Powszechna Kasa Oszczednosci Bank Polski SA (PKO) Fair Value & Analysis
Financial Services · PL · Market cap 134B PLN (≈ $36.0B) · ISIN PLPKO0000016
What is Powszechna Kasa Oszczednosci Bank Polski SA really worth?
A solid business, but trading 36% above our fair value of 85.97 PLN.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 4 valuation models · updated 4 days ago
Share price +7.8% 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 (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.
- 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 Sep 1, 2026.
How to read this chart
60‑month range 18.55 PLN – 116.90 PLN · fair‑value band 64.48 PLN – 107.47 PLN · the 116.90 PLN price screens above the 85.97 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Powszechna Kasa Oszczednosci Bank Polski SA (PKO) currently trades at 116.90 PLN, while our model-based Fair Value estimate is 85.97 PLN, implying the stock looks roughly 36.0% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of 74.14 PLN per share, and 0 of the 4 models we run sit above the 116.90 PLN price. Bear case: the Asset-Based group reads lowest at 31.36 PLN, and 4 of the 4 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Powszechna Kasa Oszczednosci Bank Polski SA 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 Sep 1, 2026
Our scenario range runs from 64.48 PLN (bear case) to 107.47 PLN (bull case); at 116.90 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 83% 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 −26%, PKO 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 1.66 PLN per share, which is 1.9 % 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 4 models by family
Widest divergence: Economic Profit (74.14 PLN) versus Asset-Based (31.36 PLN). Highest evidence: Residual Income (64).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 88
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
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 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.
of which total revenue +9.4 % · buybacks/dilution +0.0 %
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).
PKO screens 36% 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 Sep 1, 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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