Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (PKO.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

+59.3%

PLN 178.32

vs PLN 111.92 price

Levered DCF

PLN 412.92

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.6

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	9.96×	8.03×	11.44×	11.43×	11.52×	-14.01×	10.7×	13.2×
P/B	1.82×	1.43×	1.39×	1.07×	1.49×	0.9×	1.04×	1.26×
P/S	3.34×	1.92×	1.69×	1.48×	3.56×	2.24×	2.54×	3.13×
EV / EBITDA	8.21×	5.43×	5.8×	4.61×	8.56×	-122.9×	9.02×	9.27×
Gross margin	68.7%	74.3%	65.2%	67.5%	95.7%	90.9%	86.2%	85.7%
Operating margin	43.1%	32.8%	23.1%	18.6%	41.3%	-10.6%	34.3%	32.2%
Net margin	33.5%	23.9%	14.8%	12.9%	30.9%	-15.9%	23.8%	23.7%
Current ratio	1.6×	0.07×	0.11×	62.92×	46.71×	69.16×	102.59×	162.6×
Debt / equity	0.71×	0.58×	0.57×	0.61×	0.8×	0.96×	0.9×	0.91×
Interest coverage	1.52×	1.27×	0.66×	0.57×	9.49×	-1.17×	2.48×	2.26×
Dividend yield	6.4%	6.5%	0.0%	6.0%	0.0%	0.0%	3.9%	1.4%
Payout ratio	64.1%	52.0%	0.0%	69.1%	0.0%	0.0%	41.3%	18.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.3%	17.8%	12.2%	9.3%	12.9%	-6.4%	9.7%	9.6%
Return on invested capital	1.8%	8.2%	2.6%	1.7%	2.8%	-1.1%	3.6%	3.5%
Return on assets	1.8%	1.8%	1.1%	0.8%	1.2%	-0.7%	1.2%	1.2%
Free cash flow yield	6.9%	-9.6%	78.6%	46.2%	56.6%	88.1%	8.8%	20.0%
Earnings yield	10.0%	12.5%	8.7%	8.7%	8.7%	-7.1%	9.4%	7.6%
Enterprise value	PLN 126.1B	PLN 77.5B	PLN 57.6B	PLN 27.8B	PLN 66.1B	PLN 64.4B	PLN 62B	PLN 54.7B
Net debt / EBITDA	1.28×	0.2×	-0.53×	-1.66×	1.29×	-54.39×	2.75×	0.91×
Cash conversion cycle (days)	-55	-15	-39	-29	-248	-41	-35	-5,182