mBank S.A.

WSE:MBK Stock Report

Market Cap: zł61.7b

mBank Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Cezary Kocik

Chief executive officer

zł5.2m

Total compensation

CEO salary percentage68.90%
CEO tenure14.2yrs
CEO ownershipn/a
Management average tenure6.3yrs
Board average tenure3.3yrs

Recent management updates

Recent updates

Narrative Update • Jun 15

MBK: Higher P/E Assumptions Will Sustain An Overvalued Outlook

Analysts have raised their price target on mBank to PLN 1,112.66 from PLN 1,013.18, reflecting updated assumptions regarding fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News No recent news items, periodical coverage or key developments were provided for mBank, so there are currently no specific events to highlight based on the available sources.
Narrative Update • Jun 01

MBK: Higher P/E Multiple Will Pressure Returns Despite Softer Profit Assumptions

Analysts now set their mBank price target at PLN 892.0, up from PLN 841.4, reflecting updated views on revenue growth, profit margins, and a higher assumed future P/E multiple. What's in the News Analysts revise mBank price target to PLN 892.0 from PLN 841.4, reflecting updated assumptions on revenue, margins, and future P/E multiples.
Narrative Update • May 14

MBK: Firmer Profitability And Slightly Lower Future P/E Will Support Fair Value

Analysts have nudged their fair value estimate for mBank slightly higher from PLN 1,222.70 to PLN 1,224.00, citing updated assumptions on revenue growth, profit margins, and future P/E expectations. Valuation Changes Fair Value: PLN 1,222.70 to PLN 1,224.00, a very small upward adjustment in the intrinsic value estimate.
Narrative Update • Apr 21

MBK: Rich P/E And Softer Growth Assumptions Will Pressure Future Returns

Analysts have kept their PLN 841.40 price target for mBank unchanged, citing slightly adjusted assumptions for the discount rate, revenue growth, profit margin, and future P/E that broadly offset each other in their models. Valuation Changes Fair Value: PLN 841.40 fair value estimate is unchanged, indicating no shift in the overall valuation outcome.
Narrative Update • Apr 07

MBK: Stable Assumptions And Slightly Lower Discount Rate Will Sustain Overvaluation

Analysts have kept mBank's fair value unchanged at PLN 1,013.18, with minor adjustments to the discount rate and future P/E assumptions supporting a stable overall price target view. Valuation Changes Fair Value: PLN 1,013.18 remains unchanged, reflecting a stable central estimate for mBank's valuation.
Narrative Update • Mar 24

MBK: Refined Discount Rate And Profitability Assumptions Will Support Balanced Outlook

Analysts have nudged their mBank price target slightly higher from PLN 1,008.24 to PLN 1,013.18, citing updated assumptions around the discount rate, revenue growth, profit margin and forward P/E that modestly refine their valuation view. Valuation Changes Fair Value: PLN 1,008.24 to PLN 1,013.18, reflecting a slight upward adjustment in the modelled valuation level.
Narrative Update • Mar 09

MBK: Lower Margin Outlook And Richer P/E Will Eventually Unwind

Analysts have made a marginal upward adjustment to their mBank price target to PLN 841.40. This reflects updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations.
Narrative Update • Feb 23

MBK: Refined Profitability And P/E Assumptions Will Support A Balanced Outlook

The updated analyst price target for mBank is now PLN 1,008.24, a marginal change from PLN 1,008.23, with analysts pointing to modest adjustments in revenue growth, profit margin assumptions, and forward P/E expectations as the key drivers behind the recalibration. Valuation Changes Fair Value: PLN 1,008.23 to PLN 1,008.24, a marginal upward adjustment.
Narrative Update • Feb 08

MBK: Adjusted Profitability And Discount Rate Assumptions Will Shape Balanced Outlook

Analysts have lifted their fair value estimate for mBank from €973.67 to €1,008.23, citing adjustments to discount rate assumptions, updated revenue growth expectations, a revised profit margin outlook, and a slightly lower future P/E multiple. Valuation Changes Fair Value Estimate increased modestly from €973.67 to €1,008.23.
Narrative Update • Jan 24

MBK: Higher Margin And P/E Assumptions Will Ultimately Prove Too Optimistic

Analysts have lifted their fair value estimate for mBank from €626.00 to about €841.34, citing updated assumptions around revenue growth, profit margins, and the future P/E multiple that together point to a higher central valuation range. Valuation Changes Fair Value Estimate was lifted from €626.00 to about €841.34, marking a sizeable upward shift in the central value range used in the model.
Narrative Update • Jan 10

MBK: Higher Revenue Outlook And Richer Future P/E Will Support Upside

Analysts have lifted their price target on mBank from €961 to about €1,223, reflecting updated assumptions that combine higher revenue growth with a lower discount rate, a lower profit margin and a higher future P/E multiple. Valuation Changes Fair value estimate: raised from €961.00 to about €1,222.70, indicating a higher assessed equity value for mBank in the model.
Narrative Update • Dec 26

MBK: Modestly Higher Required Returns Will Guide Balanced Future Expectations

Narrative Update on mBank The analyst price target for mBank has been revised slightly lower to approximately $974 from about $993, as analysts modestly trim assumptions on revenue growth, profit margin, and future valuation multiples while applying a slightly higher discount rate. Valuation Changes The fair value estimate was reduced slightly from approximately PLN 993 to around PLN 974, reflecting modestly more conservative assumptions.
Narrative Update • Dec 11

MBK: Lower Discount Rate And Margin Pressure Will Shape Future Expectations

Analysts have modestly raised their price target on mBank to approximately $993 from about $979, citing slightly improved revenue growth expectations, a marginally lower discount rate, and a higher future price-to-earnings multiple that more than offset a negligible reduction in projected profit margins. Valuation Changes The fair value estimate has risen slightly to approximately 993 PLN from about 979 PLN, reflecting a modestly higher intrinsic valuation.
Narrative Update • Nov 27

MBK: Lower Discount Rate And Net Margin Will Offset Future Optimism

Analysts have raised their price target for mBank from PLN 869.83 to PLN 979.43, citing improved revenue growth projections and minor adjustments in discount rates as key factors influencing the update. Valuation Changes Fair Value Estimate: Increased from PLN 869.83 to PLN 979.43.
Narrative Update • Nov 09

MBK: Falling P E Ratio Will Expose Downside Risk In Share Price

Analysts have raised their price target for mBank from PLN 857.50 to PLN 869.83, citing improved profit margin and revenue growth expectations as key drivers of the higher valuation. What's in the News mBank S.A. will hold a Special/Extraordinary Shareholders Meeting on September 18, 2025, at 12:00 Central European Standard Time (Key Developments).
Analysis Article • Nov 02

zł870 - That's What Analysts Think mBank S.A. (WSE:MBK) Is Worth After These Results

Last week saw the newest third-quarter earnings release from mBank S.A. ( WSE:MBK ), an important milestone in the...
Narrative Update • Oct 26

Revenue Outlook And Lending Trends Will Drive Strong Performance Ahead

Analysts have raised their price target for mBank from PLN 836 to PLN 857.50, citing improved revenue growth forecasts, which more than offset a slightly lower profit margin projection. What's in the News Special/Extraordinary Shareholders Meeting scheduled for September 18, 2025, at 12:00 Central European Standard Time (Key Developments) Upcoming Analyst/Investor Day to discuss the Group’s key directions and priorities for 2026 to 2030 (Key Developments) mBank S.A. provided earnings guidance for the full year 2025, projecting revenues to exceed PLN 12 billion and surpass 2024 results (Key Developments) Valuation Changes Consensus Analyst Price Target has risen from PLN 836 to PLN 857.50.
Narrative Update • Sep 06

Digital Banking And Polish Lending Will Create Future Momentum

With both the discount rate and future P/E ratio remaining virtually flat, analysts have left their fair value estimate for mBank unchanged at PLN836.00. What's in the News Special/Extraordinary Shareholders Meeting scheduled to be held on Sep 18, 2025.
Analysis Article • Jul 19

Is Now The Time To Put mBank (WSE:MBK) On Your Watchlist?

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
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New Narrative • Dec 06

Enhanced PFM Services And Innovative Capital Strategies Will Significantly Boost Revenue And Net Margins

Expansion in client reach and PFM functionalities aims to boost revenue and improve customer retention, enhancing net margins.

CEO Compensation Analysis

How has Cezary Kocik's remuneration changed compared to mBank's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

zł4b

Dec 31 2025zł5mzł4m

zł4b

Sep 30 2025n/an/a

zł3b

Jun 30 2025n/an/a

zł3b

Mar 31 2025n/an/a

zł3b

Dec 31 2024zł4mzł3m

zł2b

Sep 30 2024n/an/a

zł1b

Jun 30 2024n/an/a

zł581m

Mar 31 2024n/an/a

zł144m

Dec 31 2023zł3mzł2m

zł24m

Sep 30 2023n/an/a

zł879m

Jun 30 2023n/an/a

-zł1b

Mar 31 2023n/an/a

-zł1b

Dec 31 2022zł2mzł2m

-zł703m

Sep 30 2022n/an/a

-zł3b

Jun 30 2022n/an/a

-zł863m

Mar 31 2022n/an/a

-zł984m

Dec 31 2021zł2mzł2m

-zł1b

Sep 30 2021n/an/a

zł278m

Jun 30 2021n/an/a

zł352m

Mar 31 2021n/an/a

zł330m

Dec 31 2020zł3mzł2m

zł104m

Sep 30 2020n/an/a

zł395m

Jun 30 2020n/an/a

zł653m

Mar 31 2020n/an/a

zł938m

Dec 31 2019zł3mzł2m

zł1b

Compensation vs Market: Cezary's total compensation ($USD1.41M) is above average for companies of similar size in the Polish market ($USD515.49K).

Compensation vs Earnings: Cezary's compensation has increased by more than 20% in the past year.

CEO

Cezary Kocik (55 yo)

14.2yrs
Tenure
zł5,225,219
Compensation

Mr. Cezary Kocik has been the President of the Management Board at mBank S.A. since October 2024. He served as Vice President of Management Board at mBank S.A. since 2024 until October 2024 and served as P...

Leadership Team

NamePositionTenureCompensationOwnership
Cezary Kocik
President of the Management Board & CEO14.2yrszł5.23mno data
Krzysztof Dabrowski
VP of the Management Board and Head of Operations & Information Technology9.2yrszł2.78mno data
Adam Pers
VP of the Management Board and Head of Corporate & Investment Banking8.7yrszł2.75mno data
Marek Lusztyn
VP of the Management Board & Chief Risk Officer5.7yrszł2.73mno data
Pascal Ruhland
CFO & Vice President of Management Board3.1yrszł2.94mno data
Krzysztof Bratos
VP of Management Board & Head of Retail Banking1.9yrszł2.76mno data
Julia Nusser
VP of the Management Board and Chief People & Regulatory Officerno datazł2.87mno data
Joanna Filipkowska
Head of Investor Relationsno datano datano data
Marcin Mazurek
Chief Economist6.3yrsno datano data
Karol Prazmo
Managing Director for Treasury & Investor Relationsno datano datano data
6.3yrs
Average Tenure

Experienced Management: MBK's management team is seasoned and experienced (6.3 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Bernhard Spalt
Deputy Chairman of the Supervisory Board2.4yrsno datano data
Agnieszka Slomka Golebiowska
Independent Chairwoman of the Supervisory Board11.7yrszł554.08kno data
Danuta Dabrowska
Independent Member of the Supervisory Boardless than a yearno datano data
Tomasz Bieske
Independent Member of the Supervisory Board9.2yrszł437.35kno data
Thomas Schaufler
Member of the Supervisory Board3.3yrsno datano data
Aleksandra Gren
Independent Member of the Supervisory Board6.4yrszł288.11kno data
Hans-Georg Beyer
Member of the Supervisory Board3.4yrszł243.00kno data
Carsten Schmitt
Member of the Supervisory Board1.4yrsno datano data
Sabrina Kensy
Member of the Supervisory Board1.4yrszł70.99kno data
3.3yrs
Average Tenure
53yo
Average Age

Experienced Board: MBK's board of directors are considered experienced (3.3 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/18 05:09
End of Day Share Price 2026/06/18 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

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

mBank S.A. is covered by 20 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Andrzej PowierzaCitigroup Inc
Gabor KemenyConCorde Securities Ltd.
Kazim AndaçDeutsche Bank