Powszechna Kasa Oszczednosci Bank Polski SA (PKO) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Powszechna Kasa Oszczednosci Bank Polski SA stock PLN 85.97, price PLN 117, that is 26.3% below the price, quality 53 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 17.53 PLN – 124.54 PLN · fair‑value band 54.10 PLN – 107.47 PLN · the 116.60 PLN price screens above the 85.97 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna provides various banking products and services in Poland and internationally. It operates through three segments: Retail, Corporate and Investment, and Transfer Center and Other.
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The company offers current, currency, children and teenagers, and savings accounts; term deposits; and consumer, real estate, business, mortgage, and corporate loans.
It also provides investment and insurance products; investment funds; credit, account, and debit cards; payments and online banking services; and private banking, electronic, and mobile banking services; leases and factoring services to firms and enterprises, developers, cooperatives, and property managers; and cash management and trade finance services, safekeeping of securities, and currency products and derivatives.
In addition, the company is involved in agreement for financing large projects; issuing non-treasury securities; and investing and brokerage activities, as well as transactions in derivative instruments and debt securities; investment and pension fund management; sale of post-lease assets; securitization of lease receivables; lease of cars; outsourcing of IT specialists; and developing, leasing, buying, selling, and managing real estate.
Further, it offers life, house and apartment, travel, health, banking product, and personal insurance; and transfer agent, debt collection, and fleet management services. It serves its products and services to individual customers, companies, enterprises, and corporations and local governments.
The company was founded in 1919 and is based in Warsaw, Poland.
Stock analysis
Powszechna Kasa Oszczednosci Bank Polski SA (PKO) currently trades at 116.60 PLN, while our model-based Fair Value estimate is 85.97 PLN, 26% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of 86.51 PLN per share, and 0 of the 6 models we run sit above the 116.60 PLN price.
Bear case: the Asset-Based group reads lowest at 29.12 PLN, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: 54.10 PLN (bear) to 107.47 PLN (bull), the price of 116.60 PLN sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Powszechna Kasa Oszczednosci Bank Polski SA reported revenue of 31.1B PLN in FY2025 versus 15.1B PLN in FY2021, a compound +19.7%/yr. Reported net income was 10.7B PLN in FY2025, compounding +21.7%/yr from FY2021.
Key figures
Market cap 146B PLN (≈ $37.3B) Large · P/E ratio 13.4 · P/S ratio 5.00 · EPS (TTM) 8.68 PLN · Dividend yield 5.3% · Net margin 37.2% · Return on equity 20.1% · Return on assets (EBIT) 2.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 68% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −26%, PKO screens cheaper than that median.
Fair Value models
Bear54.10 PLNFair Value 85.97 PLNBull107.47 PLN
Price 116.60 PLN · Downside -26.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2.16 PLN per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.3%
Start year 2020 (pandemic). Over 10 years: +11.2% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +22.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.4%
Dividend (yield on the price)5.3%
Per share before 2009divided by the spin-off factor 1.0838
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19.1% vs 14.0%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−12% → 44%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 94% above its own trend.
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about −0.1% a year for the price and +1.8% for the forecasts.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1002 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−26.3% · Below median
Profitability
Return on equity (12 months)20.1% · Top 25%
Return on assets1.8% · Top 25%
Net margin (12 months)37.2% · Above median
Operating margin (12 months)65.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−0.3% · Bottom 25%
Dividend yield (12 months)5.3% · Top 25%
Balance sheet
Debt / equity0.63× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (12 months)13.4× · Pricier than median
P/B2.49× · Priciest 25%
P/S (12 months)5.00× · Priciest 25%
Price / free cash flow13.9× · Pricier than median
EV/EBITDA11.1× · Pricier than median
PEG1.45× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 8
FUTURE (revenue growth)0· sector 48
PAST (return on equity)80· sector 43
HEALTH (low debt)68· sector 85
DIVIDEND (yield)100· sector 52
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Powszechna Kasa Oszczednosci Bank Polski SA Fair Value". https://www.fairvalue-calculator.com/stock/PKO
Frequently asked questions
Is Powszechna Kasa Oszczednosci Bank Polski SA (PKO) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 85.97 PLN versus a price of 116.60 PLN, about 26% lower (overvalued).
What is the fair value of PKO?
Our model-based fair value for Powszechna Kasa Oszczednosci Bank Polski SA is 85.97 PLN (as of Nov 6, 2026), built from audited fundamentals. The current price: 116.60 PLN.
What is the quality score of PKO?
Powszechna Kasa Oszczednosci Bank Polski SA has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
Our model-based price target is the fair value of 85.97 PLN (as of Nov 6, 2026) from 6 valuation models. Cautious scenario 54.10 PLN, optimistic scenario 107.47 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Powszechna Kasa Oszczednosci Bank Polski SA stock forecast for 2026?
Our models put fair value at 85.97 PLN, about 26% lower versus a price of 116.60 PLN (overvalued). Cautious scenario 54.10 PLN, optimistic scenario 107.47 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
Powszechna Kasa Oszczednosci Bank Polski SA reported trailing-twelve-month revenue of about 29.1B PLN (latest available figure, as of Nov 6, 2026).
Does Powszechna Kasa Oszczednosci Bank Polski SA pay a dividend?
Powszechna Kasa Oszczednosci Bank Polski SA currently shows a dividend yield of 5.27% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
For today's price to be fair in a discounted-cash-flow model, Powszechna Kasa Oszczednosci Bank Polski SA would have to grow free cash flow by +3.0 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.3 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of PKO use?
Our models discount Powszechna Kasa Oszczednosci Bank Polski SA at 9.2 %: a base by market capitalisation (large), damped by beta 0.63, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Powszechna Kasa Oszczednosci Bank Polski SA that is +3.0 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has Powszechna Kasa Oszczednosci Bank Polski SA (PKO) delivered so far?
Over the past 5 years revenue at Powszechna Kasa Oszczednosci Bank Polski SA grew +16.3 % a year. The price currently implies +3.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Powszechna Kasa Oszczednosci Bank Polski SA (PKO) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Powszechna Kasa Oszczednosci Bank Polski SA (+3.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
The free-cash-flow yield on the price is 7.20 %: that much free cash flow Powszechna Kasa Oszczednosci Bank Polski SA produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Powszechna Kasa Oszczednosci Bank Polski SA it is 85.97 PLN per share (as of Nov 6, 2026), against a price of 116.60 PLN. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Powszechna Kasa Oszczednosci Bank Polski SA stock overvalued or undervalued in 2026?
As of Nov 6, 2026, PKO trades above its calculated fair value: price 116.60 PLN, fair value 85.97 PLN, a gap of about −26% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PKO?
No. The price is what the market pays today (116.60 PLN); the fair value is what the company's own numbers justify (85.97 PLN). For Powszechna Kasa Oszczednosci Bank Polski SA the two are 30.63 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Powszechna Kasa Oszczednosci Bank Polski SA worth?
The market values Powszechna Kasa Oszczednosci Bank Polski SA at about 146B PLN (market capitalisation, as of Nov 6, 2026). Per share that is 116.60 PLN; our models calculate a fair value of 85.97 PLN per share.
What do the bullish and bearish scenarios say about PKO?
Our models span a range for Powszechna Kasa Oszczednosci Bank Polski SA: cautious scenario 54.10 PLN, base 85.97 PLN, optimistic 107.47 PLN per share (as of Nov 6, 2026, price 116.60 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PKO?
Powszechna Kasa Oszczednosci Bank Polski SA trades at a price-to-earnings ratio of 13.4 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 85.97 PLN is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 11.4. Other multiples: PEG 1.4, P/B 2.5, P/S 5.0, EV/EBITDA 11.1.
What is the PEG ratio of PKO?
The PEG ratio of Powszechna Kasa Oszczednosci Bank Polski SA is 1.45 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
Balance-sheet figures for Powszechna Kasa Oszczednosci Bank Polski SA (as of Nov 6, 2026): return on equity 20.1%, debt of 0.63 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is PKO from its 52-week high?
Powszechna Kasa Oszczednosci Bank Polski SA trades at 116.60 PLN, about 6% below its 52-week high of 124.54 PLN and 68% above the low of 69.55 PLN (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 85.97 PLN is for.
Which stocks are comparable to Powszechna Kasa Oszczednosci Bank Polski SA?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Powszechna Kasa Oszczednosci Bank Polski SA stock attractive at the current price?
The data as of Nov 6, 2026: price 116.60 PLN, calculated fair value 85.97 PLN (−26%), Quality Score 53/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PKO calculated?
We run Powszechna Kasa Oszczednosci Bank Polski SA through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 85.97 PLN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Powszechna Kasa Oszczednosci Bank Polski SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
The closing price on Nov 5, 2026 was 116.60 PLN. Our model-based fair value is 85.97 PLN, about 26% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Powszechna Kasa Oszczednosci Bank Polski SA right now?
The price sits above even our optimistic bull case (107.47 PLN). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (54.10 PLN to 107.47 PLN) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Powszechna Kasa Oszczednosci Bank Polski SA (PKO) come from?
Earnings per share at Powszechna Kasa Oszczednosci Bank Polski SA grew +12.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.4 %, EBIT margin −0.3 %, tax rate −1.0 %, residual (interest, one-offs) +4.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Powszechna Kasa Oszczednosci Bank Polski SA
How large is the market capitalisation of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
The market capitalisation of Powszechna Kasa Oszczednosci Bank Polski SA is 146B PLN (≈ $37.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
The price-to-sales ratio of Powszechna Kasa Oszczednosci Bank Polski SA is 5.00 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
Earnings per share at Powszechna Kasa Oszczednosci Bank Polski SA are 8.68 PLN (price ÷ EPS = P/E 13.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
The dividend yield of Powszechna Kasa Oszczednosci Bank Polski SA is 5.3% (payout 70.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
The net margin of Powszechna Kasa Oszczednosci Bank Polski SA is 37.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
The return on equity (ROE) of Powszechna Kasa Oszczednosci Bank Polski SA is 20.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
On an EBIT basis the return on assets of Powszechna Kasa Oszczednosci Bank Polski SA is 2.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
The operating margin of Powszechna Kasa Oszczednosci Bank Polski SA is 65.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
Revenue at Powszechna Kasa Oszczednosci Bank Polski SA is growing −0.3% versus a year earlier (3y avg +21.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Powszechna Kasa Oszczednosci Bank Polski SA (PKO)?
Earnings per share at Powszechna Kasa Oszczednosci Bank Polski SA are growing +4.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Powszechna Kasa Oszczednosci Bank Polski SA (PKO) carry?
The net debt of Powszechna Kasa Oszczednosci Bank Polski SA is 12.9B PLN (fiscal year 2025, ≈ 1.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026