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Polish (WIG) Market Analysis & Valuation

UpdatedDec 29, 2025
DataAggregated Company Financials
Companies634
  • 7D0.6%
  • 3M8.0%
  • 1Y37.6%
  • YTD35.2%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 3.8%. As for the longer term, the market has risen 38% in the past 12 months. As for the next few years, earnings are expected to grow by 17% per annum.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 29 Dec 2025zł1.1tzł1.2tzł58.8b12x19x0.9x
Wed, 26 Nov 2025zł1.1tzł1.2tzł59.0b12.3x18.2x0.9x
Fri, 24 Oct 2025zł1.1tzł1.2tzł55.1b13.5x19.6x0.9x
Sun, 21 Sep 2025zł1.0tzł1.2tzł49.9b13.4x20.6x0.9x
Tue, 19 Aug 2025zł1.1tzł1.2tzł56.1b12.9x19.1x0.9x
Thu, 17 Jul 2025zł1.0tzł1.2tzł54.1b12.9x19.3x0.9x
Sat, 14 Jun 2025zł989.0bzł1.2tzł53.9b12.9x18.4x0.8x
Mon, 12 May 2025zł1.0tzł1.2tzł48.3b13.1x21.4x0.9x
Wed, 09 Apr 2025zł918.4bzł1.2tzł51.3b12.1x17.9x0.8x
Fri, 07 Mar 2025zł948.3bzł1.2tzł48.0b12.5x19.8x0.8x
Sun, 02 Feb 2025zł883.8bzł1.2tzł42.8b11.9x20.6x0.7x
Tue, 31 Dec 2024zł805.5bzł1.2tzł42.9b11x18.8x0.7x
Thu, 28 Nov 2024zł800.6bzł1.2tzł44.7b11.5x17.9x0.7x
Sat, 26 Oct 2024zł819.5bzł1.2tzł53.6b11.7x15.3x0.7x
Mon, 23 Sep 2024zł811.7bzł1.2tzł54.0b11.7x15x0.7x
Wed, 21 Aug 2024zł842.0bzł1.2tzł58.3b11.7x14.4x0.7x
Fri, 19 Jul 2024zł875.8bzł1.2tzł58.1b11.9x15.1x0.7x
Sun, 16 Jun 2024zł852.7bzł1.2tzł58.4b12.4x14.6x0.7x
Tue, 14 May 2024zł896.1bzł1.3tzł66.9b12x13.4x0.7x
Thu, 11 Apr 2024zł888.2bzł1.3tzł78.3b12.4x11.3x0.7x
Sat, 09 Mar 2024zł847.3bzł1.3tzł85.3b12.6x9.9x0.7x
Mon, 05 Feb 2024zł853.4bzł1.3tzł91.3b13x9.3x0.7x
Wed, 03 Jan 2024zł830.9bzł1.3tzł90.6b12.8x9.2x0.6x
Fri, 01 Dec 2023zł796.8bzł1.3tzł91.8b12.3x8.7x0.6x
Sun, 29 Oct 2023zł752.6bzł1.3tzł94.0b12x8x0.6x
Tue, 26 Sep 2023zł709.5bzł1.3tzł90.6b12.5x7.8x0.6x
Thu, 24 Aug 2023zł739.1bzł1.2tzł91.3b12.5x8.1x0.6x
Sat, 22 Jul 2023zł781.0bzł1.2tzł92.8b13.2x8.4x0.6x
Mon, 19 Jun 2023zł748.7bzł1.2tzł92.9b12.5x8.1x0.6x
Wed, 17 May 2023zł714.3bzł1.1tzł88.1b12x8.1x0.6x
Fri, 14 Apr 2023zł683.0bzł1.1tzł88.7b11.5x7.7x0.6x
Sun, 12 Mar 2023zł669.1bzł1.1tzł94.5b11.3x7.1x0.6x
Tue, 07 Feb 2023zł674.9bzł1.0tzł76.8b10.6x8.8x0.6x
Thu, 05 Jan 2023zł673.8bzł1.0tzł76.8b10.2x8.8x0.6x
Price to Earnings Ratio

8.8x


Total Market Cap: zł673.8bTotal Earnings: zł76.8bTotal Revenue: zł1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Polish Market Price to Earnings3Y Average 13.7x20242025
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 19.0x which is higher than its 3-year average PE of 13.7x.
Past Earnings Growth
  • The earnings for Polish listed companies have declined 8.5% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.4% 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 Market0.61%
Materials3.77%
Telecom2.04%
Tech1.37%
Healthcare0.85%
Utilities0.84%
Energy0.79%
Real Estate0.40%
Consumer Discretionary0.26%
Financials0.08%
Industrials-0.11%
Consumer Staples-0.11%
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 88.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 24.2%, 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 56% 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
CPS Cyfrowy Polsatzł12.2910.4%
+zł741.9m		-13.1%PE19.6xTelecom
ENG Energazł20.005.9%
+zł463.8m		46.0%PE15.6xUtilities
KGH KGHM Polska Miedzzł273.800.5%
+zł280.0m		138.1%PE21.3xMaterials
ING ING Bank Slaskizł342.000.6%
+zł260.2m		41.6%PB2.3xFinancials
MIL Bank Millenniumzł16.881.1%
+zł218.4m		89.7%PB2.3xFinancials
See more

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Latest News

TPE
zł8.68
TAURON Polska Energia
7D
-2.1%
1Y
130.9%

TAURON Polska Energia (WSE:TPE) Takes On Some Risk With Its Use Of Debt

Dec 29
TAURON Polska Energia (WSE:TPE) Takes On Some Risk With Its Use Of Debt
ALE
zł30.63
Allegro.eu
7D
-1.1%
1Y
13.1%

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

Dec 27
Is Allegro.eu (WSE:ALE) A Risky Investment?
CPS
zł12.29
Cyfrowy Polsat
7D
10.4%
1Y
-13.1%

CPS: Cost Discipline And Stable Margins Will Support Measured Future Returns

Analysts have slightly raised their price target for Cyfrowy Polsat to approximately €13.08 from about €13.03. This reflects minor improvements in modeled discount rates and long term earnings multiples, while growth and margin expectations remain broadly unchanged.
MIL
zł16.88
Bank Millennium
7D
1.1%
1Y
89.7%

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.
BNP
zł131.00
BNP Paribas Bank Polska
7D
-3.0%
1Y
53.8%

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).
ENG
zł20.00
Energa
7D
5.9%
1Y
46.0%

Is Energa (WSE:ENG) Using Too Much Debt?

Dec 24
Is Energa (WSE:ENG) Using Too Much Debt?
ACP
zł225.20
Asseco Poland
7D
0.9%
1Y
134.1%

ACP: Upcoming Shareholder Meeting Will Likely Expose Overvaluation And Pressure Share Price

Analysts have nudged their price target on Asseco Poland slightly higher to 142.82 PLN, reflecting marginally updated assumptions around discount rates, long term growth, and future earnings multiples, while maintaining a broadly stable fair value outlook. What's in the News Asseco Poland S.A. has scheduled a Special or Extraordinary Shareholders Meeting for November 4, 2025, at 10:00 Central European Standard Time, signaling forthcoming shareholder decisions on strategic or corporate matters (Key Developments).
PKN
zł93.89
Orlen
7D
-1.0%
1Y
98.9%

PKN: Future Returns Will Remain Balanced As Revenue And Margins Slightly Weaken

Analysts have modestly adjusted their price target on Orlen higher to reflect a fair value of $87.31 per share, as they reiterate stable discount rate, revenue growth, profit margin and future P E assumptions. What's in the News Orlen S.A. has scheduled a Special or Extraordinary Shareholders Meeting for November 13, 2025, at 11:00 Central European Standard Time to address key corporate matters requiring shareholder approval (Key Developments).
PCO
zł29.70
Pepco Group
7D
0.6%
1Y
80.9%
ING
zł342.00
ING Bank Slaski
7D
0.6%
1Y
41.6%

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.
CDR
zł240.10
CD Projekt
7D
-2.3%
1Y
25.4%

CDR: Rising Future Multiple Will Likely Pressure Shares Despite Margin Compression

Analysts have lifted their price target on CD Projekt from approximately $95 to about $112 per share, citing stronger expected revenue growth despite some compression in profit margins and a higher assumed future earnings multiple. What's in the News CD PROJEKT RED entered its first collaboration with XR brand VITURE to launch a limited-run VITURE × Cyberpunk 2077 5th Anniversary Collector's Edition, integrating the game's Night City aesthetic into next-generation XR glasses (Key Developments).
KGH
zł273.80
KGHM Polska Miedz
7D
0.5%
1Y
138.1%

KGH: Future Performance Will Reflect Upgraded Outlook Amid Persistent Execution And Commodity Risks

Analysts have lifted their fair value estimate for KGHM Polska Miedz to PLN 224.60 from about PLN 195.67, reflecting expectations of higher revenue growth, improved profit margins, and a lower future P E multiple that underpins recent upward revisions to Street price targets. Analyst Commentary Recent Street research reflects a constructive but differentiated view on KGHM Polska Miedz, with multiple price target increases signaling higher confidence in the company’s earnings trajectory and capital allocation, while some caution remains around valuation resilience and execution risks.
LPP
zł20,770.00
LPP
7D
-1.9%
1Y
33.6%
DNP
zł40.95
Dino Polska
7D
0.4%
1Y
5.1%

Dino Polska (WSE:DNP) Looks To Prolong Its Impressive Returns

Dec 05
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PZU
zł67.50
Powszechny Zaklad Ubezpieczen
7D
-0.6%
1Y
47.3%
PKO
zł84.44
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
7D
-0.4%
1Y
41.3%

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.