

- FY2016: 10.2%

- FY2017: 8.9%

- FY2018: 9.2%

- FY2019: 6.6%

- FY2020: 0.3%

- FY2021: -21.1%

- FY2022: -20.1%

- FY2023: 9.0%

- FY2024: 10.0%

- FY2025: 14.1%

### 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: 2.9%

- Book return interval: 10 years

- Starting book value per share: PLN 5.26

- Ending book value per share: PLN 7.02

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

- FY2016: 7.8%

- FY2017: 11.8%

- FY2018: 7.7%

- FY2019: 1.8%

- FY2020: 3.2%

- FY2021: -27.6%

- FY2022: -19.8%

- FY2023: 25.6%

- FY2024: 13.6%

- FY2025: 18.0%

### 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: 0.74×

- Book value created per share: PLN 1.76

- Earnings retained per share after dividends and buybacks: PLN 2.37

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: 101

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 9.4% a year forever · net income +67.1%

Story as of 2026-10-16T10:00:08.070Z; price observation 2026-10-15.

The price assumes profits grow 9.4% a year forever

### Net income · FY2025

net income +67.1%; source https://filings.xbrl.org/259400OFDZ9KPZEO8K78/2022-12-31/ESEF/PL/0/grupamillennium-2022-12-31-pl/reports/grupamillennium-2022-12-31-pl.xhtml; observed 2023-05-02.

- FY2016: PLN 701M 

- FY2017: PLN 681M 

- FY2018: PLN 761M 

- FY2019: PLN 561M 

- FY2020: PLN 23M 

- FY2021: PLN -1.3B 

- FY2022: PLN -1.0B 

- FY2023: PLN 576M 

- FY2024: PLN 719M 

- FY2025: PLN 1.2B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are PLN 10.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: revenue 10631843000.

### Why customers stay

It earns 8.9% 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 [[2016,0.10194260992689227],[2017,0.08855334757254242],[2018,0.09177825273934768],[2019,0.0664680838049864],[2020,0.002620777503834913],[2021,-0.2112460839410177],[2022,-0.2005949641186733],[2023,0.08976973347736815],[2024,0.09969179375755875],[2025,0.14112738301427505]]; median 0.08916154052495529. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Dividend observations: [[2016,0],[2017,0],[2018,0],[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 50.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MIL.WAR SharesStats.PercentInsiders = 50.1 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 9.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Price 21.69; FX 1; original perpetual distributable cash 0.20487810552284536; discount 0.10372; growth 0.09427425977303619. 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 5.77 per share

- 2016-11: PLN 5.30 per share

- 2016-12: PLN 5.19 per share

- 2017-01: PLN 5.88 per share

- 2017-02: PLN 6.82 per share

- 2017-03: PLN 6.45 per share

- 2017-04: PLN 6.92 per share

- 2017-05: PLN 6.96 per share

- 2017-06: PLN 7.45 per share

- 2017-07: PLN 7.71 per share

- 2017-08: PLN 7.45 per share

- 2017-09: PLN 7.01 per share

- 2017-10: PLN 7.98 per share

- 2017-11: PLN 8.21 per share

- 2017-12: PLN 8.94 per share

- 2018-01: PLN 9.59 per share

- 2018-02: PLN 8.36 per share

- 2018-03: PLN 8.21 per share

- 2018-04: PLN 8.55 per share

- 2018-05: PLN 8.02 per share

- 2018-06: PLN 8.02 per share

- 2018-07: PLN 9.19 per share

- 2018-08: PLN 8.98 per share

- 2018-09: PLN 9.25 per share

- 2018-10: PLN 8.83 per share

- 2018-11: PLN 9.21 per share

- 2018-12: PLN 8.87 per share

- 2019-01: PLN 8.82 per share

- 2019-02: PLN 8.65 per share

- 2019-03: PLN 8.94 per share

- 2019-04: PLN 9.65 per share

- 2019-05: PLN 9.57 per share

- 2019-06: PLN 9.36 per share

- 2019-07: PLN 7.57 per share

- 2019-08: PLN 6.67 per share

- 2019-09: PLN 5.72 per share

- 2019-10: PLN 6.15 per share

- 2019-11: PLN 5.52 per share

- 2019-12: PLN 5.85 per share

- 2020-01: PLN 5.94 per share

- 2020-02: PLN 4.83 per share

- 2020-03: PLN 3.22 per share

- 2020-04: PLN 2.81 per share

- 2020-05: PLN 2.49 per share

- 2020-06: PLN 3.02 per share

- 2020-07: PLN 2.84 per share

- 2020-08: PLN 3.02 per share

- 2020-09: PLN 2.76 per share

- 2020-10: PLN 2.16 per share

- 2020-11: PLN 2.80 per share

- 2020-12: PLN 3.27 per share

- 2021-01: PLN 3.92 per share

- 2021-02: PLN 4.13 per share

- 2021-03: PLN 3.78 per share

- 2021-04: PLN 4.14 per share

- 2021-05: PLN 4.99 per share

- 2021-06: PLN 4.66 per share

- 2021-07: PLN 4.93 per share

- 2021-08: PLN 6.60 per share

- 2021-09: PLN 6.74 per share

- 2021-10: PLN 9.15 per share

- 2021-11: PLN 8.24 per share

- 2021-12: PLN 8.20 per share

- 2022-01: PLN 8.22 per share

- 2022-02: PLN 7.01 per share

- 2022-03: PLN 6.63 per share

- 2022-04: PLN 5.04 per share

- 2022-05: PLN 4.90 per share

- 2022-06: PLN 3.89 per share

- 2022-07: PLN 3.69 per share

- 2022-08: PLN 3.78 per share

- 2022-09: PLN 3.33 per share

- 2022-10: PLN 4.36 per share

- 2022-11: PLN 4.64 per share

- 2022-12: PLN 4.58 per share

- 2023-01: PLN 5.14 per share

- 2023-02: PLN 4.53 per share

- 2023-03: PLN 4.45 per share

- 2023-04: PLN 4.93 per share

- 2023-05: PLN 4.45 per share

- 2023-06: PLN 5.76 per share

- 2023-07: PLN 6.55 per share

- 2023-08: PLN 6.08 per share

- 2023-09: PLN 5.70 per share

- 2023-10: PLN 7.32 per share

- 2023-11: PLN 7.95 per share

- 2023-12: PLN 8.36 per share

- 2024-01: PLN 8.41 per share

- 2024-02: PLN 10.00 per share

- 2024-03: PLN 10.32 per share

- 2024-04: PLN 9.28 per share

- 2024-05: PLN 8.98 per share

- 2024-06: PLN 9.38 per share

- 2024-07: PLN 9.06 per share

- 2024-08: PLN 9.02 per share

- 2024-09: PLN 8.52 per share

- 2024-10: PLN 8.31 per share

- 2024-11: PLN 8.44 per share

- 2024-12: PLN 8.90 per share

- 2025-01: PLN 10.40 per share

- 2025-02: PLN 11.60 per share

- 2025-03: PLN 14.14 per share

- 2025-04: PLN 14.59 per share

- 2025-05: PLN 14.54 per share

- 2025-06: PLN 14.30 per share

- 2025-07: PLN 14.63 per share

- 2025-08: PLN 14.09 per share

- 2025-09: PLN 14.44 per share

- 2025-10: PLN 15.44 per share

- 2025-11: PLN 15.62 per share

- 2025-12: PLN 16.63 per share

- 2026-01: PLN 17.20 per share

- 2026-02: PLN 17.34 per share

- 2026-03: PLN 16.34 per share

- 2026-04: PLN 17.85 per share

- 2026-05: PLN 19.86 per share

- 2026-06: PLN 19.56 per share

- 2026-07: PLN 20.66 per share

- 2026-08: PLN 20.29 per share

- 2026-09: PLN 23.11 per share

- 2026-10: PLN 22.30 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 5.05 per share, central PLN 5.54 per share, high PLN 6.13 per share

- FY2017: low PLN 5.56 per share, central PLN 6.10 per share, high PLN 6.75 per share

- FY2018: low PLN 4.49 per share, central PLN 5.51 per share, high PLN 7.15 per share

- FY2019: low PLN 4.57 per share, central PLN 5.61 per share, high PLN 7.27 per share

- FY2020: low PLN 4.71 per share, central PLN 5.79 per share, high PLN 7.51 per share

- FY2021: low PLN 2.92 per share, central PLN 3.59 per share, high PLN 4.65 per share

- FY2022: low PLN 2.10 per share, central PLN 2.58 per share, high PLN 3.35 per share

- FY2023: low PLN 2.64 per share, central PLN 3.25 per share, high PLN 4.21 per share

- FY2024: low PLN 3.00 per share, central PLN 3.69 per share, high PLN 4.78 per share

- FY2025: low PLN 3.81 per share, central PLN 4.68 per share, high PLN 6.07 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 2026-10-15T06:42:29.567Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/259400OFDZ9KPZEO8K78/2022-12-31/ESEF/PL/0/grupamillennium-2022-12-31-pl/reports/grupamillennium-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.

Bank Millennium

MIL · WAR

STOXX Europe 600

Not a wonderful business

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

Share price: PLN 21.69
Buy up to: PLN 4.69
Expected / yr: 6.9% 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 628M
Worst year: PLN -1.3B
Latest · 2025: PLN 1.2B

Earned a median 8.9% on tangible equity (minimum 12%), and the second-worst year -20.1% (minimum 5%).

Return on tangible common equity

10y median: 8.9%
Worst year: -21.1%
Latest · 2025: 14.1%

Book value plus dividends grew 2.9% a year (minimum 7%).

Annual book + dividend return

10y median: 7.8%
Worst year: -27.6%
Latest · 2025: 18.0%

Book value gained 1.76 per share against 2.37 kept (must cover the amount kept).

Shares (first year = 100)

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

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 0.68 PLN.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price PLN 5.77 · Value 5.54 · Buy at or below 5.54; 2016-11 · Price PLN 5.30 · Value 5.54 · Buy at or below 5.54; 2016-12 · Price PLN 5.19 · Value 5.54 · Buy at or below 5.54; 2017-01 · Price PLN 5.88 · Value 5.54 · Buy at or below 5.54; 2017-02 · Price PLN 6.82 · Value 6.10 · Buy at or below 6.10; 2017-03 · Price PLN 6.45 · Value 6.10 · Buy at or below 6.10; 2017-04 · Price PLN 6.92 · Value 6.10 · Buy at or below 6.10; 2017-05 · Price PLN 6.96 · Value 6.10 · Buy at or below 6.10; 2017-06 · Price PLN 7.45 · Value 6.10 · Buy at or below 6.10; 2017-07 · Price PLN 7.71 · Value 6.10 · Buy at or below 6.10; 2017-08 · Price PLN 7.45 · Value 6.10 · Buy at or below 6.10; 2017-09 · Price PLN 7.01 · Value 6.10 · Buy at or below 6.10; 2017-10 · Price PLN 7.98 · Value 6.10 · Buy at or below 6.10; 2017-11 · Price PLN 8.21 · Value 6.10 · Buy at or below 6.10; 2017-12 · Price PLN 8.94 · Value 6.10 · Buy at or below 6.10; 2018-01 · Price PLN 9.59 · Value 6.10 · Buy at or below 6.10; 2018-02 · Price PLN 8.36 · Value 5.51 · Buy at or below 5.51; 2018-03 · Price PLN 8.21 · Value 5.51 · Buy at or below 5.51; 2018-04 · Price PLN 8.55 · Value 5.51 · Buy at or below 5.51; 2018-05 · Price PLN 8.02 · Value 5.51 · Buy at or below 5.51; 2018-06 · Price PLN 8.02 · Value 5.51 · Buy at or below 5.51; 2018-07 · Price PLN 9.19 · Value 5.51 · Buy at or below 5.51; 2018-08 · Price PLN 8.98 · Value 5.51 · Buy at or below 5.51; 2018-09 · Price PLN 9.25 · Value 5.51 · Buy at or below 5.51; 2018-10 · Price PLN 8.83 · Value 5.51 · Buy at or below 5.51; 2018-11 · Price PLN 9.21 · Value 5.51 · Buy at or below 5.51; 2018-12 · Price PLN 8.87 · Value 5.51 · Buy at or below 5.51; 2019-01 · Price PLN 8.82 · Value 5.51 · Buy at or below 5.51; 2019-02 · Price PLN 8.65 · Value 5.61 · Buy at or below 5.61; 2019-03 · Price PLN 8.94 · Value 5.61 · Buy at or below 5.61; 2019-04 · Price PLN 9.64 · Value 5.61 · Buy at or below 5.61; 2019-05 · Price PLN 9.57 · Value 5.61 · Buy at or below 5.61; 2019-06 · Price PLN 9.36 · Value 5.61 · Buy at or below 5.61; 2019-07 · Price PLN 7.57 · Value 5.61 · Buy at or below 5.61; 2019-08 · Price PLN 6.67 · Value 5.61 · Buy at or below 5.61; 2019-09 · Price PLN 5.71 · Value 5.61 · Buy at or below 5.61; 2019-10 · Price PLN 6.14 · Value 5.61 · Buy at or below 5.61; 2019-11 · Price PLN 5.52 · Value 5.61 · Buy at or below 5.61; 2019-12 · Price PLN 5.85 · Value 5.61 · Buy at or below 5.61; 2020-01 · Price PLN 5.94 · Value 5.61 · Buy at or below 5.61; 2020-02 · Price PLN 4.83 · Value 5.79 · Buy at or below 5.79; 2020-03 · Price PLN 3.22 · Value 5.79 · Buy at or below 5.79; 2020-04 · Price PLN 2.81 · Value 5.79 · Buy at or below 5.79; 2020-05 · Price PLN 2.49 · Value 5.79 · Buy at or below 5.79; 2020-06 · Price PLN 3.02 · Value 5.79 · Buy at or below 5.79; 2020-07 · Price PLN 2.84 · Value 5.79 · Buy at or below 5.79; 2020-08 · Price PLN 3.02 · Value 5.79 · Buy at or below 5.79; 2020-09 · Price PLN 2.76 · Value 5.79 · Buy at or below 5.79; 2020-10 · Price PLN 2.16 · Value 5.79 · Buy at or below 5.79; 2020-11 · Price PLN 2.80 · Value 5.79 · Buy at or below 5.79; 2020-12 · Price PLN 3.27 · Value 5.79 · Buy at or below 5.79; 2021-01 · Price PLN 3.92 · Value 5.79 · Buy at or below 5.79; 2021-02 · Price PLN 4.13 · Value 3.59 · Buy at or below 3.59; 2021-03 · Price PLN 3.78 · Value 3.59 · Buy at or below 3.59; 2021-04 · Price PLN 4.14 · Value 3.59 · Buy at or below 3.59; 2021-05 · Price PLN 4.99 · Value 3.59 · Buy at or below 3.59; 2021-06 · Price PLN 4.66 · Value 3.59 · Buy at or below 3.59; 2021-07 · Price PLN 4.93 · Value 3.59 · Buy at or below 3.59; 2021-08 · Price PLN 6.60 · Value 3.59 · Buy at or below 3.59; 2021-09 · Price PLN 6.74 · Value 3.59 · Buy at or below 3.59; 2021-10 · Price PLN 9.15 · Value 3.59 · Buy at or below 3.59; 2021-11 · Price PLN 8.24 · Value 3.59 · Buy at or below 3.59; 2021-12 · Price PLN 8.20 · Value 3.59 · Buy at or below 3.59; 2022-01 · Price PLN 8.22 · Value 3.59 · Buy at or below 3.59; 2022-02 · Price PLN 7.00 · Value 2.58 · Buy at or below 2.58; 2022-03 · Price PLN 6.63 · Value 2.58 · Buy at or below 2.58; 2022-04 · Price PLN 5.04 · Value 2.58 · Buy at or below 2.58; 2022-05 · Price PLN 4.90 · Value 2.58 · Buy at or below 2.58; 2022-06 · Price PLN 3.89 · Value 2.58 · Buy at or below 2.58; 2022-07 · Price PLN 3.69 · Value 2.58 · Buy at or below 2.58; 2022-08 · Price PLN 3.78 · Value 2.58 · Buy at or below 2.58; 2022-09 · Price PLN 3.33 · Value 2.58 · Buy at or below 2.58; 2022-10 · Price PLN 4.36 · Value 2.58 · Buy at or below 2.58; 2022-11 · Price PLN 4.64 · Value 2.58 · Buy at or below 2.58; 2022-12 · Price PLN 4.58 · Value 2.58 · Buy at or below 2.58; 2023-01 · Price PLN 5.14 · Value 2.58 · Buy at or below 2.58; 2023-02 · Price PLN 4.53 · Value 3.25 · Buy at or below 3.25; 2023-03 · Price PLN 4.45 · Value 3.25 · Buy at or below 3.25; 2023-04 · Price PLN 4.93 · Value 3.25 · Buy at or below 3.25; 2023-05 · Price PLN 4.45 · Value 3.25 · Buy at or below 3.25; 2023-06 · Price PLN 5.76 · Value 3.25 · Buy at or below 3.25; 2023-07 · Price PLN 6.55 · Value 3.25 · Buy at or below 3.25; 2023-08 · Price PLN 6.08 · Value 3.25 · Buy at or below 3.25; 2023-09 · Price PLN 5.70 · Value 3.25 · Buy at or below 3.25; 2023-10 · Price PLN 7.32 · Value 3.25 · Buy at or below 3.25; 2023-11 · Price PLN 7.95 · Value 3.25 · Buy at or below 3.25; 2023-12 · Price PLN 8.36 · Value 3.25 · Buy at or below 3.25; 2024-01 · Price PLN 8.41 · Value 3.25 · Buy at or below 3.25; 2024-02 · Price PLN 9.99 · Value 3.69 · Buy at or below 3.69; 2024-03 · Price PLN 10.32 · Value 3.69 · Buy at or below 3.69; 2024-04 · Price PLN 9.28 · Value 3.69 · Buy at or below 3.69; 2024-05 · Price PLN 8.97 · Value 3.69 · Buy at or below 3.69; 2024-06 · Price PLN 9.38 · Value 3.69 · Buy at or below 3.69; 2024-07 · Price PLN 9.06 · Value 3.69 · Buy at or below 3.69; 2024-08 · Price PLN 9.02 · Value 3.69 · Buy at or below 3.69; 2024-09 · Price PLN 8.52 · Value 3.69 · Buy at or below 3.69; 2024-10 · Price PLN 8.30 · Value 3.69 · Buy at or below 3.69; 2024-11 · Price PLN 8.44 · Value 3.69 · Buy at or below 3.69; 2024-12 · Price PLN 8.90 · Value 3.69 · Buy at or below 3.69; 2025-01 · Price PLN 10.40 · Value 3.69 · Buy at or below 3.69; 2025-02 · Price PLN 11.60 · Value 4.68 · Buy at or below 4.68; 2025-03 · Price PLN 14.14 · Value 4.68 · Buy at or below 4.68; 2025-04 · Price PLN 14.59 · Value 4.68 · Buy at or below 4.68; 2025-05 · Price PLN 14.54 · Value 4.68 · Buy at or below 4.68; 2025-06 · Price PLN 14.30 · Value 4.68 · Buy at or below 4.68; 2025-07 · Price PLN 14.63 · Value 4.68 · Buy at or below 4.68; 2025-08 · Price PLN 14.09 · Value 4.68 · Buy at or below 4.68; 2025-09 · Price PLN 14.44 · Value 4.68 · Buy at or below 4.68; 2025-10 · Price PLN 15.44 · Value 4.68 · Buy at or below 4.68; 2025-11 · Price PLN 15.62 · Value 4.68 · Buy at or below 4.68; 2025-12 · Price PLN 16.63 · Value 4.68 · Buy at or below 4.68; 2026-01 · Price PLN 17.20 · Value 4.68 · Buy at or below 4.68; 2026-02 · Price PLN 17.34 · Value 4.69 · Buy at or below 4.69; 2026-03 · Price PLN 16.34 · Value 4.69 · Buy at or below 4.69; 2026-04 · Price PLN 17.85 · Value 4.69 · Buy at or below 4.69; 2026-05 · Price PLN 19.86 · Value 4.69 · Buy at or below 4.69; 2026-06 · Price PLN 19.55 · Value 4.69 · Buy at or below 4.69; 2026-07 · Price PLN 20.66 · Value 4.69 · Buy at or below 4.69; 2026-08 · Price PLN 20.29 · Value 4.69 · Buy at or below 4.69; 2026-09 · Price PLN 23.11 · Value 4.69 · Buy at or below 4.69; 2026-10 · Price PLN 22.30 · Value 4.69 · Buy at or below 4.69; 2026-10 · Price PLN 21.69 · Value 4.69 · Buy at or below 4.69

PLN per share · annual estimates

Price & return math
Value range	PLN 3.81 – PLN 6.08
Buy at or below	Central value PLN 4.69
Discount to value	1 − 21.69 / 4.69 = -362.9%
Return / year	About 6.9% a year at today's price (required return 10.4%)
Cash-flow inputs	Book PLN 7.03/share; ROE 8.9%; first payout PLN 0.20/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.4% / year, earned by construction at the central value

Net incomePLN 1.2B

Net income

Book / sharePLN 7.02

Book / share

Dividend / sharePLN 0

Dividend / share

Return on tangible equity14.1%

Return on tangible equity

Diluted shares1.2B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·