mBank SA (MBK) Fair Value & Analysis
Financial Services · PL · Market cap 58.1B PLN (≈ $15.7B) · ISIN PLBRE0000012
What is mBank SA really worth?
A solid business, but trading 64% above our fair value of 857.02 PLN.
Strengths
Risks
Fair value as of: Aug 21, 2026
From 6 valuation models · updated 15 days ago
Share price −0.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (1,071 PLN). The favourable scenario is already priced in.
- Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range 180.60 PLN – 1,457 PLN · fair‑value band 642.77 PLN – 1,071 PLN · the 1,409 PLN price screens above the 857.02 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.
Analysis
mBank SA (MBK) currently trades at 1,409 PLN, while our model-based Fair Value estimate is 857.02 PLN, implying the stock looks roughly 64.3% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of 766.06 PLN per share, and 0 of the 6 models we run sit above the 1,409 PLN price. Bear case: the Asset-Based group reads lowest at 337.30 PLN, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, mBank SA generated revenue of 12.1B PLN at a net margin of 31.3%. Revenue grew 4.1% year over year. It earns a return on equity of 18.6%. The balance sheet holds a net cash position of 18.8B PLN. Fundamentals as of Aug 21, 2026
Our scenario range runs from 642.77 PLN (bear case) to 1,071 PLN (bull case); at 1,409 PLN, the current price sits above 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 94% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −39%, MBK screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 60.25 PLN per share, which is 7.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Economic Profit (766.06 PLN) versus Dividend Discount (82.49 PLN). Highest evidence: Gordon GGM (66).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 86
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
mBank S.A. provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally. The company provides retail, SME, corporate, and investment banking services. It offers banking services, such as personal, savings, currency, investment, and business accounts, as well as various deposits.
Full company description
mBank S.A. provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally. The company provides retail, SME, corporate, and investment banking services. It offers banking services, such as personal, savings, currency, investment, and business accounts, as well as various deposits. It also provides debit and credit cards; cash, car, secured, and corporate and personal loans, as well as mortgages; pension, insurance, and stock exchange products; and transaction and mobile banking services. In addition, the company offers wealth management services, including portfolio management, investment advisory, investment funds, financial dealer, private broker, and other investment services, as well as succession services. Further, it provides currency exchange and hedging transactions, and forex forward services, as well as treasury and non-treasury bonds, and Eurobonds. Additionally, the company offers leasing, factoring, brokerage, payment gateway, and corporate finance services. The company was formerly known as BRE Bank S.A. and changed its name to mBank S.A. in November 2013. The company was incorporated in 1986 and is headquartered in Warsaw, Poland. mBank S.A. is a subsidiary of Commerzbank AG.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
mBank SA reported revenue of 12.6B PLN in FY2025 versus 6.3B PLN in FY2021, a compound +18.9%/yr. Reported net income was 3.5B PLN in FY2025.
of which total revenue +13.8 % · buybacks/dilution −0.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
MBK screens 64% overvalued. Compare with DBS Group →
Peer Group
Banks - Regional · 1071 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.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (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 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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