# Bank Polska Kasa Opieki (PEO.WAR)

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

Analysis as of: 2026-10-16T07:34:54.139Z. Financial observations: FY2015–FY2026.

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 263.00 per share; close as of 2026-10-15.

Estimated value: low PLN 104.12 per share, central PLN 117.15 per share, high PLN 133.89 per share. Buy at or below the central value PLN 117.15 per share. Valuation as of 2026-10-16T07:34:54.139Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% 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: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.47×

Chart: Net income; fiscal year observations.

- FY2016: PLN 2.3B

- FY2017: PLN 2.5B

- FY2018: PLN 2.3B

- FY2019: PLN 2.2B

- FY2020: PLN 1.1B

- FY2021: PLN 2.2B

- FY2022: PLN 1.7B

- FY2023: PLN 6.7B

- FY2024: PLN 6.4B

- FY2025: PLN 7.0B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 10.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.4%

- Years with reported combined ratio: 0

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

- FY2016: 10.2%

- FY2017: 11.4%

- FY2018: 11.1%

- FY2019: 9.9%

- FY2020: 4.7%

- FY2021: 10.1%

- FY2022: 8.4%

- FY2023: 23.8%

- FY2024: 21.7%

- FY2025: 21.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.8%

- Book return interval: 10 years

- Starting book value per share: PLN 86.70

- Ending book value per share: PLN 124.92

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

- FY2016: 8.0%

- FY2017: 7.7%

- FY2018: 4.0%

- FY2019: 14.5%

- FY2020: 11.7%

- FY2021: -4.6%

- FY2022: 0.4%

- FY2023: 43.1%

- FY2024: 23.0%

- FY2025: 28.2%

### 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: 0.0%

- 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: 0.85×

- Book value created per share: PLN 38.22

- Earnings retained per share after dividends and buybacks: PLN 44.90

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 6.8% a year forever · net income -7.7%

Story as of 2026-10-16T10:00:02.975Z; price observation 2026-10-15.

The price assumes profits grow 6.8% a year forever

### Net income · FY2026

net income -7.7%; source https://filings.xbrl.org/5493000LKS7B3UTF7H35/2022-12-31/ESEF/PL/0/SSF_Grupy_Banku_Pekao_31.12.2022/reports/SSF_Grupy_Banku_Pekao_31.12.2022.xhtml; observed 2023-05-02.

- FY2017: PLN 2.5B 

- FY2018: PLN 2.3B 

- FY2019: PLN 2.2B 

- FY2020: PLN 1.1B 

- FY2021: PLN 2.2B 

- FY2022: PLN 1.7B 

- FY2023: PLN 6.7B 

- FY2024: PLN 6.4B 

- FY2025: PLN 7.0B 

- FY2026: 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 22.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: revenue 22645000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PEO.WAR: Bank Polska Kasa Opieki S.A., a commercial bank, provides banking products and services to retail and corporate clients in Poland. It operates through Retail Banking and Private Banking; Enterprise banking; and Corporate and Investment Banking segments. The company offers bank accounts, deposits and certificates of deposit, payment cards, loan products, mortgage and consumer loans, and insurance products. It is also involved in the brokering activity and sale of investment products; leasing, factoring, arranging issues of debt securities, and other specialized forms of financing; and transactional banking. In addition, the company provides investment advisory services, advisory in M&A, advanced treasury, capital market products, and custody services; investment banking; structured finance; financing of commercial real estate projects, including financing of the construction of warehouses; and other services, such as collecting information on debtors' financial situation, collection, debt collection, settlements accounting, and monitoring of payments. Further, it is involved in the settlement of mass transactions, financial advisory and consulting services regarding the selection of financing method, and granting loans and credits related to the factoring agreement; brokerage services for large and medium-sized enterprises and financial institutions; payment card management systems, transaction authorization and card personalization; online payment systems; and financial intermediation and transfer agent services. Bank Polska Kasa Opieki S.A. was founded in 1929 and is headquartered in Warsaw, Poland.

### Why customers stay

It earns 10.7% 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 [[2016,0.10227402344130354],[2017,0.11391250180927347],[2018,0.11144737352460725],[2019,0.09945662489854726],[2020,0.046930227052159115],[2021,0.10091839157512858],[2022,0.08374305216967333],[2023,0.23839186625138725],[2024,0.21721800156713114],[2025,0.21395022569232647]]; median 0.1068606984829554. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Dividend observations: [[2016,2283489000],[2017,2278240000],[2018,2073513000],[2019,1732302000],[2020,842529000],[2021,842529000],[2022,1129000000],[2023,1422000000],[2024,5039000000],[2025,4822000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 20% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PEO.WAR SharesStats.PercentInsiders = 20 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Price 263; FX 1; original perpetual distributable cash 9.36537027719936; discount 0.10372; growth 0.06811022708289216. 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 121.05 per share

- 2016-11: PLN 118.20 per share

- 2016-12: PLN 125.80 per share

- 2017-01: PLN 135.30 per share

- 2017-02: PLN 139.95 per share

- 2017-03: PLN 132.10 per share

- 2017-04: PLN 140.55 per share

- 2017-05: PLN 138.00 per share

- 2017-06: PLN 124.80 per share

- 2017-07: PLN 127.80 per share

- 2017-08: PLN 127.95 per share

- 2017-09: PLN 128.00 per share

- 2017-10: PLN 118.90 per share

- 2017-11: PLN 128.00 per share

- 2017-12: PLN 129.50 per share

- 2018-01: PLN 135.90 per share

- 2018-02: PLN 132.45 per share

- 2018-03: PLN 123.30 per share

- 2018-04: PLN 116.90 per share

- 2018-05: PLN 111.80 per share

- 2018-06: PLN 113.00 per share

- 2018-07: PLN 111.85 per share

- 2018-08: PLN 116.85 per share

- 2018-09: PLN 106.20 per share

- 2018-10: PLN 104.70 per share

- 2018-11: PLN 109.80 per share

- 2018-12: PLN 109.00 per share

- 2019-01: PLN 110.60 per share

- 2019-02: PLN 113.30 per share

- 2019-03: PLN 110.00 per share

- 2019-04: PLN 113.70 per share

- 2019-05: PLN 106.25 per share

- 2019-06: PLN 111.80 per share

- 2019-07: PLN 103.15 per share

- 2019-08: PLN 97.34 per share

- 2019-09: PLN 102.40 per share

- 2019-10: PLN 107.80 per share

- 2019-11: PLN 104.80 per share

- 2019-12: PLN 100.45 per share

- 2020-01: PLN 98.98 per share

- 2020-02: PLN 88.04 per share

- 2020-03: PLN 56.14 per share

- 2020-04: PLN 51.98 per share

- 2020-05: PLN 52.56 per share

- 2020-06: PLN 53.84 per share

- 2020-07: PLN 50.58 per share

- 2020-08: PLN 52.30 per share

- 2020-09: PLN 50.32 per share

- 2020-10: PLN 42.27 per share

- 2020-11: PLN 56.74 per share

- 2020-12: PLN 61.10 per share

- 2021-01: PLN 63.70 per share

- 2021-02: PLN 67.80 per share

- 2021-03: PLN 70.62 per share

- 2021-04: PLN 80.04 per share

- 2021-05: PLN 95.96 per share

- 2021-06: PLN 93.00 per share

- 2021-07: PLN 94.12 per share

- 2021-08: PLN 107.20 per share

- 2021-09: PLN 103.05 per share

- 2021-10: PLN 131.75 per share

- 2021-11: PLN 118.75 per share

- 2021-12: PLN 122.00 per share

- 2022-01: PLN 135.50 per share

- 2022-02: PLN 115.60 per share

- 2022-03: PLN 112.90 per share

- 2022-04: PLN 98.00 per share

- 2022-05: PLN 93.24 per share

- 2022-06: PLN 81.54 per share

- 2022-07: PLN 73.20 per share

- 2022-08: PLN 65.20 per share

- 2022-09: PLN 60.70 per share

- 2022-10: PLN 78.44 per share

- 2022-11: PLN 83.90 per share

- 2022-12: PLN 86.50 per share

- 2023-01: PLN 92.20 per share

- 2023-02: PLN 89.68 per share

- 2023-03: PLN 85.46 per share

- 2023-04: PLN 95.98 per share

- 2023-05: PLN 96.26 per share

- 2023-06: PLN 110.80 per share

- 2023-07: PLN 118.30 per share

- 2023-08: PLN 107.90 per share

- 2023-09: PLN 100.95 per share

- 2023-10: PLN 127.70 per share

- 2023-11: PLN 140.55 per share

- 2023-12: PLN 152.05 per share

- 2024-01: PLN 154.50 per share

- 2024-02: PLN 173.00 per share

- 2024-03: PLN 181.85 per share

- 2024-04: PLN 169.00 per share

- 2024-05: PLN 160.00 per share

- 2024-06: PLN 168.00 per share

- 2024-07: PLN 160.40 per share

- 2024-08: PLN 158.45 per share

- 2024-09: PLN 146.90 per share

- 2024-10: PLN 140.20 per share

- 2024-11: PLN 135.65 per share

- 2024-12: PLN 137.90 per share

- 2025-01: PLN 160.35 per share

- 2025-02: PLN 170.00 per share

- 2025-03: PLN 175.80 per share

- 2025-04: PLN 188.35 per share

- 2025-05: PLN 184.30 per share

- 2025-06: PLN 185.00 per share

- 2025-07: PLN 204.70 per share

- 2025-08: PLN 183.25 per share

- 2025-09: PLN 174.70 per share

- 2025-10: PLN 189.45 per share

- 2025-11: PLN 199.95 per share

- 2025-12: PLN 205.10 per share

- 2026-01: PLN 216.80 per share

- 2026-02: PLN 226.20 per share

- 2026-03: PLN 217.50 per share

- 2026-04: PLN 226.30 per share

- 2026-05: PLN 241.90 per share

- 2026-06: PLN 228.80 per share

- 2026-07: PLN 245.50 per share

- 2026-08: PLN 259.10 per share

- 2026-09: PLN 280.90 per share

- 2026-10: PLN 265.10 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 97.30 per share, central PLN 106.68 per share, high PLN 118.07 per share

- FY2017: low PLN 91.73 per share, central PLN 100.58 per share, high PLN 111.31 per share

- FY2018: low PLN 82.67 per share, central PLN 92.31 per share, high PLN 104.51 per share

- FY2019: low PLN 84.06 per share, central PLN 93.73 per share, high PLN 105.93 per share

- FY2020: low PLN 88.62 per share, central PLN 97.17 per share, high PLN 107.54 per share

- FY2021: low PLN 77.16 per share, central PLN 84.59 per share, high PLN 93.62 per share

- FY2022: low PLN 68.56 per share, central PLN 76.27 per share, high PLN 85.95 per share

- FY2023: low PLN 93.37 per share, central PLN 103.88 per share, high PLN 117.06 per share

- FY2024: low PLN 97.18 per share, central PLN 108.90 per share, high PLN 123.83 per share

- FY2025: low PLN 115.39 per share, central PLN 129.83 per share, high PLN 148.39 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 2026-10-15T06:40:40.524Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493000LKS7B3UTF7H35/2022-12-31/ESEF/PL/0/SSF_Grupy_Banku_Pekao_31.12.2022/reports/SSF_Grupy_Banku_Pekao_31.12.2022.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.

Bank Polska Kasa Opieki

PEO · WAR

STOXX Europe 600

Not a wonderful business

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

Share price: PLN 263.00
Buy up to: PLN 117.15
Expected / yr: 5.9% 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 10 years (at least 9 needed).

Net income

10y median: PLN 2.3B
Worst year: PLN 1.1B
Latest · 2025: PLN 7.0B

Earned a median 10.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.7%
Worst year: 4.7%
Latest · 2025: 21.4%

Book value plus dividends grew 12.8% a year (minimum 7%).

Annual book + dividend return

10y median: 9.8%
Worst year: -4.6%
Latest · 2025: 28.2%

Book value gained 38.22 per share against 44.9 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 25.46 PLN.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price PLN 121.05 · Value 106.68 · Buy at or below 106.68; 2016-11 · Price PLN 118.20 · Value 106.68 · Buy at or below 106.68; 2016-12 · Price PLN 125.80 · Value 106.68 · Buy at or below 106.68; 2017-01 · Price PLN 135.30 · Value 106.68 · Buy at or below 106.68; 2017-02 · Price PLN 139.95 · Value 100.58 · Buy at or below 100.58; 2017-03 · Price PLN 132.10 · Value 100.58 · Buy at or below 100.58; 2017-04 · Price PLN 140.55 · Value 100.58 · Buy at or below 100.58; 2017-05 · Price PLN 138.00 · Value 100.58 · Buy at or below 100.58; 2017-06 · Price PLN 124.80 · Value 100.58 · Buy at or below 100.58; 2017-07 · Price PLN 127.80 · Value 100.58 · Buy at or below 100.58; 2017-08 · Price PLN 127.95 · Value 100.58 · Buy at or below 100.58; 2017-09 · Price PLN 128.00 · Value 100.58 · Buy at or below 100.58; 2017-10 · Price PLN 118.90 · Value 100.58 · Buy at or below 100.58; 2017-11 · Price PLN 128.00 · Value 100.58 · Buy at or below 100.58; 2017-12 · Price PLN 129.50 · Value 100.58 · Buy at or below 100.58; 2018-01 · Price PLN 135.90 · Value 100.58 · Buy at or below 100.58; 2018-02 · Price PLN 132.45 · Value 92.31 · Buy at or below 92.31; 2018-03 · Price PLN 123.30 · Value 92.31 · Buy at or below 92.31; 2018-04 · Price PLN 116.90 · Value 92.31 · Buy at or below 92.31; 2018-05 · Price PLN 111.80 · Value 92.31 · Buy at or below 92.31; 2018-06 · Price PLN 113.00 · Value 92.31 · Buy at or below 92.31; 2018-07 · Price PLN 111.85 · Value 92.31 · Buy at or below 92.31; 2018-08 · Price PLN 116.85 · Value 92.31 · Buy at or below 92.31; 2018-09 · Price PLN 106.20 · Value 92.31 · Buy at or below 92.31; 2018-10 · Price PLN 104.70 · Value 92.31 · Buy at or below 92.31; 2018-11 · Price PLN 109.80 · Value 92.31 · Buy at or below 92.31; 2018-12 · Price PLN 109.00 · Value 92.31 · Buy at or below 92.31; 2019-01 · Price PLN 110.60 · Value 92.31 · Buy at or below 92.31; 2019-02 · Price PLN 113.30 · Value 93.73 · Buy at or below 93.73; 2019-03 · Price PLN 110.00 · Value 93.73 · Buy at or below 93.73; 2019-04 · Price PLN 113.70 · Value 93.73 · Buy at or below 93.73; 2019-05 · Price PLN 106.25 · Value 93.73 · Buy at or below 93.73; 2019-06 · Price PLN 111.80 · Value 93.73 · Buy at or below 93.73; 2019-07 · Price PLN 103.15 · Value 93.73 · Buy at or below 93.73; 2019-08 · Price PLN 97.34 · Value 93.73 · Buy at or below 93.73; 2019-09 · Price PLN 102.40 · Value 93.73 · Buy at or below 93.73; 2019-10 · Price PLN 107.80 · Value 93.73 · Buy at or below 93.73; 2019-11 · Price PLN 104.80 · Value 93.73 · Buy at or below 93.73; 2019-12 · Price PLN 100.45 · Value 93.73 · Buy at or below 93.73; 2020-01 · Price PLN 98.98 · Value 93.73 · Buy at or below 93.73; 2020-02 · Price PLN 88.04 · Value 97.17 · Buy at or below 97.17; 2020-03 · Price PLN 56.14 · Value 97.17 · Buy at or below 97.17; 2020-04 · Price PLN 51.98 · Value 97.17 · Buy at or below 97.17; 2020-05 · Price PLN 52.56 · Value 97.17 · Buy at or below 97.17; 2020-06 · Price PLN 53.84 · Value 97.17 · Buy at or below 97.17; 2020-07 · Price PLN 50.58 · Value 97.17 · Buy at or below 97.17; 2020-08 · Price PLN 52.30 · Value 97.17 · Buy at or below 97.17; 2020-09 · Price PLN 50.32 · Value 97.17 · Buy at or below 97.17; 2020-10 · Price PLN 42.27 · Value 97.17 · Buy at or below 97.17; 2020-11 · Price PLN 56.74 · Value 97.17 · Buy at or below 97.17; 2020-12 · Price PLN 61.10 · Value 97.17 · Buy at or below 97.17; 2021-01 · Price PLN 63.70 · Value 97.17 · Buy at or below 97.17; 2021-02 · Price PLN 67.80 · Value 84.59 · Buy at or below 84.59; 2021-03 · Price PLN 70.62 · Value 84.59 · Buy at or below 84.59; 2021-04 · Price PLN 80.04 · Value 84.59 · Buy at or below 84.59; 2021-05 · Price PLN 95.96 · Value 84.59 · Buy at or below 84.59; 2021-06 · Price PLN 93.00 · Value 84.59 · Buy at or below 84.59; 2021-07 · Price PLN 94.12 · Value 84.59 · Buy at or below 84.59; 2021-08 · Price PLN 107.20 · Value 84.59 · Buy at or below 84.59; 2021-09 · Price PLN 103.05 · Value 84.59 · Buy at or below 84.59; 2021-10 · Price PLN 131.75 · Value 84.59 · Buy at or below 84.59; 2021-11 · Price PLN 118.75 · Value 84.59 · Buy at or below 84.59; 2021-12 · Price PLN 122.00 · Value 84.59 · Buy at or below 84.59; 2022-01 · Price PLN 135.50 · Value 84.59 · Buy at or below 84.59; 2022-02 · Price PLN 115.60 · Value 76.27 · Buy at or below 76.27; 2022-03 · Price PLN 112.90 · Value 76.27 · Buy at or below 76.27; 2022-04 · Price PLN 98.00 · Value 76.27 · Buy at or below 76.27; 2022-05 · Price PLN 93.24 · Value 76.27 · Buy at or below 76.27; 2022-06 · Price PLN 81.54 · Value 76.27 · Buy at or below 76.27; 2022-07 · Price PLN 73.20 · Value 76.27 · Buy at or below 76.27; 2022-08 · Price PLN 65.20 · Value 76.27 · Buy at or below 76.27; 2022-09 · Price PLN 60.70 · Value 76.27 · Buy at or below 76.27; 2022-10 · Price PLN 78.44 · Value 76.27 · Buy at or below 76.27; 2022-11 · Price PLN 83.90 · Value 76.27 · Buy at or below 76.27; 2022-12 · Price PLN 86.50 · Value 76.27 · Buy at or below 76.27; 2023-01 · Price PLN 92.20 · Value 76.27 · Buy at or below 76.27; 2023-02 · Price PLN 89.68 · Value 103.88 · Buy at or below 103.88; 2023-03 · Price PLN 85.46 · Value 103.88 · Buy at or below 103.88; 2023-04 · Price PLN 95.98 · Value 103.88 · Buy at or below 103.88; 2023-05 · Price PLN 96.26 · Value 103.88 · Buy at or below 103.88; 2023-06 · Price PLN 110.80 · Value 103.88 · Buy at or below 103.88; 2023-07 · Price PLN 118.30 · Value 103.88 · Buy at or below 103.88; 2023-08 · Price PLN 107.90 · Value 103.88 · Buy at or below 103.88; 2023-09 · Price PLN 100.95 · Value 103.88 · Buy at or below 103.88; 2023-10 · Price PLN 127.70 · Value 103.88 · Buy at or below 103.88; 2023-11 · Price PLN 140.55 · Value 103.88 · Buy at or below 103.88; 2023-12 · Price PLN 152.05 · Value 103.88 · Buy at or below 103.88; 2024-01 · Price PLN 154.50 · Value 103.88 · Buy at or below 103.88; 2024-02 · Price PLN 173.00 · Value 108.90 · Buy at or below 108.90; 2024-03 · Price PLN 181.85 · Value 108.90 · Buy at or below 108.90; 2024-04 · Price PLN 169.00 · Value 108.90 · Buy at or below 108.90; 2024-05 · Price PLN 160.00 · Value 108.90 · Buy at or below 108.90; 2024-06 · Price PLN 168.00 · Value 108.90 · Buy at or below 108.90; 2024-07 · Price PLN 160.40 · Value 108.90 · Buy at or below 108.90; 2024-08 · Price PLN 158.45 · Value 108.90 · Buy at or below 108.90; 2024-09 · Price PLN 146.90 · Value 108.90 · Buy at or below 108.90; 2024-10 · Price PLN 140.20 · Value 108.90 · Buy at or below 108.90; 2024-11 · Price PLN 135.65 · Value 108.90 · Buy at or below 108.90; 2024-12 · Price PLN 137.90 · Value 108.90 · Buy at or below 108.90; 2025-01 · Price PLN 160.35 · Value 108.90 · Buy at or below 108.90; 2025-02 · Price PLN 170.00 · Value 129.83 · Buy at or below 129.83; 2025-03 · Price PLN 175.80 · Value 129.83 · Buy at or below 129.83; 2025-04 · Price PLN 188.35 · Value 129.83 · Buy at or below 129.83; 2025-05 · Price PLN 184.30 · Value 129.83 · Buy at or below 129.83; 2025-06 · Price PLN 185.00 · Value 129.83 · Buy at or below 129.83; 2025-07 · Price PLN 204.70 · Value 129.83 · Buy at or below 129.83; 2025-08 · Price PLN 183.25 · Value 129.83 · Buy at or below 129.83; 2025-09 · Price PLN 174.70 · Value 129.83 · Buy at or below 129.83; 2025-10 · Price PLN 189.45 · Value 129.83 · Buy at or below 129.83; 2025-11 · Price PLN 199.95 · Value 129.83 · Buy at or below 129.83; 2025-12 · Price PLN 205.10 · Value 129.83 · Buy at or below 129.83; 2026-01 · Price PLN 216.80 · Value 129.83 · Buy at or below 129.83; 2026-02 · Price PLN 226.20 · Value 117.15 · Buy at or below 117.15; 2026-03 · Price PLN 217.50 · Value 117.15 · Buy at or below 117.15; 2026-04 · Price PLN 226.30 · Value 117.15 · Buy at or below 117.15; 2026-05 · Price PLN 241.90 · Value 117.15 · Buy at or below 117.15; 2026-06 · Price PLN 228.80 · Value 117.15 · Buy at or below 117.15; 2026-07 · Price PLN 245.50 · Value 117.15 · Buy at or below 117.15; 2026-08 · Price PLN 259.10 · Value 117.15 · Buy at or below 117.15; 2026-09 · Price PLN 280.90 · Value 117.15 · Buy at or below 117.15; 2026-10 · Price PLN 265.10 · Value 117.15 · Buy at or below 117.15; 2026-10 · Price PLN 263.00 · Value 117.15 · Buy at or below 117.15

PLN per share · annual estimates

Price & return math
Value range	PLN 104.12 – PLN 133.89
Buy at or below	Central value PLN 117.15
Discount to value	1 − 263.00 / 117.15 = -124.5%
Return / year	About 5.9% a year at today's price (required return 10.4%)
Cash-flow inputs	Book PLN 112.72/share; ROE 10.7%; first payout PLN 9.37/share, growing 2.4% perpetually (4× book payout cap applied).
Required return	10.4% / year, earned by construction at the central value

Net incomePLN 6.5B

Net income

Book / sharePLN 112.72

Book / share

Dividend / sharePLN 18.37

Dividend / share

Return on tangible equity21.4%

Return on tangible equity

Diluted shares262M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·