Statutory Profit Doesn't Reflect How Good Zabka Group's (WSE:ZAB) Earnings Are
May 19
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Polish (WIG) Market Analysis & Valuation
UpdatedMay 19, 2025
DataAggregated Company Financials
Companies652
- 7D-0.2%
- 3M7.8%
- 1Y10.8%
- YTD25.1%
In the last week, the market has stayed flat, however the Utilities sector stood out, gaining 8.2%. As for the longer term, the market has risen 11% in the past 12 months. Looking forward, earnings are forecast to grow by 13% annually.
Market Valuation and Performance
Has the Polish Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 19 May 2025 | zł1.0t | zł1.2t | zł49.4b | 13.7x | 20.8x | 0.8x |
| Wed, 16 Apr 2025 | zł955.5b | zł1.2t | zł47.1b | 12.5x | 20.3x | 0.8x |
| Fri, 14 Mar 2025 | zł963.9b | zł1.2t | zł49.7b | 12.4x | 19.4x | 0.8x |
| Sun, 09 Feb 2025 | zł905.4b | zł1.2t | zł43.9b | 11.8x | 20.6x | 0.7x |
| Tue, 07 Jan 2025 | zł824.9b | zł1.2t | zł42.9b | 11.4x | 19.2x | 0.7x |
| Thu, 05 Dec 2024 | zł823.4b | zł1.2t | zł45.0b | 11.3x | 18.3x | 0.7x |
| Sat, 02 Nov 2024 | zł809.3b | zł1.2t | zł55.2b | 11.5x | 14.7x | 0.7x |
| Mon, 30 Sep 2024 | zł839.8b | zł1.2t | zł53.7b | 12.4x | 15.7x | 0.7x |
| Wed, 28 Aug 2024 | zł845.8b | zł1.2t | zł55.2b | 11.6x | 15.3x | 0.7x |
| Fri, 26 Jul 2024 | zł850.9b | zł1.2t | zł58.0b | 11.9x | 14.7x | 0.7x |
| Sun, 23 Jun 2024 | zł878.8b | zł1.2t | zł58.2b | 12.3x | 15.1x | 0.7x |
| Tue, 21 May 2024 | zł908.1b | zł1.3t | zł66.6b | 12.5x | 13.6x | 0.7x |
| Thu, 18 Apr 2024 | zł860.9b | zł1.3t | zł78.1b | 12.1x | 11x | 0.7x |
| Sat, 16 Mar 2024 | zł850.4b | zł1.3t | zł86.9b | 12.5x | 9.8x | 0.7x |
| Mon, 12 Feb 2024 | zł828.3b | zł1.3t | zł89.7b | 12.7x | 9.2x | 0.7x |
| Wed, 10 Jan 2024 | zł829.3b | zł1.3t | zł90.6b | 12.6x | 9.2x | 0.6x |
| Fri, 08 Dec 2023 | zł821.2b | zł1.3t | zł92.0b | 12.5x | 8.9x | 0.6x |
| Sun, 05 Nov 2023 | zł776.1b | zł1.3t | zł88.2b | 12x | 8.8x | 0.6x |
| Tue, 03 Oct 2023 | zł704.0b | zł1.3t | zł87.9b | 11.9x | 8x | 0.6x |
| Thu, 31 Aug 2023 | zł747.0b | zł1.2t | zł91.1b | 12.6x | 8.2x | 0.6x |
| Sat, 29 Jul 2023 | zł785.8b | zł1.2t | zł93.2b | 13.1x | 8.4x | 0.6x |
| Mon, 26 Jun 2023 | zł732.2b | zł1.2t | zł92.8b | 12.6x | 7.9x | 0.6x |
| Wed, 24 May 2023 | zł729.2b | zł1.1t | zł85.7b | 12.1x | 8.5x | 0.6x |
| Fri, 21 Apr 2023 | zł701.0b | zł1.1t | zł87.5b | 11.8x | 8x | 0.6x |
| Sun, 19 Mar 2023 | zł569.8b | zł1.1t | zł94.3b | 11.5x | 6x | 0.5x |
| Tue, 14 Feb 2023 | zł671.8b | zł1.0t | zł80.9b | 10.8x | 8.3x | 0.6x |
| Thu, 12 Jan 2023 | zł686.8b | zł1.0t | zł76.8b | 10.3x | 8.9x | 0.7x |
| Sat, 10 Dec 2022 | zł632.5b | zł1.0t | zł77.5b | 10.1x | 8.2x | 0.6x |
| Mon, 07 Nov 2022 | zł564.3b | zł974.4b | zł77.6b | 9.6x | 7.3x | 0.6x |
| Wed, 05 Oct 2022 | zł552.5b | zł1.1t | zł90.4b | 9.4x | 6.1x | 0.5x |
| Fri, 02 Sep 2022 | zł564.1b | zł1.1t | zł96.5b | 9.4x | 5.8x | 0.5x |
| Sun, 31 Jul 2022 | zł640.0b | zł1.0t | zł89.4b | 9.7x | 7.2x | 0.6x |
| Tue, 28 Jun 2022 | zł627.7b | zł1.0t | zł89.2b | 9.7x | 7x | 0.6x |
| Thu, 26 May 2022 | zł5.6t | zł996.2b | zł85.8b | 10.2x | 65.8x | 5.7x |
Price to Earnings Ratio
65.8x
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 20.8x which is higher than its 3-year average PE of 11.4x.
Past Earnings Growth
- The earnings for Polish listed companies have declined 17% per year over the last three years.
- Meanwhile revenues for these companies have grown 6.8% 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 Market | -0.20% | |
| Utilities | 8.18% | |
| Real Estate | 0.49% | |
| Financials | 0.47% | |
| Energy | 0.19% | |
| Tech | -0.10% | |
| Healthcare | -0.18% | |
| Industrials | -0.45% | |
| Consumer Discretionary | -0.70% | |
| Telecom | -2.18% | |
| Materials | -2.57% | |
| Consumer Staples | -4.81% | |
Sector PE
- Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 23.1x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 18.5% which is higher than its past year's earnings decline of 71.3% per year.
Forecasted Growth
- Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 32% over the next 5 years.
- This is better than its past earnings decline of 30% per year.
- In contrast, the Financials sector is expected to see its earnings grow by 3.3% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| SPL Santander Bank Polska | zł534.20 | 4.2% +zł2.2b | 5.9% | PB1.6x | Financials | |
| PGE PGE Polska Grupa Energetyczna | zł9.59 | 8.1% +zł1.6b | 24.0% | PS0.3x | Utilities | |
| ENA ENEA | zł18.13 | 13.5% +zł1.1b | 67.9% | PE6.9x | Utilities | |
| MIL Bank Millennium | zł15.13 | 6.5% +zł1.1b | 71.1% | PB2.3x | Financials | |
| TPE TAURON Polska Energia | zł7.21 | 8.0% +zł939.4m | 83.4% | PE21.6x | Utilities |
