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STOCK COMPARISON

DBS Group Holdings vs Bank Millennium S.A.: Fair Value & Quality

Both stocks run through our valuation models. Here is how DBS Group Holdings (D05) and Bank Millennium S.A. (MIL) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Bank Millennium S.A. as the less overvalued of the two: DBS Group Holdings trades at S$78.65 versus a fair value of S$40.48 (-49%), while Bank Millennium S.A. trades at PLN 21.39 versus PLN 11.37 (-47%).
DBS Group Holdings
D05.SG · SGD · Financials
-49%
upside to fair value
overvalued
PriceS$78.65
Fair ValueS$40.48
Quality65/100
Bank Millennium S.A.
MIL.WAR · PLN · Financials
-47%
upside to fair value
overvalued
PricePLN 21.39
Fair ValuePLN 11.37
Quality54/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

DBS Group HoldingsBank Millennium S.A.
Valuation
18.7×P/E (TTM)19.1×
7.23×P/S (TTM)0.97×
2.34×P/B0.74×
—EV/EBITDA3.8×
3.44×PEG1.36×
−48.5%Fair value upside−46.8%
3.6%Dividend yield1.2%
S$2.85Dividend per share—
Profitability
60%Operating margin45%
0.99×EBIT margin trend (5Y)0.19×
16%Return on equity14%
1%Return on assets1%
Growth
3%Revenue growth (YoY)-2%
11.6%Avg. growth/yr (3Y)19.5%
9.4%Avg. growth/yr (5Y)13.8%
+12.6%Value creation/yr+33.9%
Balance & size
0.6×Interest coverage (EBIT/interest)1.2×
0.69×Debt / equity0.23×
$161BMarket cap$7B
healthyGrowth qualitymixed

Bank Millennium S.A. leads: 5 to 9 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

DBS Group Holdingsof which business quality 61 · market factors 96 Bank Millennium S.A.of which business quality 52 · market factors 80
ProfitabilityMargins and returns on capital today
38
31
Quality GrowthAre margins and returns improving?
54
48
CashflowEarnings quality: real cash, not paper profit
84
100
Fin. StrengthBalance sheet, leverage, solvency risk
56
10
InvestmentDisciplined investing over empire-building
78
46
Low VolatilityCalm price path (market factor)
99
70
MomentumPrice trend over the last 3–12 months (market factor)
91
77
52W MomentumDistance to the 52-week high (market factor)
100
95
Net IssuanceBuybacks instead of dilution
65
82

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyDBS Group HoldingsPrice S$78.65Bank Millennium S.A.Price PLN 21.39
Dividend Discount-30%below the priceS$54.87-82%below the pricePLN 3.87
Multiples-47%below the priceS$42.04-45%below the pricePLN 11.72
Asset-Based-79%below the priceS$16.26-76%below the pricePLN 5.04
Economic Profit-59%below the priceS$32.23-58%below the pricePLN 8.95
Minimum-79%below the priceS$16.26-82%below the pricePLN 3.87
Maximum-30%below the priceS$54.87-45%below the pricePLN 11.72
Median-53%below the priceS$37.13-67%below the pricePLN 7.00
Geometric mean-58%below the priceS$33.16-69%below the pricePLN 6.72

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

DBS Group Holdings: 6 of 6 models see the stock below the current price.

Bank Millennium S.A.: 6 of 6 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

DBS Group Holdings
Bear S$30.36Fair Value S$40.48Bull S$50.60
S$78.65 = current price (white tick)
Bank Millennium S.A.
Bear PLN 8.53Fair Value PLN 11.37Bull PLN 14.20
PLN 21.39 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

DBS Group Holdings · Financials

Quality score65 · Top 25%
Fair value upside-49% · bottom 25%

Bank Millennium S.A. · Financials

Quality score54 · below median
Fair value upside-47% · bottom 25%

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Bank Millennium S.A. as the less overvalued of the two: DBS Group Holdings trades at S$78.65 versus a fair value of S$40.48 (-49%), while Bank Millennium S.A. trades at PLN 21.39 versus PLN 11.37 (-47%).

DBS Group Holdings has the higher quality score (65/100).

See the full analysis →
DBS Group Holdings · Bank Millennium S.A.

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.