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Polish (WIG) Financials Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies72
  • 7D2.1%
  • 3M14.9%
  • 1Y41.8%
  • YTD41.0%

The Financials industry is up 2.1% in the last week, with Santander Bank Polska up 4.2%. In the same time, Grupa Niewiadów - PGM was down 16%. This means that the industry has gained 42% over the past year. As for the next few years, earnings are expected to grow by 3.1% per annum.

Sector Valuation and Performance

Has the Polish Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025zł458.2bzł182.4bzł48.0b10.1x9.5x2.5x
Sat, 22 Nov 2025zł421.6bzł182.3bzł48.0b10.3x8.8x2.3x
Mon, 20 Oct 2025zł403.5bzł180.8bzł46.7b12.1x8.6x2.2x
Wed, 17 Sep 2025zł404.1bzł180.8bzł46.6b12.2x8.7x2.2x
Fri, 15 Aug 2025zł448.2bzł179.2bzł46.1b11.2x9.7x2.5x
Sun, 13 Jul 2025zł405.7bzł175.6bzł44.2b11.7x9.2x2.3x
Tue, 10 Jun 2025zł391.0bzł175.9bzł44.2b12.3x8.8x2.2x
Thu, 08 May 2025zł405.0bzł173.5bzł43.2b11.1x9.4x2.3x
Sat, 05 Apr 2025zł364.2bzł173.0bzł42.7b9.1x8.5x2.1x
Mon, 03 Mar 2025zł379.1bzł163.9bzł40.1b11.1x9.5x2.3x
Wed, 29 Jan 2025zł352.3bzł163.0bzł39.0b9.9x9x2.2x
Fri, 27 Dec 2024zł322.2bzł163.0bzł39.0b8.9x8.3x2x
Sun, 24 Nov 2024zł312.1bzł162.1bzł38.8b8.9x8x1.9x
Tue, 22 Oct 2024zł322.4bzł159.1bzł37.6b9.2x8.6x2x
Thu, 19 Sep 2024zł328.8bzł159.2bzł37.7b8.9x8.7x2.1x
Sat, 17 Aug 2024zł346.3bzł158.9bzł36.0b9.3x9.6x2.2x
Mon, 15 Jul 2024zł367.4bzł158.7bzł36.2b9.2x10.2x2.3x
Wed, 12 Jun 2024zł336.8bzł158.7bzł36.2b8.3x9.3x2.1x
Fri, 10 May 2024zł373.1bzł158.1bzł36.3b9x10.3x2.4x
Sun, 07 Apr 2024zł383.5bzł155.6bzł34.8b9.6x11x2.5x
Tue, 05 Mar 2024zł357.7bzł158.3bzł36.1b11x9.9x2.3x
Thu, 01 Feb 2024zł319.9bzł154.7bzł35.5b10.9x9x2.1x
Sat, 30 Dec 2023zł317.5bzł154.5bzł35.3b10.5x9x2.1x
Mon, 27 Nov 2023zł303.1bzł154.2bzł35.2b10.1x8.6x2x
Wed, 25 Oct 2023zł265.1bzł131.2bzł19.5b10.9x13.6x2x
Fri, 22 Sep 2023zł235.7bzł131.0bzł19.4b10.5x12.2x1.8x
Sun, 20 Aug 2023zł242.8bzł125.2bzł18.4b10.9x13.2x1.9x
Tue, 18 Jul 2023zł254.5bzł123.3bzł17.1b14.4x14.9x2.1x
Thu, 15 Jun 2023zł238.1bzł123.5bzł17.1b13x13.9x1.9x
Sat, 13 May 2023zł217.2bzł119.6bzł16.3b11.7x13.3x1.8x
Mon, 10 Apr 2023zł200.9bzł113.5bzł15.7b10.8x12.8x1.8x
Wed, 08 Mar 2023zł208.3bzł113.2bzł15.4b11.3x13.5x1.8x
Fri, 03 Feb 2023zł208.9bzł110.7bzł9.9b12.7x21x1.9x
Sun, 01 Jan 2023zł196.7bzł110.7bzł10.0b12.5x19.8x1.8x
Price to Earnings Ratio

19.8x


Total Market Cap: zł196.7bTotal Earnings: zł10.0bTotal Revenue: zł110.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Polish Financials Sector Price to Earnings3Y Average 10.7x202320242025
Current Industry PE
  • Investors are pessimistic on the Polish Financials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 9.5x which is lower than its 3-year average PE of 10.7x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 69% per year over the last three years.
  • Revenues for these companies have grown 18% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Polish Financials sector?

PL Market1.59%
Financials2.09%
Consumer Finance2.58%
Banks2.35%
Diversified Financial1.35%
Insurance0.92%
Mortgage Finance0%0
Capital Markets-0.0083%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 10.8x.
    • Analysts are expecting annual earnings growth of 7.6%, which is higher than its past year's earnings decline of 24.3% per year.
  • Investors are most pessimistic about the Diversified Financial industry, which is trading below its 3-year average of 9.6x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 7.6% over the next 5 years.
  • This is better than its past earnings decline of 2.8% per year.
  • In contrast, the Insurance industry is expected to see its earnings decline by 2.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SPL Santander Bank Polskazł542.404.2%
+zł2.2b		17.1%PB1.7x
MBK mBankzł1.06k3.6%
+zł1.6b		91.5%PB2.2x
ING ING Bank Slaskizł342.002.4%
+zł1.0b		40.7%PB2.3x
BNP BNP Paribas Bank Polskazł131.005.6%
+zł1.0b		56.0%PB1.2x
MIL Bank Millenniumzł16.884.9%
+zł958.4m		94.6%PB2.3x

Latest News

MIL
zł16.88
Bank Millennium
7D
4.9%
1Y
94.6%
ING
zł342.00
ING Bank Slaski
7D
2.4%
1Y
40.7%

ING: Future Earnings Power Will Drive Upside Despite Slightly Lower Multiple

Analysts have slightly lowered their price target on ING Bank Slaski by approximately PLN 1.47. This reflects a marginally higher long term revenue growth outlook and profit margin, which are offset by a modestly reduced fair value and future P/E expectation.
BHW
zł106.00
Bank Handlowy w Warszawie
7D
5.2%
1Y
20.3%

BHW: Future Earnings Multiple Will Likely Reflect Stable Margins Amid Softer Revenue Outlook

Analysts have raised their price target on Bank Handlowy w Warszawie slightly to PLN 111.15 from PLN 110.83, citing a marginally improved profit margin outlook that more than offsets a modest uptick in the discount rate and slightly weaker near term revenue growth assumptions. Valuation Changes Fair value has risen slightly to PLN 111.15 from PLN 110.83, reflecting a modest upward revision in intrinsic valuation.
SPL
zł542.40
Santander Bank Polska
7D
4.2%
1Y
17.1%

SPL: Higher Discount Rate Will Pressure Long Term Profit Outlook

Analysts have trimmed their price target on Santander Bank Polska from PLN 460 to PLN 440, reflecting slightly higher discount rate assumptions and somewhat lower long term profitability expectations, despite improved revenue trend forecasts. Valuation Changes Fair Value Estimate: lowered slightly from PLN 460 to PLN 440, indicating a modest reduction in the bank's assessed intrinsic value.
PEO
zł204.60
Bank Polska Kasa Opieki
7D
-0.2%
1Y
46.5%

PEO: Neutral Outlook Will Reflect Balanced Earnings Prospects And Rising Risk Profile

Analysts have modestly raised their fair value estimate for Bank Polska Kasa Opieki from PLN 208 to approximately PLN 213, reflecting slightly higher revenue growth expectations and valuation multiples, even as they temper margin assumptions and align with more cautious Street targets around PLN 200. Analyst Commentary Recent commentary suggests that, while the stock’s fundamental story remains intact, its risk reward profile has become more balanced at current levels.
MBK
zł1,060.00
mBank
7D
3.6%
1Y
91.5%

MBK: Lower Discount Rate And Margin Pressure Will Shape Future Expectations

Analysts have modestly raised their price target on mBank to approximately $993 from about $979, citing slightly improved revenue growth expectations, a marginally lower discount rate, and a higher future price-to-earnings multiple that more than offset a negligible reduction in projected profit margins. Valuation Changes The fair value estimate has risen slightly to approximately 993 PLN from about 979 PLN, reflecting a modestly higher intrinsic valuation.
BNP
zł131.00
BNP Paribas Bank Polska
7D
5.6%
1Y
56.0%

BNP: Upcoming Guidance Day Will Drive Confidence Despite Slightly Higher Risk

Analysts have trimmed their price target for BNP Paribas Bank Polska slightly to PLN 144.65 from PLN 147.67, reflecting marginally softer assumptions for long term revenue growth, profit margins, and valuation multiples. What's in the News BNP Paribas Bank Polska plans to host an Analyst and Investor Day, offering updated strategic and financial guidance to the market (company event).
VOT
zł44.95
Votum
7D
-3.3%
1Y
44.1%
MCI
zł27.80
MCI Capital Alternatywna Spólka Inwestycyjna
7D
-0.4%
1Y
14.4%
PZU
zł67.50
Powszechny Zaklad Ubezpieczen
7D
1.0%
1Y
47.6%
PKO
zł84.44
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
7D
0.8%
1Y
41.1%

PKO: Higher Projected Profit Margins Will Drive Stronger Outlook

Analysts have raised their price target for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna from PLN 87.49 to PLN 88.03, citing stronger revenue growth forecasts and higher expected profit margins as key factors behind the upward revision. Valuation Changes Fair Value has risen slightly from PLN 87.49 to PLN 88.03.
BOS
zł9.70
Bank Ochrony Srodowiska
7D
-2.5%
1Y
0%
BPC
zł0.099
Black Pearl
7D
-7.5%
1Y
-26.1%
CTF
zł1.26
Centurion Finance ASI Spólka Akcyjna
7D
-3.1%
1Y
n/a
SHG
zł0.24
Starhedge
7D
-15.5%
1Y
1.7%