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Bank Handlowy w Warszawie

LSE:0DOS
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
0DOS
LSE
PLN9B
Market Cap
  1. Home
  2. GB
  3. Banks
Company description

Bank Handlowy w Warszawie S.A. provides a range of banking services for individual and corporate clients in Poland and internationally. The last earnings update was 105 days ago. More info.


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0DOS Share Price and Events
7 Day Returns
0%
LSE:0DOS
-0.1%
GB Banks
-0.2%
GB Market
1 Year Returns
-14.2%
LSE:0DOS
-16.6%
GB Banks
-3.4%
GB Market
0DOS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bank Handlowy w Warszawie (0DOS) 0% 0% - -14.2% -4.8% -34%
GB Banks -0.1% -0.3% -1.4% -16.6% 15.2% -20%
GB Market -0.2% 3.9% 2.1% -3.4% 16.2% -1.8%
1 Year Return vs Industry and Market
  • 0DOS outperformed the Banks industry which returned -16.6% over the past year.
  • 0DOS underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -3.4% over the past year.
Price Volatility
0DOS
Industry
5yr Volatility vs Market

Value

 Is Bank Handlowy w Warszawie undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bank Handlowy w Warszawie to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our calculation method for this is changing soon.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bank Handlowy w Warszawie.

LSE:0DOS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 7 analysts.
= Stable Book Value * Return on Equity
= PLN58.26 * 9.7%
PLN5.67
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. PLN58.26
Discount Rate (Cost of Equity) See below 8.2%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:0DOS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 8.8%
Banks Unlevered Beta Simply Wall St/ S&P Global 1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1 (1 + (1- 19%) (40.04%))
0.697
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.8 * 8.77%)
8.25%

Discounted Cash Flow Calculation for LSE:0DOS using Excess Returns Model Model

The calculations below outline how an intrinsic value for Bank Handlowy w Warszawie is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

LSE:0DOS Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9.7% – 8.25%) * PLN58.26)
PLN0.86
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= PLN0.86 / (8.25% - 1.23%)
PLN12.30
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= PLN58.26 + PLN12.30
PLN70.56
LSE:0DOS Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in LSE:0DOS represents 1.0611x of WSE:BHW
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.0611x
Value per Share
(Listing Adjusted, PLN)
= Value per Share (PLN) x Listing Adjustment Factor
= PLN 70.56 x 1.0611
PLN74.87
Value per share (PLN) From above. PLN74.87
Current discount Discount to share price of PLN71.20
= -1 x (PLN71.20 - PLN74.87) / PLN74.87
4.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bank Handlowy w Warszawie is available for.
Intrinsic value
5%
Share price is PLN71.2 vs Future cash flow value of PLN74.87
Current Discount Checks
For Bank Handlowy w Warszawie to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bank Handlowy w Warszawie's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Bank Handlowy w Warszawie's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bank Handlowy w Warszawie's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bank Handlowy w Warszawie's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:0DOS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in PLN PLN4.98
WSE:BHW Share Price ** WSE (2018-11-30) in PLN PLN67.1
United Kingdom of Great Britain and Northern Ireland Banks Industry PE Ratio Median Figure of 15 Publicly-Listed Banks Companies 10.41x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 813 Publicly-Listed Companies 16.06x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bank Handlowy w Warszawie.

LSE:0DOS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:BHW Share Price ÷ EPS (both in PLN)

= 67.1 ÷ 4.98

13.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank Handlowy w Warszawie is overvalued based on earnings compared to the GB Banks industry average.
  • Bank Handlowy w Warszawie is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Bank Handlowy w Warszawie's expected growth come at a high price?
Raw Data
LSE:0DOS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.49x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
4.1%per year
United Kingdom of Great Britain and Northern Ireland Banks Industry PEG Ratio Median Figure of 13 Publicly-Listed Banks Companies 0.69x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 577 Publicly-Listed Companies 1.32x

*Line of best fit is calculated by linear regression .

LSE:0DOS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.49x ÷ 4.1%

3.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank Handlowy w Warszawie is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bank Handlowy w Warszawie's assets?
Raw Data
LSE:0DOS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in PLN PLN52.38
WSE:BHW Share Price * WSE (2018-11-30) in PLN PLN67.1
United Kingdom of Great Britain and Northern Ireland Banks Industry PB Ratio Median Figure of 16 Publicly-Listed Banks Companies 0.85x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,362 Publicly-Listed Companies 1.55x
LSE:0DOS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:BHW Share Price ÷ Book Value per Share (both in PLN)

= 67.1 ÷ 52.38

1.28x

* Primary Listing of Bank Handlowy w Warszawie.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bank Handlowy w Warszawie is overvalued based on assets compared to the GB Banks industry average.
X
Value checks
We assess Bank Handlowy w Warszawie's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Bank Handlowy w Warszawie has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bank Handlowy w Warszawie expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bank Handlowy w Warszawie expected to grow at an attractive rate?
  • Bank Handlowy w Warszawie's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Bank Handlowy w Warszawie's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Bank Handlowy w Warszawie's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:0DOS Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:0DOS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 4.1%
LSE:0DOS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 2.9%
United Kingdom of Great Britain and Northern Ireland Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.8%
United Kingdom of Great Britain and Northern Ireland Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.5%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:0DOS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:0DOS Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31 2,373 720 1
2021-12-31 2,421 746 3
2020-12-31 2,330 721 6
2019-12-31 2,245 666 7
2018-12-31 2,200 652 7
LSE:0DOS Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-09-30 2,108 2,357 650
2018-06-30 2,128 1,388 663
2018-03-31 2,105 768 639
2017-12-31 1,981 2,430 536
2017-09-30 1,952 -1,856 503
2017-06-30 1,926 -890 476
2017-03-31 2,029 -419 540
2016-12-31 2,032 -3,301 602
2016-09-30 2,067 -1,483 590
2016-06-30 2,056 -8,826 586
2016-03-31 1,938 -605 514
2015-12-31 2,085 -177 626

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bank Handlowy w Warszawie's earnings are expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
  • Bank Handlowy w Warszawie's revenue is expected to grow by 2.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:0DOS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Bank Handlowy w Warszawie Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0DOS Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 5.65 5.65 5.65 1.00
2022-12-31 5.80 6.40 5.48 3.00
2021-12-31 5.60 6.04 5.27 4.00
2020-12-31 5.47 5.70 5.03 7.00
2019-12-31 5.05 5.40 4.80 7.00
2018-12-31 4.99 5.10 4.84 7.00
LSE:0DOS Past Financials Data
Date (Data in PLN Millions) EPS *
2018-09-30 4.98
2018-06-30 5.08
2018-03-31 4.89
2017-12-31 4.10
2017-09-30 3.85
2017-06-30 3.64
2017-03-31 4.13
2016-12-31 4.60
2016-09-30 4.51
2016-06-30 4.48
2016-03-31 3.93
2015-12-31 4.79

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bank Handlowy w Warszawie is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bank Handlowy w Warszawie's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bank Handlowy w Warszawie has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bank Handlowy w Warszawie performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bank Handlowy w Warszawie's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bank Handlowy w Warszawie's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Bank Handlowy w Warszawie's 1-year earnings growth exceeds its 5-year average (29.4% vs -13.1%)
  • Bank Handlowy w Warszawie's earnings growth has not exceeded the GB Banks industry average in the past year (29.4% vs 52.2%).
Earnings and Revenue History
Bank Handlowy w Warszawie's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bank Handlowy w Warszawie Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0DOS Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 2,107.80 650.06 1,181.82
2018-06-30 2,127.52 663.14 1,185.16
2018-03-31 2,104.75 638.75 1,194.84
2017-12-31 1,980.72 535.57 1,191.75
2017-09-30 1,952.31 502.52 1,211.83
2017-06-30 1,926.35 475.87 1,220.86
2017-03-31 2,029.49 539.87 1,232.14
2016-12-31 2,032.42 601.58 1,202.22
2016-09-30 2,067.37 589.57 1,256.83
2016-06-30 2,055.58 585.55 1,268.21
2016-03-31 1,937.63 513.75 1,278.42
2015-12-31 2,084.58 626.42 1,278.30
2015-09-30 2,146.58 713.12 1,250.94
2015-06-30 2,249.80 800.63 1,255.49
2015-03-31 2,403.68 916.70 1,272.37
2014-12-31 2,437.04 947.31 1,273.88
2014-09-30 2,438.93 894.06 1,257.72
2014-06-30 2,371.65 830.83 1,266.81
2014-03-31 2,434.39 864.93 1,269.47
2013-12-31 2,593.34 972.71 1,299.73
2013-09-30 2,654.19 1,065.53 1,260.98
2013-06-30 2,788.58 1,151.59 1,284.93
2013-03-31 2,729.52 1,081.99 1,702.30
2012-12-31 2,669.15 970.13 1,387.43
2012-09-30 2,655.92 946.64 1,473.20
2012-06-30 2,595.50 878.11 1,495.44
2012-03-31 2,507.11 798.80 1,115.33

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bank Handlowy w Warszawie has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bank Handlowy w Warszawie used its assets more efficiently than the GB Banks industry average last year based on Return on Assets.
  • Unable to establish if Bank Handlowy w Warszawie improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Bank Handlowy w Warszawie's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bank Handlowy w Warszawie has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bank Handlowy w Warszawie's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Bank Handlowy w Warszawie's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bank Handlowy w Warszawie Company Filings, last reported 4 months ago.

LSE:0DOS Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 6,843.34 3,510.42 4,857.96
2018-06-30 6,692.52 1,617.45 4,626.09
2018-03-31 7,096.00 4,766.54 4,573.28
2017-12-31 6,938.88 1,448.77 2,971.90
2017-09-30 6,706.32 3,837.03 2,861.52
2017-06-30 6,482.83 1,603.07 2,835.70
2017-03-31 6,864.86 4,052.16 4,316.04
2016-12-31 6,790.45 1,477.82 4,886.05
2016-09-30 6,709.12 3,613.63 3,631.73
2016-06-30 6,558.73 1,849.23 3,593.86
2016-03-31 7,050.19 12,440.65 9,212.32
2015-12-31 6,850.66 4,381.98 9,663.45
2015-09-30 6,707.02 13,539.55 10,465.32
2015-06-30 6,584.52 5,700.06 19,056.64
2015-03-31 7,603.82 10,891.56 15,357.70
2014-12-31 7,410.76 7,853.91 15,112.61
2014-09-30 7,215.66 8,790.27 12,097.09
2014-06-30 6,932.59 5,348.87 12,198.86
2014-03-31 7,527.01 12,088.85 9,601.53
2013-12-31 7,307.26 6,252.58 9,182.14
2013-09-30 7,130.44 13,059.40 8,853.20
2013-06-30 7,006.30 5,522.90 12,230.67
2013-03-31 7,561.79 10,977.39 10,198.73
2012-12-31 7,391.42 8,759.18 8,736.02
2012-09-30 6,974.33 7,236.19 6,868.63
2012-06-30 6,675.32 7,215.96 7,594.82
2012-03-31 6,800.80 9,553.03 10,351.94
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Bank Handlowy w Warszawie has an acceptable proportion of non-loan assets held.
  • Bank Handlowy w Warszawie's liabilities are made up of primarily low risk sources of funding.
  • Loans at Bank Handlowy w Warszawie are broadly funded by customer deposits.
  • Bank Handlowy w Warszawie's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Bank Handlowy w Warszawie has a low allowance for bad loans.
  • Bank Handlowy w Warszawie has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Bank Handlowy w Warszawie's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bank Handlowy w Warszawie has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bank Handlowy w Warszawie's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.13%
Current annual income from Bank Handlowy w Warszawie dividends. Estimated to be 6.19% next year.
If you bought PLN2,000 of Bank Handlowy w Warszawie shares you are expected to receive PLN123 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bank Handlowy w Warszawie's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2%).
  • Bank Handlowy w Warszawie's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.12%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:0DOS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Banks Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 5.1%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 708 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:0DOS Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 3.70 3.00
2022-12-31 4.19 4.00
2021-12-31 4.11 5.00
2020-12-31 4.23 7.00
2019-12-31 4.28 7.00
2018-12-31 3.98 7.00
LSE:0DOS Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-06-08 4.110 5.812
2017-03-14 4.530 6.016
2016-03-15 4.680 6.231
2015-03-20 7.430 8.698
2014-03-20 7.150 6.353
2014-03-13 7.150 6.693
2013-03-20 5.790 5.533
2012-03-13 2.760 3.250
2011-03-16 5.720 7.424
2011-02-10 5.720 6.221
2010-05-06 3.770 4.543
2010-03-01 3.770 4.807
2009-10-30 0.000 0.000
2009-08-31 0.000 0.000
2009-05-06 0.000 0.000
2009-03-02 4.750 12.244

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Bank Handlowy w Warszawie's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Bank Handlowy w Warszawie's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bank Handlowy w Warszawie afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bank Handlowy w Warszawie has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bank Handlowy w Warszawie's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Slawomir Sikora
COMPENSATION PLN2,307,000
AGE 56
CEO Bio

Mr. Slawomir S. Sikora has been Chief Executive Officer of Citibank Handlowy of Citigroup Inc. since March 1, 2005 and serves as its President & Citi Country Officer of Citi Handlowy. Mr. Sikora is responsible for Citigroup's franchise in Poland, including Bank Handlowy w Warszawie S.A. and its subsidiaries as well as all other Citigroup legal vehicles in Poland. Mr. Sikora has been President of the Management Board of Bank Handlowy W Warszawie SA (Alternate Name of Citibank Handlowy) since July 2, 2003 and serves as its Chief Executive Officer & Chief Operating Officer. Mr. Sikora served as Vice President of the Management Board of Bank Handlowy W Warszawie SA from June 26, 2003 to July 2, 2003. Prior to joining Bank Handlowy w Warszawie S.A, Mr. Sikora served as President of the Management Board of American Bank in Poland, where he successfully implemented a major restructuring program. Between 1994 and 2002, Mr. Sikora worked as a Deputy President of the Management Board at Powszechny Bank Kredytowy S.A. (PBK), where he performed various functions, including having responsibility for Corporate and Investment Banking and Risk Management (Chairman of the Credit Committee). Mr. Sikora also led the strategic acquisitions of banks and insurance companies by PBK. Prior to PBK, Mr. Sikora served for five years from 1989 to 1994 at the Ministry of Finance, initially as an Advisor to Prof. Leszek Balcerowicz, Deputy Prime Minister and Minister of Finance, and then as Head of the Banking and Financial Institutions Department for four years, until 1994. From 2001 to 2003, he was the President of the Management Board of Bank Amerykanski w Polsce S.A. In this role, he was responsible for setting up the regulatory framework for the banking and insurance sector. He developed the Polish government's bank restructuring program, which included a US$1.6 billion recap package; this program was subsequently used as a model for bank rehabilitation in the Central and Eastern Europe region. He also led negotiations with donor countries on the conversion of US$1 billion of the Polish Currency Stabilization Fund into the Polish Bank Privatization Fund. He serves as a Member of the Supervisory Board of the Polish Bank Association and the Management Board of the Confederation of Employers Leviathan. Mr. Sikora graduated from Warsaw School of Economics (SGH). He also studied at the University of Cologne under a Konrad Adenauer Foundation Scholarship.

CEO Compensation
  • Slawomir's compensation has been consistent with company performance over the past year.
  • Slawomir's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Bank Handlowy w Warszawie management team in years:

3.5
Average Tenure
  • The tenure for the Bank Handlowy w Warszawie management team is about average.
Management Team

Slawomir Sikora

TITLE
President of Management Board & COO
COMPENSATION
PLN2M
AGE
56

Barbara Sobala

TITLE
Vice President of Management Board
COMPENSATION
PLN1M
TENURE
5.3 yrs

Maciej Kropidlowski

TITLE
Vice President of Management Board
COMPENSATION
PLN2M
TENURE
4.9 yrs

David Mouille

TITLE
Vice President of Management Board
COMPENSATION
PLN3M
TENURE
3.5 yrs

Katarzyna Majewska

TITLE
Member of Management Board
COMPENSATION
PLN1M
TENURE
3.1 yrs

Natalia Bozek

TITLE
Vice President of Management Board
TENURE
0.9 yrs

James Foley

TITLE
Member of Management Board

Katarzyna Otko-Dabrowska

TITLE
Investor Relations Director
Board of Directors Tenure

Average tenure and age of the Bank Handlowy w Warszawie board of directors in years:

4.6
Average Tenure
65.5
Average Age
  • The tenure for the Bank Handlowy w Warszawie board of directors is about average.
Board of Directors

Andrzej Olechowski

TITLE
Supervisory Board Chairman
AGE
71
TENURE
6.6 yrs

Frank Mannion

TITLE
Supervisory Board Vice Chairman
TENURE
2.1 yrs

Marek Belka

TITLE
Supervisory Board Member
AGE
66
TENURE
1.7 yrs

Grzegorz Bielicki

TITLE
Supervisory Board Member
TENURE
1.2 yrs

Stanislaw Soltysinski

TITLE
Supervisory Board Member
TENURE
21.9 yrs

Igor Chalupec

TITLE
Supervisory Board Member
AGE
52
TENURE
9.7 yrs

Jenny Grey

TITLE
Supervisory Board Member
TENURE
2.7 yrs

Shirish Apte

TITLE
Supervisory Board Member
AGE
65
TENURE
15.7 yrs

Stephen Volk

TITLE
Supervisory Board Member
AGE
81
TENURE
9.3 yrs

Marc Raoul Luet

TITLE
Supervisory Board Member
AGE
55
TENURE
1.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (PLN) Value (PLN)
X
Management checks
We assess Bank Handlowy w Warszawie's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bank Handlowy w Warszawie has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Map
Description

Bank Handlowy w Warszawie S.A. provides a range of banking services for individual and corporate clients in Poland and internationally. The company operates through two segments, Institutional Bank and Consumer Bank. The company offers transaction services, including cash management products, such as deposits and current accounts; micro deposits; liquidity management products; payments and receivables processing; card products; European Union oriented advisory services; trade finance products; and custody services. It also engages in brokerage and leasing activities. In addition, the company provides treasury products on financial and commodity markets; cash loans, mortgage loans, and credit cards; and cash management, investment banking, and asset management services, as well as acts as an agent in the sale of investment and insurance products. Further, it offers Internet and mobile banking services, as well as involved in the proprietary transactions in the equity, debt, and derivative instruments markets. The company serves business entities, local government units, public sector, and individuals, as well as micro-enterprises and individual entrepreneurs. As of December 31, 2016, it operated a network of 25 branches. The company was founded in 1870 and is based in Warsaw, Poland. Bank Handlowy w Warszawie S.A. operates as a subsidiary of Citibank Overseas Investment Corporation.

Details
Name: Bank Handlowy w Warszawie S.A.
0DOS
Exchange: LSE
Founded: 1870
PLN8,767,259,160
130,659,600
Website: http://www.citibank.pl
Address: Bank Handlowy w Warszawie S.A.
ul. Senatorska 16,
Warsaw,
00-923,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE BHW Common Bearer Shares Warsaw Stock Exchange PL PLN 02. Jul 1997
LSE 0DOS Common Bearer Shares London Stock Exchange GB PLN 02. Jul 1997
Number of employees
Current staff
Staff numbers
3,396
Bank Handlowy w Warszawie employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/27 21:27
End of day share price update: 2018/11/30 00:00
Last estimates confirmation: 2019/02/14
Last earnings filing: 2018/11/14
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.