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Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (PKO) Fair Value & Analysis

Financial Services · PL · Market cap 134B PLN

PK Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna PKO · WAR
Price109.66 PLN
Fair Value111.09 PLN
Upside+1.3%
Quality62/100
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Healthy Growth
Highly profitable · 36.8% net margin
Moderate debt · generates free cash flow
5.69% dividend yield
Ranks above peers (11/15)
Wide moat 73/100
Evidence: High Range 83.32 PLN – 138.87 PLN Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 19 days ago

Share price +4.7% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

113.44 PLN 18.55 PLN Fair Value 111.09 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 18.55 PLN – 113.44 PLN · fair‑value band 83.32 PLN – 138.87 PLN · the 109.66 PLN price screens below the 111.09 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (PKO) currently trades at 109.66 PLN, while our model-based Fair Value estimate is 111.09 PLN, implying the stock looks roughly 1.3% fairly valued today. We read business quality at 62/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna generated revenue of 29.2B PLN at a net margin of 36.8%. Revenue grew 0.1% year over year. It earns a return on equity of 18.6%. Net debt stands at 12.9B PLN. Fundamentals as of Jul 19, 2026

Our scenario range runs from 83.32 PLN (bear case) to 138.87 PLN (bull case); at 109.66 PLN, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 72% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 1%, PKO screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 91.18 PLN 156.30 PLN 260.99 PLN 80
Residual Income 56.16 PLN 74.14 PLN 264.71 PLN 76
Rev-Margin DCF 51.45 PLN 83.88 PLN 123.61 PLN 74
All 24 models by family
DCF Models
FCF DCF 90.55 PLN 157.82 PLN 266.81 PLN 38
Owner Earnings 95.08 PLN 165.37 PLN 279.25 PLN 31
5Y Revenue Exit 51.45 PLN 83.24 PLN 123.59 PLN 39
5Y EBITDA Exit 95.46 PLN 169.30 PLN 258.19 PLN 41
5Y P/E Exit 100.47 PLN 179.10 PLN 264.95 PLN 38
10Y Revenue Exit 62.85 PLN 96.25 PLN 141.67 PLN 36
10Y EBITDA Exit 92.80 PLN 157.46 PLN 248.77 PLN 37
10Y P/E Exit 96.06 PLN 164.44 PLN 254.16 PLN 35
Earnings-Based
Graham-Dodd 58.11 PLN 220.76 PLN 298.89 PLN 54
Lynch FV 53.60 PLN 76.57 PLN 99.54 PLN 50
PEG = 1.0 53.60 PLN 76.57 PLN 99.54 PLN 46
EPV 70.03 PLN 83.43 PLN 95.16 PLN 59
Multiples
P/E Multiple 128.18 PLN 170.91 PLN 213.64 PLN 63
P/S Multiple 46.58 PLN 62.10 PLN 77.63 PLN 58
P/B Multiple 105.33 PLN 140.43 PLN 175.54 PLN 55
EV/EBIT 137.80 PLN 187.20 PLN 236.61 PLN 53
EV/EBITDA 109.43 PLN 149.38 PLN 189.32 PLN 54
EV/Revenue 33.06 PLN 51.69 PLN 70.32 PLN 43
Asset-Based
NCAV (Graham) 23.41 PLN 31.36 PLN 46.81 PLN 50
Growth DCF
Growth DCF 91.18 PLN 156.30 PLN 260.99 PLN 80
Rev-Margin DCF 51.45 PLN 83.88 PLN 123.61 PLN 74
Economic Profit
Residual Income 56.16 PLN 74.14 PLN 264.71 PLN 76
ROIC Compounder 76.93 PLN 105.11 PLN 142.12 PLN 72
Growth Earnings
Growth-Adj P/E 95.02 PLN 135.75 PLN 176.47 PLN 68

Widest divergence: DCF Models (157.82 PLN) versus Asset-Based (31.36 PLN). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 29.2B PLN
Revenue growth (YoY) +0.3%
Net margin 36.8%
Return on equity 18.6%
Free cash flow 10.5B PLN FY2025
P/E ratio 12.4
More key figures
Operating margin 59.5%
EPS (TTM) 8.59 PLN
Dividend yield 5.7%
EPS growth (YoY) +2.1%
Net debt 12.9B PLN FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 49 · Market factors (momentum, volatility) 75

Profitability 41
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 14
Balance sheet, leverage, solvency risk
Investment 48
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 86
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
31.1B PLN
Latest YoY
+13.6%
Avg. growth/yr (3Y)
+21.5%
Avg. growth/yr (5Y)
+16.3%
Avg. growth/yr (20Y)
+8.2%
Revenue +19.7%/yr
FY21 15.1B PLN
FY22 17.3B PLN
FY23 17.4B PLN
FY24 27.3B PLN
FY25 31.1B PLN
Net income +21.7%/yr
FY21 4.9B PLN
FY22 3.3B PLN
FY23 5.5B PLN
FY24 9.3B PLN
FY25 10.7B PLN

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Cite: Fair Value Calculator (2026). "Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna Fair Value". https://www.fairvalue-calculator.com/stock/PKO

Peer Group

Banks - Regional · 1082 stocks

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.

Quality Score 62 · Above median
Fair Value upside +1% · Below median
Return on equity (TTM) 19% · Top 25%
Return on assets 2% · Top 25%
Net margin (TTM) 37% · Above median
Operating margin (TTM) 59% · Top 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 5.7% · Top 25%
Debt / equity 0.63× · Higher than median

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 12.4× · Pricier than median
P/B 0.61× · Cheaper than 75% of peers
P/S (TTM) 1.23× · Cheaper than 75% of peers
P/FCF 3.4× · Cheaper than median
EV/EBITDA 3.4× · Cheaper than 75% of peers
PEG 1.45× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 35 · sector 39
FUTURE 2 · sector 44
PAST 75 · sector 41
HEALTH 68 · sector 85
DIVIDEND 100 · sector 49

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
PT Bank Central Asia Tbk BBCA 6,175 IDR 6,087 IDR -1%
KB Financial Group 105560 184,400 KRW 213,797 KRW +16%
PT Bank Rakyat Indonesia (Persero) Tbk BBRI 2,970 IDR 4,891 IDR +65%
PT Bank Mandiri (Persero) Tbk BMRI 4,310 IDR 7,841 IDR +82%
Banco Bradesco S.A BBD 5,120 ARS 10,240 ARS +100%
Shinhan Financial Group 055550 107,900 KRW 137,259 KRW +27%
Hana Financial Group 086790 136,800 KRW 193,969 KRW +42%
Lloyds Banking Group LYG 4,138 ARS 8,275 ARS +100%
Banco de Chile, CHILE 193.10 CLP 152.55 CLP -21%
Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB 59,400 VND 84,201 VND +42%

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Frequently asked questions

Is Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (PKO) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 111.09 PLN versus a price of 109.66 PLN, about +1% (fairly valued).
What is the fair value of PKO?
Our model-based fair value for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is 111.09 PLN (as of Jul 19, 2026), built from audited fundamentals. The current price is 109.66 PLN.
What is the quality score of PKO?
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna has a Quality Score of 62/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (PKO)?
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna reported trailing-twelve-month revenue of about 29.2B PLN (latest available figure, as of Jul 19, 2026).
What is the net profit margin of PKO?
The net profit margin of Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is about 36.8%, meaning it keeps roughly 36.8% of revenue as net income. Based on the latest reported figures.
Does Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna pay a dividend?
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna currently shows a dividend yield of about 6.12% relative to its recent price (as of Jul 19, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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