# Powszechna Kasa Oszczednosci Bank Polski (PKO.WAR)

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

Analysis as of: 2026-10-16T07:34:08.065Z. 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 115.84 per share; close as of 2026-10-15.

Estimated value: low PLN 36.05 per share, central PLN 44.29 per share, high PLN 57.43 per share. Buy at or below the central value PLN 44.29 per share. Valuation as of 2026-10-16T07:34:08.065Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% 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: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.64×

Chart: Net income; fiscal year observations.

- FY2016: PLN 2.9B

- FY2017: PLN 3.1B

- FY2018: PLN 3.7B

- FY2019: PLN 4.0B

- FY2020: PLN -2.6B

- FY2021: PLN 4.9B

- FY2022: PLN 3.3B

- FY2023: PLN 5.5B

- FY2024: PLN 9.3B

- FY2025: PLN 11B

### 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: 10.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.4%

- Years with reported combined ratio: 0

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

- FY2016: 9.9%

- FY2017: 9.4%

- FY2018: 10.4%

- FY2019: 10.5%

- FY2020: -7.0%

- FY2021: 14.2%

- FY2022: 10.4%

- FY2023: 13.3%

- FY2024: 19.3%

- FY2025: 19.7%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.6%

- Book return interval: 10 years

- Starting book value per share: PLN 21.61

- Ending book value per share: PLN 43.46

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

- FY2016: 8.0%

- FY2017: 15.6%

- FY2018: 10.8%

- FY2019: 11.6%

- FY2020: 1.4%

- FY2021: -0.3%

- FY2022: -0.1%

- FY2023: 29.4%

- FY2024: 28.4%

- FY2025: 26.9%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- 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: 1.17×

- Book value created per share: PLN 21.85

- Earnings retained per share after dividends and buybacks: PLN 18.64

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 8.7% a year forever · net income +14.8%

Story as of 2026-10-16T09:59:59.299Z; price observation 2026-10-15.

The price assumes profits grow 8.7% a year forever

### Net income · FY2025

net income +14.8%; source https://filings.xbrl.org/P4GTT6GF1W40CVIMFR43/2022-12-31/ESEF/PL/0/PL_Skonsolidowane_sprawozdanie_finansowe_GKPKOBP_SA_31.12.2022/reports/PL_Skonsolidowane_sprawozdanie_finansowe_GKPKOBP_SA_31.12.2022.xhtml; observed 2023-05-02.

- FY2016: PLN 2.9B 

- FY2017: PLN 3.1B 

- FY2018: PLN 3.7B 

- FY2019: PLN 4.0B 

- FY2020: PLN -2.6B 

- FY2021: PLN 4.9B 

- FY2022: PLN 3.3B 

- FY2023: PLN 5.5B 

- FY2024: PLN 9.3B 

- FY2025: PLN 11B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are PLN 31.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); FY2025: revenue 31868000000.

### Why customers stay

It earns 10.5% 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 [[2016,0.09855088366606544],[2017,0.0939894019682059],[2018,0.10415970598062145],[2019,0.10494936082688953],[2020,-0.06978140436099664],[2021,0.14233150332905034],[2022,0.10441075120606479],[2023,0.13315585672797678],[2024,0.19291697768930913],[2025,0.1966132891588441]]; median 0.10468005601647716. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Dividend observations: [[2016,0],[2017,688000000],[2018,688000000],[2019,1663000000],[2020,2288000000],[2021,2288000000],[2022,2288000000],[2023,0],[2024,4837000000],[2025,6850000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 31.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PKO.WAR SharesStats.PercentInsiders = 31.392999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-02); Price 115.84; FX 1; original perpetual distributable cash 1.9365182398608287; discount 0.10372; growth 0.08700281906197489. 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 27.48 per share

- 2016-11: PLN 25.56 per share

- 2016-12: PLN 28.14 per share

- 2017-01: PLN 30.67 per share

- 2017-02: PLN 33.28 per share

- 2017-03: PLN 32.06 per share

- 2017-04: PLN 35.29 per share

- 2017-05: PLN 36.51 per share

- 2017-06: PLN 34.46 per share

- 2017-07: PLN 36.83 per share

- 2017-08: PLN 36.68 per share

- 2017-09: PLN 35.33 per share

- 2017-10: PLN 38.75 per share

- 2017-11: PLN 42.30 per share

- 2017-12: PLN 44.31 per share

- 2018-01: PLN 45.66 per share

- 2018-02: PLN 43.07 per share

- 2018-03: PLN 40.44 per share

- 2018-04: PLN 41.84 per share

- 2018-05: PLN 37.54 per share

- 2018-06: PLN 36.99 per share

- 2018-07: PLN 41.70 per share

- 2018-08: PLN 42.20 per share

- 2018-09: PLN 42.90 per share

- 2018-10: PLN 39.93 per share

- 2018-11: PLN 40.91 per share

- 2018-12: PLN 39.47 per share

- 2019-01: PLN 39.51 per share

- 2019-02: PLN 38.04 per share

- 2019-03: PLN 38.58 per share

- 2019-04: PLN 39.24 per share

- 2019-05: PLN 39.30 per share

- 2019-06: PLN 42.82 per share

- 2019-07: PLN 40.87 per share

- 2019-08: PLN 39.15 per share

- 2019-09: PLN 39.32 per share

- 2019-10: PLN 38.12 per share

- 2019-11: PLN 36.14 per share

- 2019-12: PLN 34.46 per share

- 2020-01: PLN 34.21 per share

- 2020-02: PLN 31.29 per share

- 2020-03: PLN 22.62 per share

- 2020-04: PLN 22.01 per share

- 2020-05: PLN 22.30 per share

- 2020-06: PLN 22.92 per share

- 2020-07: PLN 21.75 per share

- 2020-08: PLN 21.57 per share

- 2020-09: PLN 21.21 per share

- 2020-10: PLN 18.96 per share

- 2020-11: PLN 26.40 per share

- 2020-12: PLN 28.72 per share

- 2021-01: PLN 28.88 per share

- 2021-02: PLN 30.14 per share

- 2021-03: PLN 32.73 per share

- 2021-04: PLN 35.27 per share

- 2021-05: PLN 40.67 per share

- 2021-06: PLN 37.83 per share

- 2021-07: PLN 37.84 per share

- 2021-08: PLN 42.05 per share

- 2021-09: PLN 42.24 per share

- 2021-10: PLN 48.80 per share

- 2021-11: PLN 43.54 per share

- 2021-12: PLN 44.93 per share

- 2022-01: PLN 47.64 per share

- 2022-02: PLN 40.33 per share

- 2022-03: PLN 39.84 per share

- 2022-04: PLN 32.81 per share

- 2022-05: PLN 31.88 per share

- 2022-06: PLN 28.00 per share

- 2022-07: PLN 26.19 per share

- 2022-08: PLN 23.52 per share

- 2022-09: PLN 21.84 per share

- 2022-10: PLN 26.07 per share

- 2022-11: PLN 28.35 per share

- 2022-12: PLN 30.29 per share

- 2023-01: PLN 32.16 per share

- 2023-02: PLN 31.08 per share

- 2023-03: PLN 28.52 per share

- 2023-04: PLN 32.07 per share

- 2023-05: PLN 32.08 per share

- 2023-06: PLN 36.15 per share

- 2023-07: PLN 40.66 per share

- 2023-08: PLN 37.35 per share

- 2023-09: PLN 34.72 per share

- 2023-10: PLN 43.52 per share

- 2023-11: PLN 47.53 per share

- 2023-12: PLN 50.32 per share

- 2024-01: PLN 51.00 per share

- 2024-02: PLN 55.56 per share

- 2024-03: PLN 59.34 per share

- 2024-04: PLN 60.70 per share

- 2024-05: PLN 59.36 per share

- 2024-06: PLN 62.92 per share

- 2024-07: PLN 58.96 per share

- 2024-08: PLN 57.88 per share

- 2024-09: PLN 55.98 per share

- 2024-10: PLN 55.80 per share

- 2024-11: PLN 55.90 per share

- 2024-12: PLN 59.76 per share

- 2025-01: PLN 66.92 per share

- 2025-02: PLN 69.10 per share

- 2025-03: PLN 75.20 per share

- 2025-04: PLN 72.38 per share

- 2025-05: PLN 75.28 per share

- 2025-06: PLN 75.24 per share

- 2025-07: PLN 82.38 per share

- 2025-08: PLN 71.00 per share

- 2025-09: PLN 70.48 per share

- 2025-10: PLN 75.70 per share

- 2025-11: PLN 77.40 per share

- 2025-12: PLN 85.16 per share

- 2026-01: PLN 92.58 per share

- 2026-02: PLN 92.46 per share

- 2026-03: PLN 86.86 per share

- 2026-04: PLN 94.64 per share

- 2026-05: PLN 103.00 per share

- 2026-06: PLN 103.14 per share

- 2026-07: PLN 111.92 per share

- 2026-08: PLN 113.96 per share

- 2026-09: PLN 124.00 per share

- 2026-10: PLN 116.62 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 31.33 per share, central PLN 34.35 per share, high PLN 38.01 per share

- FY2017: low PLN 38.14 per share, central PLN 46.87 per share, high PLN 60.77 per share

- FY2018: low PLN 36.50 per share, central PLN 44.85 per share, high PLN 58.15 per share

- FY2019: low PLN 34.08 per share, central PLN 41.87 per share, high PLN 54.29 per share

- FY2020: low PLN 24.31 per share, central PLN 29.87 per share, high PLN 38.73 per share

- FY2021: low PLN 22.72 per share, central PLN 27.92 per share, high PLN 36.20 per share

- FY2022: low PLN 20.90 per share, central PLN 25.68 per share, high PLN 33.29 per share

- FY2023: low PLN 27.05 per share, central PLN 33.23 per share, high PLN 43.09 per share

- FY2024: low PLN 31.57 per share, central PLN 38.79 per share, high PLN 50.29 per share

- FY2025: low PLN 36.05 per share, central PLN 44.29 per share, high PLN 57.43 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 2026-10-15T06:39:54.908Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/P4GTT6GF1W40CVIMFR43/2022-12-31/ESEF/PL/0/PL_Skonsolidowane_sprawozdanie_finansowe_GKPKOBP_SA_31.12.2022/reports/PL_Skonsolidowane_sprawozdanie_finansowe_GKPKOBP_SA_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.

Powszechna Kasa Oszczednosci Bank Polski

PKO · WAR

STOXX Europe 600

Not a wonderful business

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

Share price: PLN 115.84
Buy up to: PLN 44.29
Expected / yr: 7.7% 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 9 years (at least 9 needed).

Net income

10y median: PLN 3.9B
Worst year: PLN -2.6B
Latest · 2025: PLN 11B

Earned a median 10.5% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.5%
Worst year: -7.0%
Latest · 2025: 19.7%

Book value plus dividends grew 12.6% a year (minimum 7%).

Annual book + dividend return

10y median: 11.2%
Worst year: -0.3%
Latest · 2025: 26.9%

Ordinary share growth was 0% over the full period and 0% over five years (either must be at most 2% a year).

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 1 loss year in 10 (at most 2), three-year average earnings per share 6.8 PLN.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price PLN 27.48 · Value 34.35 · Buy at or below 34.35; 2016-11 · Price PLN 25.56 · Value 34.35 · Buy at or below 34.35; 2016-12 · Price PLN 28.14 · Value 34.35 · Buy at or below 34.35; 2017-01 · Price PLN 30.67 · Value 34.35 · Buy at or below 34.35; 2017-02 · Price PLN 33.28 · Value 46.87 · Buy at or below 46.87; 2017-03 · Price PLN 32.06 · Value 46.87 · Buy at or below 46.87; 2017-04 · Price PLN 35.29 · Value 46.87 · Buy at or below 46.87; 2017-05 · Price PLN 36.51 · Value 46.87 · Buy at or below 46.87; 2017-06 · Price PLN 34.46 · Value 46.87 · Buy at or below 46.87; 2017-07 · Price PLN 36.83 · Value 46.87 · Buy at or below 46.87; 2017-08 · Price PLN 36.68 · Value 46.87 · Buy at or below 46.87; 2017-09 · Price PLN 35.33 · Value 46.87 · Buy at or below 46.87; 2017-10 · Price PLN 38.75 · Value 46.87 · Buy at or below 46.87; 2017-11 · Price PLN 42.30 · Value 46.87 · Buy at or below 46.87; 2017-12 · Price PLN 44.31 · Value 46.87 · Buy at or below 46.87; 2018-01 · Price PLN 45.66 · Value 46.87 · Buy at or below 46.87; 2018-02 · Price PLN 43.07 · Value 44.85 · Buy at or below 44.85; 2018-03 · Price PLN 40.44 · Value 44.85 · Buy at or below 44.85; 2018-04 · Price PLN 41.84 · Value 44.85 · Buy at or below 44.85; 2018-05 · Price PLN 37.54 · Value 44.85 · Buy at or below 44.85; 2018-06 · Price PLN 36.99 · Value 44.85 · Buy at or below 44.85; 2018-07 · Price PLN 41.70 · Value 44.85 · Buy at or below 44.85; 2018-08 · Price PLN 42.20 · Value 44.85 · Buy at or below 44.85; 2018-09 · Price PLN 42.90 · Value 44.85 · Buy at or below 44.85; 2018-10 · Price PLN 39.93 · Value 44.85 · Buy at or below 44.85; 2018-11 · Price PLN 40.91 · Value 44.85 · Buy at or below 44.85; 2018-12 · Price PLN 39.47 · Value 44.85 · Buy at or below 44.85; 2019-01 · Price PLN 39.51 · Value 44.85 · Buy at or below 44.85; 2019-02 · Price PLN 38.04 · Value 41.87 · Buy at or below 41.87; 2019-03 · Price PLN 38.58 · Value 41.87 · Buy at or below 41.87; 2019-04 · Price PLN 39.24 · Value 41.87 · Buy at or below 41.87; 2019-05 · Price PLN 39.30 · Value 41.87 · Buy at or below 41.87; 2019-06 · Price PLN 42.82 · Value 41.87 · Buy at or below 41.87; 2019-07 · Price PLN 40.87 · Value 41.87 · Buy at or below 41.87; 2019-08 · Price PLN 39.15 · Value 41.87 · Buy at or below 41.87; 2019-09 · Price PLN 39.32 · Value 41.87 · Buy at or below 41.87; 2019-10 · Price PLN 38.12 · Value 41.87 · Buy at or below 41.87; 2019-11 · Price PLN 36.14 · Value 41.87 · Buy at or below 41.87; 2019-12 · Price PLN 34.46 · Value 41.87 · Buy at or below 41.87; 2020-01 · Price PLN 34.21 · Value 41.87 · Buy at or below 41.87; 2020-02 · Price PLN 31.29 · Value 29.87 · Buy at or below 29.87; 2020-03 · Price PLN 22.62 · Value 29.87 · Buy at or below 29.87; 2020-04 · Price PLN 22.01 · Value 29.87 · Buy at or below 29.87; 2020-05 · Price PLN 22.30 · Value 29.87 · Buy at or below 29.87; 2020-06 · Price PLN 22.92 · Value 29.87 · Buy at or below 29.87; 2020-07 · Price PLN 21.75 · Value 29.87 · Buy at or below 29.87; 2020-08 · Price PLN 21.57 · Value 29.87 · Buy at or below 29.87; 2020-09 · Price PLN 21.21 · Value 29.87 · Buy at or below 29.87; 2020-10 · Price PLN 18.95 · Value 29.87 · Buy at or below 29.87; 2020-11 · Price PLN 26.40 · Value 29.87 · Buy at or below 29.87; 2020-12 · Price PLN 28.72 · Value 29.87 · Buy at or below 29.87; 2021-01 · Price PLN 28.88 · Value 29.87 · Buy at or below 29.87; 2021-02 · Price PLN 30.14 · Value 27.92 · Buy at or below 27.92; 2021-03 · Price PLN 32.73 · Value 27.92 · Buy at or below 27.92; 2021-04 · Price PLN 35.27 · Value 27.92 · Buy at or below 27.92; 2021-05 · Price PLN 40.67 · Value 27.92 · Buy at or below 27.92; 2021-06 · Price PLN 37.83 · Value 27.92 · Buy at or below 27.92; 2021-07 · Price PLN 37.84 · Value 27.92 · Buy at or below 27.92; 2021-08 · Price PLN 42.05 · Value 27.92 · Buy at or below 27.92; 2021-09 · Price PLN 42.24 · Value 27.92 · Buy at or below 27.92; 2021-10 · Price PLN 48.80 · Value 27.92 · Buy at or below 27.92; 2021-11 · Price PLN 43.54 · Value 27.92 · Buy at or below 27.92; 2021-12 · Price PLN 44.93 · Value 27.92 · Buy at or below 27.92; 2022-01 · Price PLN 47.64 · Value 27.92 · Buy at or below 27.92; 2022-02 · Price PLN 40.33 · Value 25.68 · Buy at or below 25.68; 2022-03 · Price PLN 39.84 · Value 25.68 · Buy at or below 25.68; 2022-04 · Price PLN 32.81 · Value 25.68 · Buy at or below 25.68; 2022-05 · Price PLN 31.88 · Value 25.68 · Buy at or below 25.68; 2022-06 · Price PLN 28.00 · Value 25.68 · Buy at or below 25.68; 2022-07 · Price PLN 26.19 · Value 25.68 · Buy at or below 25.68; 2022-08 · Price PLN 23.52 · Value 25.68 · Buy at or below 25.68; 2022-09 · Price PLN 21.84 · Value 25.68 · Buy at or below 25.68; 2022-10 · Price PLN 26.07 · Value 25.68 · Buy at or below 25.68; 2022-11 · Price PLN 28.35 · Value 25.68 · Buy at or below 25.68; 2022-12 · Price PLN 30.29 · Value 25.68 · Buy at or below 25.68; 2023-01 · Price PLN 32.16 · Value 25.68 · Buy at or below 25.68; 2023-02 · Price PLN 31.08 · Value 33.23 · Buy at or below 33.23; 2023-03 · Price PLN 28.52 · Value 33.23 · Buy at or below 33.23; 2023-04 · Price PLN 32.07 · Value 33.23 · Buy at or below 33.23; 2023-05 · Price PLN 32.08 · Value 33.23 · Buy at or below 33.23; 2023-06 · Price PLN 36.15 · Value 33.23 · Buy at or below 33.23; 2023-07 · Price PLN 40.66 · Value 33.23 · Buy at or below 33.23; 2023-08 · Price PLN 37.35 · Value 33.23 · Buy at or below 33.23; 2023-09 · Price PLN 34.72 · Value 33.23 · Buy at or below 33.23; 2023-10 · Price PLN 43.52 · Value 33.23 · Buy at or below 33.23; 2023-11 · Price PLN 47.53 · Value 33.23 · Buy at or below 33.23; 2023-12 · Price PLN 50.32 · Value 33.23 · Buy at or below 33.23; 2024-01 · Price PLN 51.00 · Value 33.23 · Buy at or below 33.23; 2024-02 · Price PLN 55.56 · Value 38.79 · Buy at or below 38.79; 2024-03 · Price PLN 59.34 · Value 38.79 · Buy at or below 38.79; 2024-04 · Price PLN 60.70 · Value 38.79 · Buy at or below 38.79; 2024-05 · Price PLN 59.36 · Value 38.79 · Buy at or below 38.79; 2024-06 · Price PLN 62.92 · Value 38.79 · Buy at or below 38.79; 2024-07 · Price PLN 58.96 · Value 38.79 · Buy at or below 38.79; 2024-08 · Price PLN 57.88 · Value 38.79 · Buy at or below 38.79; 2024-09 · Price PLN 55.98 · Value 38.79 · Buy at or below 38.79; 2024-10 · Price PLN 55.80 · Value 38.79 · Buy at or below 38.79; 2024-11 · Price PLN 55.90 · Value 38.79 · Buy at or below 38.79; 2024-12 · Price PLN 59.76 · Value 38.79 · Buy at or below 38.79; 2025-01 · Price PLN 66.92 · Value 38.79 · Buy at or below 38.79; 2025-02 · Price PLN 69.10 · Value 44.29 · Buy at or below 44.29; 2025-03 · Price PLN 75.20 · Value 44.29 · Buy at or below 44.29; 2025-04 · Price PLN 72.38 · Value 44.29 · Buy at or below 44.29; 2025-05 · Price PLN 75.28 · Value 44.29 · Buy at or below 44.29; 2025-06 · Price PLN 75.24 · Value 44.29 · Buy at or below 44.29; 2025-07 · Price PLN 82.38 · Value 44.29 · Buy at or below 44.29; 2025-08 · Price PLN 71.00 · Value 44.29 · Buy at or below 44.29; 2025-09 · Price PLN 70.48 · Value 44.29 · Buy at or below 44.29; 2025-10 · Price PLN 75.70 · Value 44.29 · Buy at or below 44.29; 2025-11 · Price PLN 77.40 · Value 44.29 · Buy at or below 44.29; 2025-12 · Price PLN 85.16 · Value 44.29 · Buy at or below 44.29; 2026-01 · Price PLN 92.58 · Value 44.29 · Buy at or below 44.29; 2026-02 · Price PLN 92.46 · Value 44.29 · Buy at or below 44.29; 2026-03 · Price PLN 86.86 · Value 44.29 · Buy at or below 44.29; 2026-04 · Price PLN 94.64 · Value 44.29 · Buy at or below 44.29; 2026-05 · Price PLN 103.00 · Value 44.29 · Buy at or below 44.29; 2026-06 · Price PLN 103.14 · Value 44.29 · Buy at or below 44.29; 2026-07 · Price PLN 111.92 · Value 44.29 · Buy at or below 44.29; 2026-08 · Price PLN 113.96 · Value 44.29 · Buy at or below 44.29; 2026-09 · Price PLN 124.00 · Value 44.29 · Buy at or below 44.29; 2026-10 · Price PLN 116.62 · Value 44.29 · Buy at or below 44.29; 2026-10 · Price PLN 115.84 · Value 44.29 · Buy at or below 44.29

PLN per share · annual estimates

Price & return math
Value range	PLN 36.05 – PLN 57.43
Buy at or below	Central value PLN 44.29
Discount to value	1 − 115.84 / 44.29 = -161.5%
Return / year	About 7.7% a year at today's price (required return 10.4%)
Cash-flow inputs	Book PLN 43.46/share; ROE 10.5%; first payout PLN 1.94/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.4% / year, earned by construction at the central value

Net incomePLN 11B

Net income

Book / sharePLN 43.46

Book / share

Dividend / sharePLN 5.48

Dividend / share

Return on tangible equity19.7%

Return on tangible equity

Diluted shares1.3B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·