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mBank

LSE:0DU3
Snowflake Description

Adequate balance sheet with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
0DU3
LSE
PLN18B
Market Cap
  1. Home
  2. GB
  3. Banks
Company description

mBank S.A. provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally. The last earnings update was 57 days ago. More info.


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0DU3 Share Price and Events
7 Day Returns
0.7%
LSE:0DU3
-1.3%
GB Banks
1.2%
GB Market
1 Year Returns
-
LSE:0DU3
-9.9%
GB Banks
2.5%
GB Market
0DU3 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
mBank (0DU3) 0.7% 1.8% -4.8% - 36.7% -17.2%
GB Banks -1.3% 6.6% 5.5% -9.9% 14.8% -12.4%
GB Market 1.2% 5.3% 9.8% 2.5% 16.9% 6.7%
1 Year Return vs Industry and Market
  • No trading data on 0DU3.
  • No trading data on 0DU3.
Price Volatility
0DU3
Industry
5yr Volatility vs Market

Value

 Is mBank 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 mBank 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

Below are the data sources, inputs and calculation used to determine the intrinsic value for mBank.

LSE:0DU3 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 6 analysts.
= Stable Book Value * Return on Equity
= PLN439.57 * 8.6%
PLN38.00
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. PLN439.57
Discount Rate (Cost of Equity) See below 9.9%
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:0DU3
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 7.1%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.595 (1 + (1- 19%) (149.29%))
1.211
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.21
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (1.211 * 7.14%)
9.87%

Discounted Cash Flow Calculation for LSE:0DU3 using Excess Returns Model Model

The calculations below outline how an intrinsic value for mBank 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:0DU3 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.6% – 9.87%) * PLN439.57)
PLN-5.40
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= PLN-5.40 / (9.87% - 1.23%)
PLN-62.44
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= PLN439.57 + PLN-62.44
PLN377.12
LSE:0DU3 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in LSE:0DU3 represents 1.01754x of WSE:MBK
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.01754x
Value per Share
(Listing Adjusted, PLN)
= Value per Share (PLN) x Listing Adjustment Factor
= PLN 377.12 x 1.01754
PLN383.74
Value per share (PLN) From above. PLN383.74
Current discount Discount to share price of PLN440.80
= -1 x (PLN440.80 - PLN383.74) / PLN383.74
-14.9%

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

  • The current share price of mBank is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 mBank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are mBank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:0DU3 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in PLN PLN31.11
WSE:MBK Share Price ** WSE (2019-04-25) in PLN PLN433.2
United Kingdom of Great Britain and Northern Ireland Banks Industry PE Ratio Median Figure of 15 Publicly-Listed Banks Companies 9.92x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 797 Publicly-Listed Companies 16.3x

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

** Primary Listing of mBank.

LSE:0DU3 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 433.2 ÷ 31.11

13.93x

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

  • mBank is overvalued based on earnings compared to the GB Banks industry average.
  • mBank is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does mBank's expected growth come at a high price?
Raw Data
LSE:0DU3 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.93x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
5.6%per year
United Kingdom of Great Britain and Northern Ireland Banks Industry PEG Ratio Median Figure of 14 Publicly-Listed Banks Companies 0.84x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 566 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

LSE:0DU3 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.93x ÷ 5.6%

2.5x

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

  • mBank is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on mBank's assets?
Raw Data
LSE:0DU3 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in PLN PLN359.35
WSE:MBK Share Price * WSE (2019-04-25) in PLN PLN433.2
United Kingdom of Great Britain and Northern Ireland Banks Industry PB Ratio Median Figure of 16 Publicly-Listed Banks Companies 0.87x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,367 Publicly-Listed Companies 1.52x
LSE:0DU3 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 433.2 ÷ 359.35

1.21x

* Primary Listing of mBank.

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

  • mBank is overvalued based on assets compared to the GB Banks industry average.
X
Value checks
We assess mBank'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. mBank 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 mBank 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
5.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is mBank expected to grow at an attractive rate?
  • mBank's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • mBank's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • mBank's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:0DU3 Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:0DU3 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 5.6%
LSE:0DU3 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 7.9%
United Kingdom of Great Britain and Northern Ireland Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.9%
United Kingdom of Great Britain and Northern Ireland Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 11%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:0DU3 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 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:0DU3 Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,784
2022-12-31 5,829 1,605 1
2021-12-31 5,932 1,550 4
2020-12-31 5,567 1,454 8
2019-12-31 5,231 1,265 4
LSE:0DU3 Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-12-31 4,515 -10,456 1,316
2018-09-30 4,432 -6,210 1,295
2018-06-30 4,385 -7,924 1,301
2018-03-31 4,403 -1,561 1,284
2017-12-31 4,059 -2,843 1,092
2017-09-30 4,040 -3,510 1,072
2017-06-30 3,963 -944 1,011
2017-03-31 4,046 -1,219 1,130
2016-12-31 4,016 -1,348 1,219
2016-09-30 4,023 -1,940 1,236
2016-06-30 4,001 -2,497 1,325
2016-03-31 3,665 -48 1,158

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • mBank's earnings are expected to grow by 5.6% yearly, however this is not considered high growth (20% yearly).
  • mBank's revenue is expected to grow by 7.9% 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:0DU3 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from mBank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0DU3 Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 42.20 42.20 42.20 1.00
2022-12-31 37.95 40.20 35.70 2.00
2021-12-31 36.95 38.41 34.50 5.00
2020-12-31 34.79 37.70 32.10 8.00
2019-12-31 29.90 29.90 29.90 2.00
LSE:0DU3 Past Financials Data
Date (Data in PLN Millions) EPS *
2018-12-31 31.11
2018-09-30 30.61
2018-06-30 30.76
2018-03-31 30.35
2017-12-31 25.81
2017-09-30 25.36
2017-06-30 23.93
2017-03-31 26.74
2016-12-31 28.86
2016-09-30 29.27
2016-06-30 31.38
2016-03-31 27.42

*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.
  • mBank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess mBank'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.
mBank has a total score of 2/6, 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 mBank 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 mBank'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.
  • mBank's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • mBank's 1-year earnings growth exceeds its 5-year average (20.6% vs -1.1%)
  • mBank's earnings growth has not exceeded the GB Banks industry average in the past year (20.6% vs 42.2%).
Earnings and Revenue History
mBank'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 mBank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0DU3 Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 4,515.22 1,316.45 426.57
2018-09-30 4,431.98 1,295.35 2,062.53
2018-06-30 4,385.29 1,301.49 2,053.55
2018-03-31 4,403.10 1,283.75 2,042.92
2017-12-31 4,058.65 1,091.53 374.59
2017-09-30 4,040.32 1,072.41 740.05
2017-06-30 3,963.06 1,011.47 1,186.20
2017-03-31 4,046.02 1,130.28 2,046.81
2016-12-31 4,016.19 1,219.28 1,940.45
2016-09-30 4,022.78 1,236.25 2,095.41
2016-06-30 4,001.40 1,325.27 2,058.82
2016-03-31 3,665.01 1,158.09 2,053.49
2015-12-31 3,751.05 1,301.25 2,025.91
2015-09-30 3,585.05 1,300.38 1,450.72
2015-06-30 3,573.72 1,296.33 1,016.92
2015-03-31 3,670.63 1,399.83 191.24
2014-12-31 3,548.73 1,286.67 178.72
2014-09-30 3,556.03 1,292.25 1,743.20
2014-06-30 3,471.15 1,265.38 1,713.70
2014-03-31 3,364.59 1,218.41 1,677.59
2013-12-31 3,291.21 1,206.38 1,648.03
2013-09-30 3,200.57 1,158.84 438.26
2013-06-30 3,192.66 1,150.32 866.69
2013-03-31 3,232.44 1,191.99 1,978.92
2012-12-31 3,236.17 1,197.32 1,636.26
2012-09-30 3,285.26 1,215.49 237.51
2012-06-30 3,325.52 1,242.68 236.56

*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.
  • mBank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • mBank used its assets more efficiently than the GB Banks industry average last year based on Return on Assets.
  • Unable to establish if mBank 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 mBank'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.
mBank 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 mBank'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 mBank'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 mBank Company Filings, last reported 3 months ago.

LSE:0DU3 Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 15,216.08 27,380.95 11,487.59
2018-09-30 14,802.55 32,485.82 14,382.13
2018-06-30 14,520.61 30,144.27 11,241.60
2018-03-31 14,486.34 27,001.62 11,685.65
2017-12-31 14,291.56 25,881.23 8,869.78
2017-09-30 13,967.46 31,705.66 8,063.08
2017-06-30 13,680.44 30,096.36 10,183.07
2017-03-31 13,338.28 31,390.65 11,390.95
2016-12-31 13,051.16 31,258.19 13,781.98
2016-09-30 12,970.54 35,675.04 10,933.12
2016-06-30 12,797.00 33,943.70 11,169.61
2016-03-31 12,627.40 31,477.77 9,242.88
2015-12-31 12,274.96 30,984.46 9,463.72
2015-09-30 11,923.08 40,028.76 12,198.30
2015-06-30 11,547.53 38,528.79 9,487.80
2015-03-31 11,599.86 46,196.40 13,343.94
2014-12-31 11,072.98 38,774.54 12,975.59
2014-09-30 10,779.92 42,662.27 11,947.70
2014-06-30 10,319.42 42,354.80 8,212.18
2014-03-31 9,866.20 37,803.18 9,934.08
2013-12-31 10,256.44 35,471.01 10,700.68
2013-09-30 9,964.42 37,369.91 6,598.15
2013-06-30 9,688.04 42,170.32 10,087.51
2013-03-31 9,978.30 36,543.94 7,627.59
2012-12-31 9,618.92 34,827.32 13,653.62
2012-09-30 9,185.82 36,404.40 6,997.00
2012-06-30 8,824.32 34,957.91 3,573.57
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.
  • mBank has an acceptable proportion of non-loan assets held.
  • mBank's liabilities are made up of primarily low risk sources of funding.
  • Loans at mBank are broadly funded by customer deposits.
  • mBank's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • mBank has a low allowance for bad loans.
  • mBank has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess mBank'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. mBank 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 mBank'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
1.19%
Current annual income from mBank dividends. Estimated to be 2.58% next year.
If you bought PLN2,000 of mBank shares you are expected to receive PLN24 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?
  • mBank's pays a lower dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.02%).
  • mBank's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.1%).
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:0DU3 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%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 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:0DU3 Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 20.91 3.00
2022-12-31 17.08 3.00
2021-12-31 10.90 6.00
2020-12-31 9.75 8.00
2019-12-31 6.37 7.00
LSE:0DU3 Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-02-28 5.150 1.215
2016-02-04 0.000 0.000
2015-10-30 0.000 0.000
2015-10-29 0.000 0.000
2015-07-30 0.000 0.000
2015-06-22 0.000 0.000
2015-04-29 0.000 0.000
2015-03-02 0.000 0.000
2014-10-30 17.000 3.581
2014-07-30 17.000 3.533
2014-04-29 17.000 3.393
2014-03-03 17.000 3.276
2014-02-06 10.000 1.888
2013-10-31 10.000 1.954
2013-08-01 10.000 2.155
2013-03-07 10.000 2.721

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

  • Whilst dividend payments have been stable, mBank has been paying a dividend for less than 10 years.
  • mBank has only been paying a dividend for 6 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of mBank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.4x coverage).
X
Income/ dividend checks
We assess mBank's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 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 mBank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. mBank has a total score of 2/6, 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 mBank'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
Cezary Stypulkowski
COMPENSATION PLN5,061,777
AGE 62
TENURE AS CEO 8.5 years
CEO Bio

Mr. Cezary Stypulkowski serves as the President of the Management Board and Chief Executive Officer at mBank SA. Mr. Stypulkowsk chaired the management board of Bank Handlowy S.A. for thirteen years, made it the leader of corporate and investment banking in Poland together with his team and successfully turned it into a public company. He was appointed as President of the management board of PZU Group in 2003. From 2006 to 2010 he worked for J.P Morgan in London, from 2007 as Managing Director of J.P. Morgan Investment Bank in Central and Eastern Europe. He was also a member of the Deutsche Bank Board International Advisory Board, INSEAD International Advisory Board, a member of the board of the Institute of International Finance in Washington and the Geneva Association. From 2012 he has been a joint chairman of the Emerging Markets Advisory Council of the IIF in Washington. He holds a Ph.D. in law from the University of Warsaw. In late 1980s, he studied at Columbia University Business School in New York as a member of the Fulbright Program.

CEO Compensation
  • Cezary's compensation has increased by more than 20% in the past year.
  • Cezary'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 and age of the mBank management team in years:

4
Average Tenure
55
Average Age
  • The tenure for the mBank management team is about average.
Management Team

Cezary Stypulkowski

TITLE
President of the Management Board & CEO
COMPENSATION
PLN5M
AGE
62
TENURE
8.5 yrs

Cezary Kocik

TITLE
VP of the Management Board & Head of Retail Banking
COMPENSATION
PLN3M
AGE
47
TENURE
7.3 yrs

Lidia Jablonowska-Luba

TITLE
VP of the Management Board & Chief Risk Officer
COMPENSATION
PLN2M
AGE
55
TENURE
6 yrs

Andreas Böger

TITLE
Vice-President of the Management Board & CFO
COMPENSATION
PLN2M
TENURE
1.8 yrs

Krzysztof Dabrowski

TITLE
VP of the Management Board and Head of Operations & Information Technology
COMPENSATION
PLN2M

Frank Bock

TITLE
VP of the Management Board & Head of Financial Markets
COMPENSATION
PLN2M
TENURE
1.9 yrs

Adam Pers

TITLE
VP of the Management Board and Head of Corporate & Investment Banking
COMPENSATION
PLN2M
TENURE
1.5 yrs

Joanna Filipkowska

TITLE
Deputy Head of Investor Relations Equity Investors & Analysts
Board of Directors Tenure

Average tenure and age of the mBank board of directors in years:

3.1
Average Tenure
53.5
Average Age
  • The tenure for the mBank board of directors is about average.
Board of Directors

Maciej Lesny

TITLE
Supervisory Board Chairman
AGE
72
TENURE
15.3 yrs

Stephan Engels

TITLE
Deputy Chairman of the Supervisory Board
AGE
56
TENURE
2.3 yrs

Andre Carls

TITLE
Supervisory Board Member
AGE
55
TENURE
10.6 yrs

Marcus Chromik

TITLE
Supervisory Board Member
AGE
46
TENURE
3.3 yrs

Tomasz Bieske

TITLE
Supervisory Board Member
TENURE
2 yrs

Teresa Mokrysz

TITLE
Supervisory Board Member
AGE
66
TENURE
17 yrs

Agnieszka Slomka-Golebiowska

TITLE
Supervisory Board Member
AGE
42
TENURE
4.5 yrs

Ralph Mandel

TITLE
Supervisory Board Member
AGE
52
TENURE
2.9 yrs

Jörg Hessenmüller

TITLE
Member of the Supervisory Board
COMPENSATION
PLN403K
AGE
48
TENURE
2.3 yrs

Janusz Fiszer

TITLE
Supervisory Board Member
TENURE
2.1 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 mBank'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. mBank 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

Description

mBank S.A. provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally. The company’s Retail Banking segment accepts current and savings accounts, accounts for microenterprises, credit products, deposit products, payment cards, investment products, insurance products, brokerage services, and leasing for microenterprises. Its Corporates and Financial Markets segment offers traditional banking products and services, including corporate accounts, domestic and international money transfers, payment cards, cash services, and liquidity management products; and corporate finance products, hedging instruments, equity capital market services, debt capital market instruments, mergers and acquisitions, and leasing and factoring services. mBank S.A. operates 279 retail banking branches; and 29 corporate branches and 16 corporate offices. The company was formerly known as BRE Bank S.A. and changed its name to mBank S.A. in November 2013. mBank S.A. was founded in 1986 and is headquartered in Warsaw, Poland. mBank S.A. is a subsidiary of Commerzbank AG.

Details
Name: mBank S.A.
0DU3
Exchange: LSE
Founded: 1986
PLN18,340,380,602
42,336,982
Website: http://www.mbank.pl
Address: mBank S.A.
ul. Senatorska 18,
Warsaw,
00-950,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE MBK Ordinary Bearer Shares Warsaw Stock Exchange PL PLN 08. Jun 1993
DB BRU Ordinary Bearer Shares Deutsche Boerse AG DE EUR 08. Jun 1993
LSE 0DU3 Ordinary Bearer Shares London Stock Exchange GB PLN 08. Jun 1993
Number of employees
Current staff
Staff numbers
6,524
mBank employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 21:21
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/01
Last earnings filing: 2019/02/27
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.