Bank Polska Kasa Opieki S.A. (PEO.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

+213.8%

PLN 793.65

vs PLN 252.90 price

Levered DCF

PLN 2,373.43

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.61

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	7.67×	5.68×	6.07×	13.23×	14.72×	14.55×	12.18×	12.51×
P/B	1.52×	1.13×	1.32×	1×	1.34×	0.63×	1.13×	1.25×
P/S	2.38×	1.63×	1.86×	1.61×	3.63×	1.87×	2.76×	3.21×
EV / EBITDA	7.87×	5.32×	4.76×	6.73×	10.96×	11.86×	8.63×	6.68×
Gross margin	71.8%	72.7%	71.3%	79.7%	97.6%	92.5%	87.2%	87.3%
Operating margin	39.6%	36.5%	39.9%	20.4%	34.0%	20.1%	31.4%	34.2%
Net margin	31.0%	28.7%	31.0%	12.2%	24.6%	12.8%	22.6%	25.7%
Current ratio	2.05×	0.07×	0.08×	0.1×	0.04×	0.04×	0.05×	0.1×
Debt / equity	0.95×	0.78×	0.61×	0.82×	0.55×	0.61×	0.39×	0.32×
Interest coverage	1.62×	1.34×	1.39×	1×	14.32×	2.66×	2.45×	2.7×
Dividend yield	9.0%	13.9%	3.6%	5.0%	2.6%	0.0%	6.6%	7.2%
Payout ratio	68.7%	79.0%	21.4%	65.8%	38.7%	0.0%	80.0%	90.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.8%	20.0%	22.0%	7.5%	9.1%	4.3%	9.3%	10.0%
Return on invested capital	2.0%	9.0%	6.3%	2.6%	4.2%	2.1%	5.7%	6.4%
Return on assets	2.0%	1.9%	2.2%	0.6%	0.9%	0.5%	1.1%	1.2%
Free cash flow yield	12.3%	65.8%	70.5%	79.1%	0.3%	148.2%	-11.5%	-22.6%
Earnings yield	13.0%	17.6%	16.7%	7.6%	6.8%	6.9%	8.2%	8.0%
Enterprise value	PLN 76.4B	PLN 47B	PLN 43.8B	PLN 23.6B	PLN 40B	PLN 26.8B	PLN 30.3B	PLN 22.8B
Net debt / EBITDA	2.32×	1.22×	0.42×	0.24×	2.18×	4.77×	1.11×	-1.69×
Cash conversion cycle (days)	-59	-11	-67	-41	-599	-103	-23	-1