Bank Handlowy w Warszawie S.A. (BHW.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+175.3%

PLN 333.16

vs PLN 121.00 price

Levered DCF

PLN 238.19

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.28

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.26×	6.58×	5.87×	6.39×	10.75×	26.63×	14.11×	14.13×
P/B	1.37×	1.17×	1.36×	1.24×	1.04×	0.61×	0.96×	1.28×
P/S	3.3×	2.03×	2.33×	2.31×	3.11×	2.17×	2.71×	3.78×
EV / EBITDA	3.88×	2.85×	4.06×	3.99×	1.14×	0.49×	3.67×	1.29×
Gross margin	75.4%	79.0%	80.2%	86.2%	98.5%	100.0%	89.9%	91.8%
Operating margin	51.6%	40.5%	50.4%	46.7%	38.3%	36.0%	26.3%	34.7%
Net margin	40.0%	30.8%	39.8%	36.2%	28.9%	8.1%	19.2%	26.8%
Current ratio	0.52×	0.1×	0.02×	0.03×	0.13×	0.09×	0.1×	0.19×
Debt / equity	0.4×	0.12×	0.01×	0.02×	0.02×	0.02×	0.02×	0×
Interest coverage	2.15×	1.92×	2.55×	3.37×	26.28×	6.52×	2.6×	4.21×
Dividend yield	13.0%	12.6%	8.9%	7.2%	2.0%	0.0%	7.2%	5.9%
Payout ratio	107.5%	82.6%	52.1%	46.2%	21.9%	0.0%	101.8%	84.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.6%	17.8%	23.2%	19.4%	9.7%	2.3%	6.8%	9.1%
Return on invested capital	4.7%	11.7%	15.1%	16.2%	8.1%	4.8%	5.7%	7.9%
Return on assets	2.1%	2.4%	3.1%	2.3%	1.2%	0.3%	0.9%	1.3%
Free cash flow yield	7.3%	42.8%	9.2%	-52.4%	28.0%	15.6%	-47.4%	83.2%
Earnings yield	12.1%	15.2%	17.0%	15.6%	9.3%	3.8%	7.1%	7.1%
Enterprise value	PLN 8.5B	PLN 6.9B	PLN 12.1B	PLN 8.4B	PLN 1.2B	PLN 207.9M	PLN 2.7B	PLN 1.2B
Net debt / EBITDA	-2.37×	-1.91×	-0.4×	-0.72×	-6.11×	-10.34×	-5.42×	-8.74×
Cash conversion cycle (days)	-59	-19	-13	-28	-790	23	-86	-90