BNP Paribas Bank Polska S.A. (BNP.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

+19.7%

PLN 198.76

vs PLN 166.00 price

Levered DCF

PLN 457.34

After debt service

Piotroski score

6 / 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	6.33×	5.34×	12.48×	18.73×	76×	12.8×	16.31×	13.36×
P/B	1.08×	0.82×	0.98×	0.73×	1.18×	0.78×	0.9×	0.46×
P/S	1.7×	1.01×	1.05×	0.97×	2.58×	1.76×	1.73×	1.21×
EV / EBITDA	5.73×	2.04×	4.26×	5.26×	11.93×	11.07×	9.94×	12.49×
Gross margin	63.5%	64.0%	61.9%	64.9%	94.6%	90.4%	82.4%	78.0%
Operating margin	32.9%	23.6%	14.6%	10.2%	11.8%	20.8%	15.1%	11.8%
Net margin	26.8%	18.8%	8.4%	5.2%	3.4%	13.7%	10.6%	9.0%
Current ratio	0×	0.15×	0.19×	0.12×	0.08×	0.05×	0.07×	0.05×
Debt / equity	0.86×	0.83×	0.99×	1.06×	0.52×	0.89×	0.75×	0.67×
Interest coverage	0.94×	0.66×	0.38×	0.29×	2.2×	2.16×	0.86×	0.53×
Dividend yield	6.0%	4.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	38.0%	21.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.1%	15.3%	7.9%	3.9%	1.6%	6.1%	5.5%	3.4%
Return on invested capital	1.7%	6.7%	3.1%	1.5%	0.8%	2.8%	2.7%	1.7%
Return on assets	1.7%	1.4%	0.6%	0.3%	0.1%	0.6%	0.6%	0.3%
Free cash flow yield	20.1%	112.6%	43.0%	182.2%	11.0%	46.2%	-1.8%	-180.0%
Earnings yield	15.8%	18.7%	8.0%	5.3%	1.3%	7.8%	6.1%	7.5%
Enterprise value	PLN 24.5B	PLN 7.1B	PLN 9.5B	PLN 6.8B	PLN 12.1B	PLN 16.4B	PLN 13.2B	PLN 8.2B
Net debt / EBITDA	1.2×	-1.59×	-1.43×	-1.18×	-1.31×	4.73×	2.39×	5.17×
Cash conversion cycle (days)	0	24	262	34	-76	-38	-7	-31