Bank Handlowy w Warszawie S.A.

WSE:BHW Stock Report

Market Cap: zł13.8b

Bank Handlowy w Warszawie Valuation

Is BHW undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BHW when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
zł269.01
Fair Value
59.5% undervalued intrinsic discount
6
Number of Analysts

Below Fair Value: BHW (PLN109) is trading below our estimate of fair value (PLN269.01)

Significantly Below Fair Value: BHW is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BHW?

Key metric: As BHW is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BHW. This is calculated by dividing BHW's market cap by their current earnings.
What is BHW's PE Ratio?
PE Ratio7.7x
Earningszł1.84b
Market Capzł13.83b

Price to Earnings Ratio vs Peers

How does BHW's PE Ratio compare to its peers?

The above table shows the PE ratio for BHW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.2x
MIL Bank Millennium
19.7x23.5%zł13.5b
BNP BNP Paribas Bank Polska
9.8x14.6%zł14.0b
ALR Alior Bank
5.3x-10.3%zł11.9b
MBK mBank
13.9x11.9%zł30.1b
BHW Bank Handlowy w Warszawie
7.7x-6.5%zł13.8b

Price-To-Earnings vs Peers: BHW is good value based on its Price-To-Earnings Ratio (7.7x) compared to the peer average (12.2x).

Price to Earnings Ratio vs Industry

How does BHW's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BHW 7.7xIndustry Avg. 8.3xNo. of Companies49PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BHW is good value based on its Price-To-Earnings Ratio (7.7x) compared to the European Banks industry average (8.3x).

Price to Earnings Ratio vs Fair Ratio

What is BHW's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BHW PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.7x
Fair PE Ratio7.7x

Price-To-Earnings vs Fair Ratio: BHW is expensive based on its Price-To-Earnings Ratio (7.7x) compared to the estimated Fair Price-To-Earnings Ratio (7.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BHW forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentzł109.00
zł107.80
-1.1%
11.8%zł131.00zł91.80n/a6
Feb ’26zł98.00
zł107.80
+10.0%
11.8%zł131.00zł91.80n/a6
Jan ’26zł88.70
zł107.80
+21.5%
11.8%zł131.00zł91.80n/a6
Dec ’25zł86.00
zł107.97
+25.5%
11.8%zł131.00zł91.80n/a6
Nov ’25zł89.80
zł110.13
+22.6%
12.0%zł131.00zł91.80n/a6
Oct ’25zł90.20
zł109.80
+21.7%
12.3%zł131.00zł91.80n/a6
Sep ’25zł94.50
zł109.80
+16.2%
12.3%zł131.00zł91.80n/a6
Aug ’25zł95.00
zł109.30
+15.1%
12.4%zł131.00zł91.80n/a6
Jul ’25zł99.10
zł114.04
+15.1%
14.3%zł140.50zł91.80n/a7
Jun ’25zł107.40
zł114.04
+6.2%
14.3%zł140.50zł91.80n/a7
May ’25zł112.00
zł117.25
+4.7%
13.2%zł140.50zł93.00n/a6
Apr ’25zł108.60
zł116.73
+7.5%
13.5%zł140.50zł93.00n/a6
Mar ’25zł108.80
zł113.42
+4.2%
12.8%zł140.50zł93.00zł109.006
Feb ’25zł103.80
zł105.92
+2.0%
16.3%zł140.50zł87.00zł98.006
Jan ’25zł101.40
zł105.92
+4.5%
16.3%zł140.50zł87.00zł88.706
Dec ’24zł98.10
zł101.53
+3.5%
9.4%zł114.20zł87.00zł86.006
Nov ’24zł86.30
zł94.33
+9.3%
17.5%zł114.20zł65.00zł89.806
Oct ’24zł79.80
zł94.83
+18.8%
16.5%zł114.20zł68.00zł90.206
Sep ’24zł86.80
zł93.50
+7.7%
16.6%zł114.20zł68.00zł94.506
Aug ’24zł87.90
zł93.00
+5.8%
17.6%zł114.20zł65.00zł95.006
Jul ’24zł86.40
zł88.84
+2.8%
16.6%zł111.40zł65.00zł99.105
Jun ’24zł83.50
zł83.06
-0.5%
19.3%zł111.40zł65.00zł107.405
May ’24zł89.90
zł86.26
-4.0%
15.6%zł111.40zł71.90zł112.005
Apr ’24zł81.60
zł82.15
+0.7%
9.5%zł96.40zł71.90zł108.606
Mar ’24zł83.90
zł80.96
-3.5%
10.6%zł96.40zł71.90zł108.806
Analyst Price Target
Consensus Narrative from 6 Analysts
zł107.80
Fair Value
1.1% overvalued intrinsic discount
6
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/03/05 20:18
End of Day Share Price 2025/03/05 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Bank Handlowy w Warszawie S.A. is covered by 25 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kamil KliszczBiuro maklerskie mBanku
Maciej SzczesnyBofA Global Research
Maxence Patrick Le Gouvello du TimatCA Cheuvreux