Erste Bank Polska S.A. (EBP.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

+80.0%

PLN 1,363.42

vs PLN 757.60 price

Levered DCF

PLN 3,045.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.31

Distress zone

Rating

B+

Overall 3 / 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	8.6×	8.97×	10.36×	9.47×	32.03×	18.28×	14.67×	15.1×
P/B	1.57×	1.44×	1.58×	0.99×	1.39×	0.7×	1.23×	1.43×
P/S	3.12×	2.09×	2.36×	1.75×	3.79×	1.99×	2.81×	3.7×
EV / EBITDA	7.36×	6.59×	7.17×	5.92×	17.11×	12.41×	11.01×	11.61×
Gross margin	89.6%	76.5%	75.1%	81.0%	96.2%	89.9%	83.2%	84.7%
Operating margin	46.2%	32.5%	32.2%	28.7%	21.9%	19.7%	29.0%	35.5%
Net margin	36.2%	23.3%	22.7%	18.4%	11.8%	10.9%	19.1%	24.5%
Current ratio	4.79×	0.07×	0.06×	0.07×	0.07×	0.05×	0.07×	0.08×
Debt / equity	0.63×	0.55×	0.47×	0.59×	0.81×	0.74×	0.82×	0.74×
Interest coverage	1.85×	1.38×	1.29×	1.51×	5.77×	1.94×	1.72×	2.33×
Dividend yield	8.6%	9.9%	4.8%	1.3%	0.8%	0.5%	7.4%	1.4%
Payout ratio	74.0%	88.4%	50.0%	12.5%	26.7%	8.3%	109.0%	21.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.3%	16.0%	15.2%	10.5%	4.4%	3.8%	8.4%	9.4%
Return on invested capital	2.1%	7.4%	7.6%	5.0%	2.2%	2.1%	4.5%	4.6%
Return on assets	2.1%	1.7%	1.7%	1.1%	0.5%	0.5%	1.0%	1.1%
Free cash flow yield	7.4%	5.5%	17.2%	31.2%	26.9%	108.0%	10.0%	33.1%
Earnings yield	11.6%	11.1%	9.7%	10.6%	3.1%	5.5%	6.8%	6.6%
Enterprise value	PLN 64.4B	PLN 51.9B	PLN 53.2B	PLN 28.8B	PLN 45.1B	PLN 30.7B	PLN 42.6B	PLN 43.6B
Net debt / EBITDA	0.99×	0.65×	0.42×	0.48×	3.61×	4.74×	2.9×	2.1×
Cash conversion cycle (days)	-9	39	18	20	-26	-19	22	30