Santander Bank Polska S.A (BKZHY) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Santander Bank Polska S.A $33.38, price $38.00, upside -12.2%, quality 64 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range $0.0003 – $42.82 · fair‑value band $21.29 – $41.73 · the $38.00 price screens above the $33.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Santander Bank Polska S.A., together with its subsidiaries, provides various banking products and services for individuals, small or medium-sized enterprises, corporate clients, and public sector institutions. It offers personal account, deposits and currencies, internet and mobile banking, and mobile contactless payments, and credit solutions.
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Santander Bank Polska S.A., together with its subsidiaries, provides various banking products and services for individuals, small or medium-sized enterprises, corporate clients, and public sector institutions. It offers personal account, deposits and currencies, internet and mobile banking, and mobile contactless payments, and credit solutions. The company also provides investment advisory, structured deposits, structured certificates and bonds, and brokerage services. In addition, the company offers accounts, business loans, credits, cards and payment terminals, deposits and investments, foreign trade, financial markets, leasing, and internet banking services. Further, the company offers transaction handling, liquidity management, export, import, domestic, and foreign guarantees, working capital finance, current, and investment financing services. Additionally, the company provides foreign exchange, hedging financial risk, correspondence banking, trade finance, and trust services, as well as solutions for financial institutions and global banking transactions. Furthermore, it offers debt and rating advisory and capital market and debt capital services. As of 31 December 2021,the company operates 383 branches. The company was founded in 1857 and is headquartered in Warsaw, Poland. Santander Bank Polska S.A. is a subsidiary of Banco Santander S.A.
Stock analysis
Santander Bank Polska S.A (BKZHY) currently trades at $38.00, while our model-based Fair Value estimate is $33.38, 12.2% 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 $41.52 per share, and 3 of the 6 models we run sit above the $38.00 price.
Bear case: the Asset-Based group reads lowest at $12.77, and 3 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: $21.29 (bear) to $41.73 (bull), the price of $38.00 sits inside 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 64/100 (solid quality), in the Financials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Santander Bank Polska S.A reported revenue of 16.0B PLN in FY2025 versus 9.0B PLN in FY2021, a compound +15.3%/yr. Reported net income was 6.5B PLN in FY2025, compounding +55.4%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $18.1B · P/E ratio 11.4 · P/S ratio 4.63 · Dividend yield 12.1% · Net margin 40.6% · Return on equity 4.5% · Return on assets 0.5% · Revenue growth (YoY) +32.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).
What moves the price
The share trades about 11% below its 52-week high and 62% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financials peers we cover trades at −36% fair-value upside, at −12%, BKZHY screens cheaper than that median.
Fair Value models
Bear $21.29Fair Value $33.38Bull $41.73
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.93/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.3%
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.
+9.1%
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.
+13.2%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
News mood ⓘNews mood, the average tone of recent news (10 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Santander Bank Polska S.A with another stock
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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 · 1053 stocks
Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside−16.3% · Below median
Profitability
Return on equity (TTM)4.5% · Bottom 25%
Return on assets0.5% · Bottom 25%
Net margin (TTM)14.0% · Bottom 25%
Operating margin (TTM)0.0% · Bottom 25%
Growth and dividend
Revenue growth32.9% · Top 25%
Dividend yield (TTM)12.1% · Top 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Santander Bank Polska S.A Fair Value". https://www.fairvalue-calculator.com/stock/BKZHY
Frequently asked questions
Is Santander Bank Polska S.A (BKZHY) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of $33.38 versus a price of $38.00, about −12% upside (overvalued).
What is the fair value of BKZHY?
Our model-based fair value for Santander Bank Polska S.A is $33.38 (as of Sep 27, 2026), built from audited fundamentals. The current price: $38.00.
What is the quality score of BKZHY?
Santander Bank Polska S.A has a Quality Score of 64/100. 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 Santander Bank Polska S.A (BKZHY)?
Our model-based price target is the fair value of $33.38 (as of Sep 27, 2026) from 6 valuation models. Cautious scenario $21.29, optimistic scenario $41.73. It is a calculation from audited fundamentals, not an analyst target.
What is the Santander Bank Polska S.A stock forecast for 2026?
Our models put fair value at $33.38, about −12% upside versus a price of $38.00 (overvalued). Cautious scenario $21.29, optimistic scenario $41.73. The calculation is refreshed regularly with new filings.
Does Santander Bank Polska S.A pay a dividend?
Santander Bank Polska S.A currently shows a dividend yield of about 12.07% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Santander Bank Polska S.A (BKZHY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Santander Bank Polska S.A it is $33.38 per share (as of Sep 27, 2026), against a price of $38.00. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Santander Bank Polska S.A stock overvalued or undervalued in 2026?
As of Sep 27, 2026, BKZHY trades above its calculated fair value: price $38.00, fair value $33.38, a gap of about −12% (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 BKZHY?
No. The price is what the market pays today ($38.00); the fair value is what the company's own numbers justify ($33.38). For Santander Bank Polska S.A the two are $4.62 per share apart. That gap is exactly why we show both numbers side by side.
How much is Santander Bank Polska S.A worth?
The market values Santander Bank Polska S.A at about $18.1B (market capitalisation, as of Sep 27, 2026). Per share that is $38.00; our models calculate a fair value of $33.38 per share.
What do the bullish and bearish scenarios say about BKZHY?
Our models span a range for Santander Bank Polska S.A: cautious scenario $21.29, base $33.38, optimistic $41.73 per share (as of Sep 27, 2026, price $38.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BKZHY?
Santander Bank Polska S.A trades at a price-to-earnings ratio of 11.4 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $33.38 is built from several models across several years.
How solid is the balance sheet of Santander Bank Polska S.A (BKZHY)?
Balance-sheet figures for Santander Bank Polska S.A (as of Sep 27, 2026): return on equity 4.5%. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is BKZHY from its 52-week high?
Santander Bank Polska S.A trades at $38.00, about 11% below its 52-week high of $42.82 and 62% above the low of $23.41 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of $33.38 is for.
Which stocks are comparable to Santander Bank Polska S.A?
From the same area (Financials) we also value DBS Group, China Merchants Bank Co, 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 Santander Bank Polska S.A stock attractive at the current price?
The data as of Sep 27, 2026: price $38.00, calculated fair value $33.38 (−12%), Quality Score 64/100, 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 BKZHY calculated?
We run Santander Bank Polska S.A 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 $33.38, 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 14.5 % above its aggregate fair value. Santander Bank Polska S.A 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 Santander Bank Polska S.A (BKZHY)?
The closing price on Oct 1, 2026 was $38.00. Our model-based fair value is $33.38, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Santander Bank Polska S.A right now?
Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($21.29 to $41.73) 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.
Key figures of Santander Bank Polska S.A
How large is the market capitalisation of Santander Bank Polska S.A (BKZHY)?
The market capitalisation of Santander Bank Polska S.A is $18.1B. 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 Santander Bank Polska S.A (BKZHY)?
The price-to-sales ratio of Santander Bank Polska S.A is 4.63 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Santander Bank Polska S.A (BKZHY)?
The dividend yield of Santander Bank Polska S.A is 12.1%. 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 Santander Bank Polska S.A (BKZHY)?
The net margin of Santander Bank Polska S.A is 40.6% (fiscal year 2025). 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 Santander Bank Polska S.A (BKZHY)?
The return on equity (ROE) of Santander Bank Polska S.A is 4.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Santander Bank Polska S.A (BKZHY)?
The return on assets (ROA) of Santander Bank Polska S.A is 0.5% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
How fast is revenue growing at Santander Bank Polska S.A (BKZHY)?
Revenue at Santander Bank Polska S.A is growing +32.9% versus a year earlier (3y avg +9.1%). 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 Santander Bank Polska S.A (BKZHY)?
Earnings per share at Santander Bank Polska S.A are growing +138% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Santander Bank Polska S.A (BKZHY) generate?
The free cash flow of Santander Bank Polska S.A is 10.0B PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Santander Bank Polska S.A (BKZHY) carry?
The net debt of Santander Bank Polska S.A is 4.6B PLN (fiscal year 2024, ≈ 0.5 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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Sep 27, 2026