# 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.

## Reported holder observations