Bank Millennium S.A.

WSE:MIL Stock Report

Market Cap: zł25.7b

Bank Millennium Future Growth

Future criteria checks 2/6

Bank Millennium is forecast to grow earnings and revenue by 18.2% and 3.4% per annum respectively. EPS is expected to grow by 18.2% per annum. Return on equity is forecast to be 19.4% in 3 years.

Key information

18.2%

Earnings growth rate

18.20%

EPS growth rate

Banks earnings growth7.2%
Revenue growth rate3.4%
Future return on equity19.39%
Analyst coverage

Good

Last updated29 Jul 2026

Recent future growth updates

Analysis Article • Jul 31

The Bank Millennium S.A. (WSE:MIL) Half-Year Results Are Out And Analysts Have Published New Forecasts

Investors in Bank Millennium S.A. ( WSE:MIL ) had a good week, as its shares rose 3.7% to close at zł20.30 following...
Analysis Article • May 01

Bank Millennium S.A. (WSE:MIL) Just Released Its First-Quarter Results And Analysts Are Updating Their Estimates

Last week, you might have seen that Bank Millennium S.A. ( WSE:MIL ) released its quarterly result to the market. The...
Analysis Article • Oct 29

zł14.97 - That's What Analysts Think Bank Millennium S.A. (WSE:MIL) Is Worth After These Results

Investors in Bank Millennium S.A. ( WSE:MIL ) had a good week, as its shares rose 7.0% to close at zł16.29 following...

Recent updates

Analysis Article • Jul 31

The Bank Millennium S.A. (WSE:MIL) Half-Year Results Are Out And Analysts Have Published New Forecasts

Investors in Bank Millennium S.A. ( WSE:MIL ) had a good week, as its shares rose 3.7% to close at zł20.30 following...
Narrative Update • Jul 30

MIL: Future Returns Will Depend On Leaner Margins And Higher Forward P E Multiple

Analysts have lifted the Bank Millennium price target from PLN 16.91 to PLN 18.23. The change reflects updated assumptions around a slightly lower discount rate, modestly higher revenue growth, a different profit margin profile and a higher expected future P/E multiple.
Narrative Update • Jul 06

MIL: Fair Outlook Will Reflect Modest Margin And Earnings Assumption Revisions

Analysts have lifted their Bank Millennium price target from PLN 19.40 to PLN 20.30, citing updated assumptions for revenue growth, profit margins and future P/E that slightly increase estimated fair value, despite a marginally higher discount rate. What’s in the News for Bank Millennium No major recent news items for Bank Millennium were identified in the provided sources.
Narrative Update • Jun 22

MIL: Future Returns Will Depend On Compressed Margins And Richer Forward P E Multiple

Analysts have fractionally adjusted their price target for Bank Millennium to PLN16.91 from PLN16.92, citing updated assumptions around revenue growth, profit margins, the discount rate and the forward P/E multiple. What’s in the News for Bank Millennium No recent Bank Millennium news items were available from the provided primary sources.
Narrative Update • Jun 05

MIL: Future Returns Will Depend On Sustained Margin Pressure And Elevated P E Multiple

Analysts have made a small upward adjustment to Bank Millennium's fair value estimate, with the price target moving from PLN 16.84 to PLN 16.92. The change reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E.
New Narrative • Jun 01

Heavy Securities Exposure And Legal Risks Will Restrain Future Profitability

Catalysts About Bank Millennium Bank Millennium is a universal bank operating in Poland with retail, micro business and corporate banking activities supported by digital channels and a large bond portfolio. What are the underlying business or industry changes driving this perspective?
Narrative Update • May 09

MIL: Future Returns Will Rely On Margin Strength And Resilient P/E Levels

Analysts now set Bank Millennium's fair value at roughly PLN 16.84 per share, compared with around PLN 16.12 previously, citing updated assumptions for profit margins, the discount rate, and future P/E levels. Valuation Changes Fair Value: Adjusted from PLN 16.12 to PLN 16.84 per share, reflecting a modest increase in the estimated equity value.
Analysis Article • May 01

Bank Millennium S.A. (WSE:MIL) Just Released Its First-Quarter Results And Analysts Are Updating Their Estimates

Last week, you might have seen that Bank Millennium S.A. ( WSE:MIL ) released its quarterly result to the market. The...
New Narrative • Apr 29

Corporate Lending Expansion And Digital Scale Will Support A Stronger Long Term Earnings Profile

Catalysts About Bank Millennium Bank Millennium is a universal bank in Poland that provides retail, corporate, leasing and investment fund products and services. What are the underlying business or industry changes driving this perspective?
Narrative Update • Apr 22

MIL: Future Returns Will Depend On Stable Margins And P/E Holding Up

Analysts have kept their PLN fair value estimate for Bank Millennium broadly unchanged at PLN 16.12 per share, reflecting only very small tweaks to assumptions for the discount rate, long term revenue growth, profit margin and future P/E multiple. Valuation Changes Fair Value: PLN 16.12 per share is unchanged, with only rounding level adjustments.
Narrative Update • Apr 08

MIL: Fair Value Profile Will Rely On Revenue Stability And P/E Assumptions

Analysts have maintained their PLN fair value estimate for Bank Millennium at PLN 16.12, with only small adjustments to assumptions such as the discount rate, long-term revenue growth, profit margin and future P/E helping to refine, rather than rethink, the price target rationale. Valuation Changes Fair Value: PLN 16.12 per share, unchanged in the latest update.
Narrative Update • Mar 23

MIL: Fair Value Profile Will Depend On Revenue And P/E Assumptions

Analysts have slightly raised their price target for Bank Millennium to PLN16.12 from PLN15.99, citing updated assumptions around revenue growth, profit margins and future P/E that result in a modest adjustment to their view of the bank's long term fair value profile. Valuation Changes Fair Value: PLN15.99 to PLN16.12, a small upward adjustment to the modelled long term value.
Narrative Update • Mar 08

MIL: Steady Fair Value Will Rely On Higher Discount Rate And P/E

Analysts have kept their PLN 15.99 price target for Bank Millennium unchanged, citing a slightly higher discount rate and a marginally adjusted revenue growth outlook, along with a steady profit margin and future P/E assumption as the key inputs behind their view. Valuation Changes Fair Value: PLN 15.99 remains unchanged.
Narrative Update • Feb 20

MIL: Slightly Higher Discount Rate And P/E Assumptions Will Likely Sustain Fair Value

Analysts have slightly reduced their Bank Millennium price target to PLN 15.99 from PLN 16.00, citing updated assumptions on discount rates, revenue growth, profit margin and forward P/E as the basis for the revised view. Valuation Changes Fair Value: PLN 15.99667 adjusted slightly to PLN 15.99444, leaving the headline estimate effectively unchanged.
Narrative Update • Feb 06

MIL: Higher Future P/E Assumptions Will Sustain An Overvalued Share Price

Analysts have slightly raised their price target for Bank Millennium to PLN 15.99667 from PLN 15.56111. This reflects updated assumptions around fair value, discount rate, profit margin and future P/E that they see as better aligned with current fundamentals.
Narrative Update • Jan 22

MIL: Steady Discount Rate Shift And Margins Will Support Fair Pricing

Analysts have lifted their price target for Bank Millennium to €15.56 per share from €15.56 per share, reflecting updated assumptions around a slightly higher discount rate, a profit margin estimate of 34.50% and a future P/E of 9.70, which together support a broadly unchanged fair value view. Valuation Changes Fair Value: Kept effectively unchanged at €15.56 per share.
Narrative Update • Jan 08

MIL: Revenue Outlook And Margins Will Continue To Mask Overvaluation

Narrative Update: Bank Millennium Analyst Price Target Analysts have kept their fair value estimate for Bank Millennium broadly unchanged at €15.56, with only marginal tweaks to the discount rate and assumed future P/E. This reflects fine tuning of their models rather than a shift in the core investment thesis.
Narrative Update • Dec 25

MIL: Revenue Outlook And Margins Will Continue To Support Balanced Fair Value

Analysts have slightly trimmed their price target on Bank Millennium to PLN 15.56 from PLN 15.84. This reflects modestly softer expectations for revenue growth, profit margin, and future valuation multiples.
Narrative Update • Dec 11

MIL: Revenue Outlook And Margins Will Continue To Support Balanced Fair Value

Analysts have nudged their price target on Bank Millennium slightly higher to €15.84 from €15.72, citing marginally stronger long term revenue growth expectations and a modestly higher future earnings multiple, despite a largely unchanged risk profile and profitability outlook. Valuation Changes Fair Value Estimate has risen slightly from PLN 15.72 to PLN 15.84 per share.
Narrative Update • Nov 26

MIL: Revenue Outlook and Profit Margins Will Sustain a Balanced Fair Value

Analysts have slightly raised their price target for Bank Millennium from PLN 15.59 to PLN 15.72. They cite improved revenue growth and a marginally more favorable profit margin outlook as key drivers for the upward adjustment.
Narrative Update • Nov 10

MIL: Revenue Improvement and Stable Margins Will Sustain Fair Valuation

Analysts have raised their price target for Bank Millennium from PLN 13.86 to PLN 15.59. They cite expectations of improved revenue growth and stable profit margins.
Analysis Article • Oct 29

zł14.97 - That's What Analysts Think Bank Millennium S.A. (WSE:MIL) Is Worth After These Results

Investors in Bank Millennium S.A. ( WSE:MIL ) had a good week, as its shares rose 7.0% to close at zł16.29 following...
Narrative Update • Oct 27

Digital Focus And Asset Risks Will Shape Future Performance And Profitability

Analysts have raised their price target for Bank Millennium from PLN 13.66 to PLN 13.86. This reflects slightly improved fair value expectations, despite more moderate revenue growth projections and a marginally higher discount rate.
Narrative Update • Oct 13

Bank's Digital Focus And Shift To Higher-Risk Assets Will Affect Future Performance And Risk

Analysts have revised Bank Millennium’s price target downward from PLN 14.51 to PLN 13.66. This change reflects slightly updated fair value calculations and a minor decrease in the discount rate.
Narrative Update • Aug 27

Bank's Digital Focus And Shift To Higher-Risk Assets Will Affect Future Performance And Risk

With only marginal movements in both the discount rate and future P/E multiple, Bank Millennium’s consensus analyst price target remained unchanged at PLN14.51. Valuation Changes Summary of Valuation Changes for Bank Millennium The Consensus Analyst Price Target remained effectively unchanged, at PLN14.51.
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New Narrative • Mar 17

Bank's Digital Focus And Shift To Higher-Risk Assets Will Affect Future Performance And Risk

Reduced FX mortgage legal risks and lower interest costs could improve operating expenses, net margins, and earnings.

Earnings and Revenue Growth Forecasts

WSE:MIL - Analysts future estimates and past financials data (PLN Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20287,4732,507N/AN/A5
12/31/20277,1322,147N/AN/A5
12/31/20266,8531,474N/AN/A4
6/30/20266,8331,399-4,842-4,638N/A
3/31/20266,9921,323-2,790-2,514N/A
12/31/20257,0271,202-168108N/A
9/30/20257,1131,0281,9022,144N/A
6/30/20257,1168731,6691,921N/A
3/31/20256,6937701,8232,056N/A
12/31/20246,604719308530N/A
9/30/20246,555662-703-436N/A
6/30/20246,348575585839N/A
3/31/20246,2904522,2852,443N/A
12/31/20236,7445762,2992,487N/A
9/30/20236,4647105,6265,778N/A
6/30/20234,865-3943,4253,583N/A
3/31/20234,778-6401,3821,578N/A
12/31/20223,879-1,0151,5301,687N/A
9/30/20223,212-1,798-3,701-3,566N/A
6/30/20224,071-1,108-4,325-4,208N/A
3/31/20223,651-1,168-6,032-5,939N/A
12/31/20213,358-1,357-7,482-7,389N/A
9/30/20213,419-932-6,431-6,339N/A
6/30/20213,387-561-5,301-5,228N/A
3/31/20213,227-307-3,834-3,754N/A
12/31/20203,21423-3,971-3,897N/A
9/30/20203,1871599,0308,875N/A
6/30/20203,3022998,2148,116N/A
3/31/20203,278419N/A-3,956N/A
12/31/20193,127561N/A-4,291N/A
9/30/20192,908746N/A-16,241N/A
6/30/20192,675746N/A-15,605N/A
3/31/20192,592765N/A-4,419N/A
12/31/20182,546761N/A-4,563N/A
9/30/20182,454728N/A-3,021N/A
6/30/20182,420715N/A-2,302N/A
3/31/20182,394696N/A-1,057N/A
12/31/20172,341681N/A438N/A
9/30/20172,311633N/A-762N/A
6/30/20172,241584N/A-308N/A
3/31/20172,438705N/A-918N/A
12/31/20162,389701N/A-174N/A
9/30/20162,345623N/A1,022N/A
6/30/20162,298650N/A813N/A
3/31/20162,012521N/A2,352N/A
12/31/20151,988547N/A-806N/A
9/30/20151,978651N/A-2,138N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MIL's forecast earnings growth (18.2% per year) is above the savings rate (5.5%).

Earnings vs Market: MIL's earnings (18.2% per year) are forecast to grow faster than the Polish market (11.3% per year).

High Growth Earnings: MIL's earnings are forecast to grow, but not significantly.

Revenue vs Market: MIL's revenue (3.4% per year) is forecast to grow slower than the Polish market (4.5% per year).

High Growth Revenue: MIL's revenue (3.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MIL's Return on Equity is forecast to be low in 3 years time (19.4%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/14 00:22
End of Day Share Price 2026/08/14 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Bank Millennium S.A. is covered by 18 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michal KonarskiBiuro maklerskie mBanku
Mikolaj LemanczykBiuro maklerskie mBanku
Maciej SzczesnyBofA Global Research