ING Bank Slaski S.A. (ING.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

-29.6%

PLN 314.60

vs PLN 447.00 price

Levered DCF

PLN 133.65

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.59

Distress zone

Rating

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	9.6×	7.19×	7.5×	12.5×	15.05×	16.63×	15.88×	15.35×
P/B	2.08×	1.83×	1.99×	2.29×	2.57×	1.19×	1.73×	1.76×
P/S	2.57×	2.01×	2.24×	2.1×	4.73×	3.21×	3.88×	3.81×
EV / EBITDA	9.57×	6.56×	6.71×	7.48×	11.36×	11.14×	10.84×	10.59×
Gross margin	66.9%	71.9%	71.5%	75.5%	93.7%	89.8%	85.5%	85.1%
Operating margin	34.0%	35.5%	38.5%	23.5%	41.1%	27.6%	33.2%	33.0%
Net margin	26.8%	27.9%	29.9%	16.8%	31.5%	19.3%	24.4%	24.8%
Current ratio	6.78×	0.08×	0.08×	0.06×	0.07×	0.05×	0.05×	0.05×
Debt / equity	0.9×	0.95×	0.89×	0.22×	0.5×	0.26×	0.17×	0.1×
Interest coverage	1.19×	1.26×	1.35×	0.96×	6.52×	2.71×	2.29×	2.22×
Dividend yield	7.4%	13.8%	0.0%	3.2%	1.9%	0.0%	1.7%	1.8%
Payout ratio	70.7%	99.3%	0.0%	40.2%	28.7%	0.0%	27.5%	27.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.7%	25.4%	26.5%	18.3%	17.1%	7.2%	10.9%	11.4%
Return on invested capital	1.6%	11.2%	11.0%	9.4%	8.3%	4.1%	7.8%	8.6%
Return on assets	1.6%	1.7%	1.8%	0.8%	1.1%	0.7%	1.0%	1.1%
Free cash flow yield	11.2%	10.4%	-8.1%	12.5%	0.9%	86.7%	-1.8%	-12.5%
Earnings yield	10.4%	13.9%	13.3%	8.0%	6.6%	6.0%	6.3%	6.5%
Enterprise value	PLN 56.3B	PLN 38.6B	PLN 40.5B	PLN 20.1B	PLN 37.5B	PLN 24.6B	PLN 27.5B	PLN 23.6B
Net debt / EBITDA	2.01×	1.22×	1.2×	-0.51×	0.83×	1.06×	0.45×	0.06×
Cash conversion cycle (days)	-25	159	165	287	238	210	207	194