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Polish (WIG) Market Analysis & Valuation

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies636
  • 7D0.9%
  • 3M11.7%
  • 1Y39.1%
  • YTD0.9%

Over the last 7 days, the market has remained flat, although notably the Healthcare sector gained 6.4% in that time. More promisingly, the market is up 39% over the past year. As for the next few years, earnings are expected to grow by 15% per annum.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026zł1.2tzł1.2tzł63.3b12.9x18.5x1x
Tue, 09 Dec 2025zł1.1tzł1.2tzł59.4b11.9x17.9x0.9x
Thu, 06 Nov 2025zł1.1tzł1.2tzł55.3b13.5x19.6x0.9x
Sat, 04 Oct 2025zł1.0tzł1.2tzł55.1b13.1x19x0.9x
Mon, 01 Sep 2025zł1.0tzł1.2tzł57.7b12.9x17.7x0.9x
Wed, 30 Jul 2025zł1.1tzł1.2tzł54.2b12.9x19.7x0.9x
Fri, 27 Jun 2025zł1.0tzł1.2tzł54.0b13x19x0.9x
Sun, 25 May 2025zł997.0bzł1.2tzł55.6b13.6x17.9x0.8x
Tue, 22 Apr 2025zł965.6bzł1.2tzł45.9b12.7x21x0.8x
Thu, 20 Mar 2025zł998.2bzł1.2tzł51.1b12.6x19.5x0.8x
Sat, 15 Feb 2025zł931.5bzł1.2tzł43.9b12.2x21.2x0.8x
Mon, 13 Jan 2025zł833.5bzł1.2tzł42.9b11.4x19.4x0.7x
Wed, 11 Dec 2024zł838.5bzł1.2tzł45.1b11x18.6x0.7x
Fri, 08 Nov 2024zł836.9bzł1.2tzł54.9b11.7x15.2x0.7x
Sun, 06 Oct 2024zł811.7bzł1.2tzł53.3b11.8x15.2x0.7x
Tue, 03 Sep 2024zł865.7bzł1.2tzł55.2b11.8x15.7x0.7x
Thu, 01 Aug 2024zł856.3bzł1.2tzł57.8b11.8x14.8x0.7x
Sat, 29 Jun 2024zł896.3bzł1.2tzł58.3b12.4x15.4x0.7x
Mon, 27 May 2024zł893.8bzł1.2tzł57.8b12.6x15.5x0.7x
Wed, 24 Apr 2024zł880.2bzł1.3tzł78.0b11.9x11.3x0.7x
Fri, 22 Mar 2024zł865.1bzł1.3tzł85.0b12.4x10.2x0.7x
Sun, 18 Feb 2024zł844.7bzł1.3tzł90.0b12.5x9.4x0.7x
Tue, 16 Jan 2024zł808.2bzł1.3tzł90.6b12.7x8.9x0.6x
Thu, 14 Dec 2023zł824.5bzł1.3tzł91.2b12.7x9x0.6x
Sat, 11 Nov 2023zł768.6bzł1.3tzł91.2b11.8x8.4x0.6x
Mon, 09 Oct 2023zł687.9bzł1.3tzł87.9b11.9x7.8x0.5x
Wed, 06 Sep 2023zł734.8bzł1.2tzł114.9b12.6x6.4x0.6x
Fri, 04 Aug 2023zł773.8bzł1.2tzł93.4b13.3x8.3x0.6x
Sun, 02 Jul 2023zł743.4bzł1.2tzł92.7b12.8x8x0.6x
Tue, 30 May 2023zł719.9bzł1.2tzł91.6b12.3x7.9x0.6x
Thu, 27 Apr 2023zł692.6bzł1.2tzł90.9b11.8x7.6x0.6x
Sat, 25 Mar 2023zł630.6bzł1.1tzł95.1b11.2x6.6x0.6x
Mon, 20 Feb 2023zł676.2bzł1.0tzł81.2b11.1x8.3x0.6x
Wed, 18 Jan 2023zł686.2bzł1.0tzł76.8b10.3x8.9x0.7x
Price to Earnings Ratio

8.9x


Total Market Cap: zł686.2bTotal Earnings: zł76.8bTotal Revenue: zł1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Polish Market Price to Earnings3Y Average 13.8x202420252026
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 13.8x.
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 Market0.88%
Healthcare6.38%
Materials4.44%
Industrials3.93%
Tech3.25%
Utilities2.79%
Consumer Discretionary2.71%
Consumer Staples2.32%
Telecom1.45%
Real Estate0.50%
Financials-0.24%
Energy-4.91%
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 Miedzzł297.805.0%
+zł2.9b		144.9%PE23.2xMaterials
CCC CCCzł139.0014.7%
+zł1.5b		-25.3%PE15.3xConsumer Discretionary
PZU Powszechny Zaklad Ubezpieczenzł70.002.2%
+zł1.3b		45.4%PE8.8xFinancials
DNP Dino Polskazł42.202.9%
+zł1.2b		3.7%PE25.6xConsumer Staples
TPE TAURON Polska Energiazł9.606.2%
+zł981.4m		146.2%PE5xUtilities
See more

Market Insights

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What research teams agree on – and where they don’t – heading into 2026.
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Latest News

SPL
zł556.20
Santander Bank Polska
7D
-0.7%
1Y
16.1%

SPL: Weaker Long Term Revenue Outlook Will Weigh On Future Returns

Analysts have kept their price target for Santander Bank Polska unchanged at PLN 440.00, noting slightly adjusted assumptions on the discount rate, revenue growth and profit margin, along with a small revision to the forward P/E, as reasons for maintaining this level. What's in the News Santander Bank Polska has scheduled a Special or Extraordinary Shareholders Meeting for January 22, 2026, at 14:00 Central European Standard Time (Key Developments).
ING
zł357.00
ING Bank Slaski
7D
2.1%
1Y
33.7%

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
zł1,048.50
mBank
7D
-4.6%
1Y
85.8%

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.
BDX
zł669.80
Budimex
7D
4.4%
1Y
44.3%

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

Jan 09
Does Budimex (WSE:BDX) Have A Healthy Balance Sheet?
MIL
zł17.10
Bank Millennium
7D
-1.9%
1Y
79.0%

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.
PEO
zł210.70
Bank Polska Kasa Opieki
7D
-0.2%
1Y
43.8%

PEO: Neutral Stance Will Balance Trimmed PLN 200 Outlook And Execution Risks

Analysts have trimmed their price target for Bank Polska Kasa Opieki to about PLN 200 from roughly PLN 213, reflecting a more cautious stance after a downgrade to Neutral, while keeping core assumptions such as the discount rate, revenue growth, profit margin and future P/E broadly unchanged. Analyst Commentary Bullish Takeaways Bullish analysts see the PLN 200 target as consistent with the bank's existing fundamentals, since key inputs such as discount rate, revenue growth, profit margin and future P/E remain largely intact.
PKN
zł96.19
Orlen
7D
-5.0%
1Y
91.4%

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.
ALR
zł113.10
Alior Bank
7D
-0.9%
1Y
26.9%

ALR: Lending Portfolio Strength Will Support Future Returns As Upside Moderates

Analysts have trimmed their stance on Alior Bank, as reflected in a reduced price target to PLN 125.30, with only marginal tweaks to inputs like the discount rate, revenue growth, profit margin and future P/E shaping this narrative update. Analyst Commentary The recent move to lower the rating to Accumulate, while keeping the price target at PLN 125.30, signals that analysts still see room for upside but are more cautious about the balance between risk and reward at current levels.
KGH
zł297.80
KGHM Polska Miedz
7D
5.0%
1Y
144.9%

KGH: Higher Profit Assumptions Will Face Pressure If Project Execution Falters

Analysts have raised their fair value estimate for KGHM Polska Miedz from PLN 92 to PLN 155, citing updated expectations for revenue growth, profit margins and future P/E multiples that align with recent target price increases from major banks. Analyst Commentary Recent research updates show higher formal price targets for KGHM Polska Miedz, including PLN 229 from Morgan Stanley and PLN 190 from JPMorgan.
TPE
zł9.60
TAURON Polska Energia
7D
6.2%
1Y
146.2%

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.
DNP
zł42.20
Dino Polska
7D
2.9%
1Y
3.7%

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

Jan 01
Are Investors Undervaluing Dino Polska S.A. (WSE:DNP) By 31%?
ALE
zł32.10
Allegro.eu
7D
2.7%
1Y
20.7%

Is Allegro.eu (WSE:ALE) A Risky Investment?

Dec 27
Is Allegro.eu (WSE:ALE) A Risky Investment?
BNP
zł134.50
BNP Paribas Bank Polska
7D
-0.7%
1Y
49.8%

BNP: Upcoming Investor Day And Meeting Will Shape Balanced Risk Outlook

Analysts have raised their average price target on BNP Paribas Bank Polska slightly, to roughly PLN 145 from PLN 145 previously, citing a marginally lower discount rate and steady long term assumptions for revenue growth, profit margins, and future valuation multiples. What's in the News BNP Paribas Bank Polska is scheduled to host an Analyst and Investor Day, providing updated strategic and financial guidance to the market (company event).
CCC
zł139.00
CCC
7D
14.7%
1Y
-25.3%

CCC: Future Upside Seen As Modest Margin Pressure Fails To Derail Outlook

Analysts have modestly reduced their price target on CCC to approximately $181 from about $190 per share. This reflects slightly lower long term margin expectations that more than offset a small uptick in projected revenue growth and a marginally lower discount rate.
PZU
zł70.00
Powszechny Zaklad Ubezpieczen
7D
2.2%
1Y
45.4%
PKO
zł87.38
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
7D
-0.7%
1Y
43.9%

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.