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Polish (WIG) Market Analysis & Valuation

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies636
  • 7D1.0%
  • 3M11.1%
  • 1Y40.4%
  • YTD1.0%

Over the last 7 days, the market has remained flat, although notably the Healthcare sector gained 4.8% in that time. More promisingly, the market is up 40% over the past year. Earnings are forecast to grow by 15% annually.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

Has the Polish Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 14 Jan 2026zł1.2tzł1.2tzł63.3b12.9x18.5x1x
Fri, 12 Dec 2025zł1.1tzł1.2tzł59.4b12x18.4x0.9x
Sun, 09 Nov 2025zł1.1tzł1.2tzł55.8b13.5x19.3x0.9x
Tue, 07 Oct 2025zł1.0tzł1.2tzł55.2b13.2x18.8x0.9x
Thu, 04 Sep 2025zł1.0tzł1.2tzł57.6b13x17.7x0.9x
Sat, 02 Aug 2025zł1.0tzł1.2tzł55.4b12.9x18.9x0.9x
Mon, 30 Jun 2025zł1.0tzł1.2tzł54.0b13x19x0.9x
Wed, 28 May 2025zł1.0tzł1.2tzł55.8b13.7x18.4x0.9x
Fri, 25 Apr 2025zł1.0tzł1.2tzł45.9b12.8x22.1x0.9x
Sun, 23 Mar 2025zł981.5bzł1.2tzł51.3b12.9x19.1x0.8x
Tue, 18 Feb 2025zł939.3bzł1.2tzł44.0b12.7x21.4x0.8x
Thu, 16 Jan 2025zł840.3bzł1.2tzł42.9b11.4x19.6x0.7x
Sat, 14 Dec 2024zł826.1bzł1.2tzł41.8b10.9x19.8x0.7x
Mon, 11 Nov 2024zł835.2bzł1.2tzł55.6b11.5x15x0.7x
Wed, 09 Oct 2024zł809.0bzł1.2tzł53.4b11.9x15.1x0.7x
Fri, 06 Sep 2024zł839.6bzł1.2tzł55.1b11.9x15.2x0.7x
Sun, 04 Aug 2024zł829.5bzł1.2tzł58.4b11.6x14.2x0.7x
Tue, 02 Jul 2024zł895.2bzł1.2tzł58.3b12.4x15.4x0.7x
Thu, 30 May 2024zł872.8bzł1.2tzł58.1b12.4x15x0.7x
Sat, 27 Apr 2024zł873.3bzł1.3tzł76.9b11.9x11.4x0.7x
Mon, 25 Mar 2024zł857.3bzł1.3tzł85.1b12.3x10.1x0.7x
Wed, 21 Feb 2024zł863.1bzł1.3tzł89.1b12.7x9.7x0.7x
Fri, 19 Jan 2024zł798.6bzł1.3tzł90.6b12.4x8.8x0.6x
Sun, 17 Dec 2023zł832.4bzł1.3tzł91.3b12.8x9.1x0.6x
Tue, 14 Nov 2023zł765.0bzł1.3tzł91.4b12x8.4x0.6x
Thu, 12 Oct 2023zł719.6bzł1.3tzł88.0b12x8.2x0.6x
Sat, 09 Sep 2023zł719.1bzł1.2tzł93.5b12.6x7.7x0.6x
Mon, 07 Aug 2023zł781.8bzł1.2tzł93.9b13.2x8.3x0.6x
Wed, 05 Jul 2023zł743.7bzł1.2tzł92.7b12.9x8x0.6x
Fri, 02 Jun 2023zł708.4bzł1.2tzł92.5b12.3x7.7x0.6x
Sun, 30 Apr 2023zł703.1bzł1.2tzł91.2b11.9x7.7x0.6x
Tue, 28 Mar 2023zł635.5bzł1.1tzł93.4b11.3x6.8x0.6x
Thu, 23 Feb 2023zł658.4bzł1.0tzł81.5b11.1x8.1x0.6x
Sat, 21 Jan 2023zł683.4bzł1.0tzł76.8b10.6x8.9x0.7x
Price to Earnings Ratio

8.9x


Total Market Cap: zł683.4bTotal Earnings: zł76.8bTotal Revenue: zł1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Polish Market Price to Earnings3Y Average 13.9x202420252026
Current Market PE
  • Investors are optimistic on the Polish market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 18.5x which is higher than its 3-year average PE of 13.9x.
Past Earnings Growth
  • The earnings for Polish listed companies have declined 6.2% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Polish Market?

PL Market0.97%
Healthcare4.81%
Telecom4.72%
Industrials4.12%
Materials4.06%
Tech2.60%
Real Estate2.02%
Utilities1.83%
Consumer Staples1.07%
Consumer Discretionary1.02%
Financials-0.35%
Energy-1.69%
Sector PE
  • Investors favour the Healthcare sector the most for future growth even though it's trading below its 3-year average PE ratio of 88.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 23.3%, which is higher than its past year's earnings growth of 17.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 55% over the next 5 years.
  • This is better than its past earnings decline of 34% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 3.1% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
KGH KGHM Polska Miedzzł308.704.1%
+zł2.4b		155.3%PE24.1xMaterials
CDR CD Projektzł253.505.9%
+zł1.4b		32.0%PE44.4xTelecom
CCC CCCzł135.7012.1%
+zł1.2b		-26.3%PE14.9xConsumer Discretionary
DNP Dino Polskazł42.182.7%
+zł1.1b		2.9%PE25.6xConsumer Staples
ALE Allegro.euzł32.272.9%
+zł926.3m		24.6%PE24.7xConsumer Discretionary
See more

Market Insights

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Latest News

KGH
zł308.70
KGHM Polska Miedz
7D
4.1%
1Y
155.3%
SPL
zł550.40
Santander Bank Polska
7D
-1.0%
1Y
16.0%
CCC
zł135.70
CCC
7D
12.1%
1Y
-26.3%

CCC: Data Moat And Sticky Clients Will Support Margin Expansion Outlook

Narrative Update on CCC Analysts have nudged their price target for CCC slightly higher to US$181.31 from US$181.28, reflecting continued confidence in its data moat, sticky client base, and inclusion among selected best ideas for 2026. Assumptions for growth, margins, and future P/E are being kept broadly unchanged.
ALE
zł32.27
Allegro.eu
7D
2.9%
1Y
24.6%

ALE: Steady Outlook And Ongoing Buybacks Will Support Stronger Share Performance

Analysts have kept their fair value estimate for Allegro.eu steady at €40.40, with small adjustments to the discount rate, profit margin assumptions and a slightly lower future P/E helping to refine their price target without shifting the headline number. What's in the News Allegro.eu completed a share buyback tranche between November 18, 2025 and December 3, 2025, repurchasing 4,664,941 shares, equal to 0.44% of share capital, for PLN 148.56m (company filing).
ING
zł359.00
ING Bank Slaski
7D
1.7%
1Y
36.0%

ING: Future Earnings Power Will Support Fair Outlook With Stable Assumptions

Analysts have nudged their price target for ING Bank Slaski to €369.52, a change they link to small adjustments in assumptions such as the discount rate and future P/E, while keeping forecast revenue growth and profit margin essentially unchanged. Valuation Changes Fair Value: Modelled fair value is unchanged at €369.52 per share.
MBK
zł1,044.50
mBank
7D
-2.0%
1Y
85.5%

MBK: Higher Revenue Outlook And Richer Future P/E Will Support Upside

Analysts have lifted their price target on mBank from €961 to about €1,223, reflecting updated assumptions that combine higher revenue growth with a lower discount rate, a lower profit margin and a higher future P/E multiple. Valuation Changes Fair value estimate: raised from €961.00 to about €1,222.70, indicating a higher assessed equity value for mBank in the model.
LPP
zł20,700.00
LPP
7D
-3.0%
1Y
37.8%
BDX
zł671.00
Budimex
7D
5.4%
1Y
45.9%

Does Budimex (WSE:BDX) Have A Healthy Balance Sheet?

Jan 09
Does Budimex (WSE:BDX) Have A Healthy Balance Sheet?
MIL
zł16.95
Bank Millennium
7D
-3.0%
1Y
79.5%

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.
PKN
zł97.97
Orlen
7D
-1.8%
1Y
94.2%

PKN: Future Returns Will Likely Disappoint As Earnings Multiple Stays Elevated

Analysts have kept their price target for Orlen unchanged at €87.31, reflecting steady assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, with no new Street research prompting a revision. Valuation Changes Fair Value: Fair value per share remains unchanged at €87.31, with no adjustment to the underlying model inputs.
TPE
zł9.57
TAURON Polska Energia
7D
5.3%
1Y
145.5%

TPE: Stable Margins And Discount Rate Tweaks Will Support Balanced Outlook

Analysts have left their price target for TAURON Polska Energia effectively unchanged, at around 9.85, as only minor tweaks to the discount rate, revenue growth and future P/E inputs did not meaningfully alter their valuation view. Valuation Changes Fair Value: Model output remains at roughly PLN 9.85 per share, with no change between the previous and updated estimates.
PCO
zł29.77
Pepco Group
7D
-4.2%
1Y
88.3%

PCO: Lower Discount Rate Will Support Higher Future Earnings Multiple

Analysts have lifted their price target for Pepco Group to €35.90 from €34.02, citing updated assumptions that combine an 8.38% revenue growth outlook with a 6.69% profit margin and a revised future P/E of 17.61, all discounted at an adjusted rate of 11.80%. Valuation Changes Fair Value Estimate, revised from €34.02 to €35.90, implying a modest uplift in the assessed share value.
CDR
zł253.50
CD Projekt
7D
5.9%
1Y
32.0%

CDR: Future XR Partnership Will Support A Higher Earnings Multiple

Analysts now set their fair value estimate for CD Projekt at 332.0, down from 350.0, citing updated assumptions for revenue growth, profit margins and a higher future P/E multiple as key drivers of the shift. What's in the News VITURE announced its first collaboration with CD PROJEKT RED to create the VITURE × Cyberpunk 2077 5th Anniversary Collector's Edition XR glasses, themed around Night City and limited to 10,000 serialized units worldwide (Key Developments).
DNP
zł42.18
Dino Polska
7D
2.7%
1Y
2.9%

Are Investors Undervaluing Dino Polska S.A. (WSE:DNP) By 31%?

Jan 01
Are Investors Undervaluing Dino Polska S.A. (WSE:DNP) By 31%?
ZAB
zł22.31
Zabka Group
7D
-3.0%
1Y
0.7%

Zabka Group S.A.'s (WSE:ZAB) Popularity With Investors Is Under Threat From Overpricing

Dec 02
Zabka Group S.A.'s (WSE:ZAB) Popularity With Investors Is Under Threat From Overpricing
PKO
zł87.00
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
7D
-0.5%
1Y
44.8%

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.