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Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna

WSE:PKO
Snowflake Description

Proven track record with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PKO
WSE
PLN47B
Market Cap
  1. Home
  2. PL
  3. Banks
Company description

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna provides commercial banking services to resident and non-resident retail, corporate, and other customers in Poland and Ukraine. The last earnings update was 3 days ago. More info.


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PKO Share Price and Events
7 Day Returns
-0.3%
WSE:PKO
-1.8%
PL Banks
-0.9%
PL Market
1 Year Returns
-7.5%
WSE:PKO
-9%
PL Banks
-7.4%
PL Market
PKO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (PKO) -0.3% -4.2% -4.6% -7.5% 59.9% -8.4%
PL Banks -1.8% -7.8% -6% -9% 17.3% -23%
PL Market -0.9% -7.5% -6.6% -7.4% 9.6% -11.5%
1 Year Return vs Industry and Market
  • PKO outperformed the Banks industry which returned -9% over the past year.
Price Volatility
PKO
Industry
5yr Volatility vs Market

PKO Value

 Is Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna.

WSE:PKO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 12 analysts.
= Stable Book Value * Return on Equity
= PLN36.38 * 10.6%
PLN3.84
Book Value of Equity per Share Weighted future Book Value estimates from 12 analysts. PLN36.38
Discount Rate (Cost of Equity) See below 9.9%
Perpetual Growth Rate 10-Year PL Government Bond Rate 2.9%

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 WSE:PKO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.58
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.584 (1 + (1- 19%) (82.63%))
0.983
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.98
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.983 * 7.14%)
9.87%

Discounted Cash Flow Calculation for WSE:PKO using Excess Returns Model Model

The calculations below outline how an intrinsic value for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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.

WSE:PKO Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.6% – 9.87%) * PLN36.38)
PLN0.25
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= PLN0.25 / (9.87% - 2.85%)
PLN3.61
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= PLN36.38 + PLN3.61
PLN39.99
WSE:PKO Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN39.99
Current discount Discount to share price of PLN37.60
= -1 x (PLN37.60 - PLN39.99) / PLN39.99
6%

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

Current Discount
Amount off the current price Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is available for.
Intrinsic value
6%
Share price is PLN37.6 vs Future cash flow value of PLN39.99
Current Discount Checks
For Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:PKO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in PLN PLN3.08
WSE:PKO Share Price ** WSE (2019-05-17) in PLN PLN37.6
Poland Banks Industry PE Ratio Median Figure of 10 Publicly-Listed Banks Companies 13.3x
Poland Market PE Ratio Median Figure of 462 Publicly-Listed Companies 10.69x

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

** Primary Listing of Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna.

WSE:PKO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 37.6 ÷ 3.08

12.22x

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

  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is good value based on earnings compared to the PL Banks industry average.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's expected growth come at a high price?
Raw Data
WSE:PKO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.22x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
6.9%per year
Poland Banks Industry PEG Ratio Median Figure of 9 Publicly-Listed Banks Companies 1.41x
Poland Market PEG Ratio Median Figure of 113 Publicly-Listed Companies 0.93x

*Line of best fit is calculated by linear regression .

WSE:PKO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.22x ÷ 6.9%

1.77x

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

  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's assets?
Raw Data
WSE:PKO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in PLN PLN31.29
WSE:PKO Share Price * WSE (2019-05-17) in PLN PLN37.6
Poland Banks Industry PB Ratio Median Figure of 13 Publicly-Listed Banks Companies 1.05x
Poland Market PB Ratio Median Figure of 688 Publicly-Listed Companies 0.97x
WSE:PKO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 37.6 ÷ 31.29

1.2x

* Primary Listing of Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna.

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

  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is overvalued based on assets compared to the PL Banks industry average.
X
Value checks
We assess Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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. Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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.

PKO Future Performance

 How is Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna expected to perform in the next 1 to 3 years based on estimates from 13 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
6.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna expected to grow at an attractive rate?
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's earnings growth is positive but not above the Poland market average.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's revenue growth is positive but not above the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:PKO Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:PKO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 6.9%
WSE:PKO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 5%
Poland Banks Industry Earnings Growth Rate Market Cap Weighted Average 11%
Poland Banks Industry Revenue Growth Rate Market Cap Weighted Average 7.8%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.5%

*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
WSE:PKO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:PKO Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 15,660 5,393 1
2022-12-31 16,915 5,045 2
2021-12-31 15,936 4,771 12
2020-12-31 15,069 4,418 13
2019-12-31 14,513 4,154 5
WSE:PKO Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-03-31 11,953 3,846
2018-12-31 11,964 -10,623 3,741
2018-09-30 11,721 -7,312 3,552
2018-06-30 11,449 -3,075 3,412
2018-03-31 11,252 -1,355 3,336
2017-12-31 10,953 2,696 3,104
2017-09-30 10,597 -1,271 2,877
2017-06-30 10,424 -2,536 2,744
2017-03-31 10,438 -8,024 2,760
2016-12-31 10,169 -1,496 2,874
2016-09-30 10,063 -6,519 2,725
2016-06-30 9,776 -6,785 2,771

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's earnings are expected to grow by 6.9% yearly, however this is not considered high growth (20% yearly).
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's revenue is expected to grow by 5% 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
WSE:PKO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:PKO Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 4.31 4.94 3.68 3.00
2022-12-31 4.03 4.48 3.53 3.00
2021-12-31 3.81 4.46 3.40 12.00
2020-12-31 3.54 3.88 3.30 13.00
2019-12-31 3.32 3.39 3.27 3.00
WSE:PKO Past Financials Data
Date (Data in PLN Millions) EPS *
2019-03-31 3.08
2018-12-31 2.99
2018-09-30 2.84
2018-06-30 2.73
2018-03-31 2.67
2017-12-31 2.48
2017-09-30 2.30
2017-06-30 2.20
2017-03-31 2.21
2016-12-31 2.30
2016-09-30 2.18
2016-06-30 2.22

*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.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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 Poland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Poland 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.
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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.

PKO Past Performance

  How has Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's year on year earnings growth rate has been positive over the past 5 years.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's 1-year earnings growth exceeds its 5-year average (15.3% vs 2.4%)
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's earnings growth has exceeded the PL Banks industry average in the past year (15.3% vs 9.4%).
Earnings and Revenue History
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:PKO Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 11,953.00 3,846.00 4,287.00
2018-12-31 11,964.00 3,741.00 5,777.00
2018-09-30 11,721.00 3,552.00 5,853.00
2018-06-30 11,449.00 3,412.00 5,789.00
2018-03-31 11,252.00 3,336.00 5,730.00
2017-12-31 10,953.00 3,104.00 5,630.00
2017-09-30 10,597.00 2,877.00 5,710.00
2017-06-30 10,424.00 2,744.00 5,766.00
2017-03-31 10,438.00 2,760.00 5,790.00
2016-12-31 10,169.00 2,874.00 5,590.00
2016-09-30 10,062.94 2,725.19 6,039.74
2016-06-30 9,775.87 2,771.44 5,947.62
2016-03-31 9,257.86 2,601.32 5,927.35
2015-12-31 9,195.00 2,609.50 5,973.00
2015-09-30 9,126.30 2,887.93 5,296.14
2015-06-30 9,206.35 2,946.05 5,119.48
2015-03-31 9,362.10 3,098.73 5,203.87
2014-12-31 9,295.99 3,254.12 4,477.40
2014-09-30 9,488.30 3,469.82 4,391.11
2014-06-30 9,109.37 3,348.74 4,236.90
2014-03-31 8,792.36 3,245.95 3,777.55
2013-12-31 8,692.89 3,229.79 4,117.20
2013-09-30 8,533.71 3,155.74 4,921.72
2013-06-30 8,763.74 3,324.46 4,700.42
2013-03-31 8,995.80 3,520.28 4,471.91
2012-12-31 9,322.83 3,738.64 4,234.09
2012-09-30 9,391.97 3,826.23 3,419.58
2012-06-30 9,489.33 3,922.24 3,700.39

*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.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna used its assets more efficiently than the PL Banks industry average last year based on Return on Assets.
  • Unable to establish if Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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.
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna has a total score of 4/6, 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.

PKO Health

 How is Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna Company Filings, last reported 1 month ago.

WSE:PKO Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 39,101.00 38,834.00 32,977.00
2018-12-31 39,101.00 38,834.00 32,977.00
2018-09-30 37,713.00 37,486.00 24,677.00
2018-06-30 36,776.00 37,148.00 18,893.00
2018-03-31 36,557.00 36,123.00 23,345.00
2017-12-31 36,256.00 34,794.00 26,634.00
2017-09-30 35,340.00 39,688.00 25,351.00
2017-06-30 34,340.00 40,272.00 20,734.00
2017-03-31 33,336.00 43,815.00 24,510.00
2016-12-31 32,569.00 43,669.00 22,362.00
2016-09-30 32,318.74 38,299.54 23,621.17
2016-06-30 31,588.89 38,415.69 22,640.05
2016-03-31 31,034.86 37,552.44 24,383.89
2015-12-31 30,264.90 37,929.40 26,795.60
2015-09-30 29,577.50 42,909.76 18,699.97
2015-06-30 28,730.85 43,988.17 21,797.79
2015-03-31 28,264.84 46,579.87 21,740.95
2014-12-31 27,615.55 43,795.47 21,107.12
2014-09-30 27,002.26 41,194.85 19,203.83
2014-06-30 26,013.65 40,589.46 16,771.97
2014-03-31 25,938.91 23,890.52 18,678.00
2013-12-31 25,154.33 22,656.29 14,476.86
2013-09-30 24,451.61 23,293.60 18,317.21
2013-06-30 23,665.60 22,099.60 14,488.45
2013-03-31 25,422.36 21,632.03 15,831.44
2012-12-31 24,436.41 20,820.70 16,627.81
2012-09-30 23,770.01 21,977.80 16,314.40
2012-06-30 23,007.73 18,980.71 14,872.13
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.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna has an acceptable proportion of non-loan assets held.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's liabilities are made up of primarily low risk sources of funding.
  • Loans at Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna are broadly funded by customer deposits.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna has a low allowance for bad loans.
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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. Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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.

PKO Dividends

 What is Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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
1.46%
Current annual income from Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna dividends. Estimated to be 5.09% next year.
If you bought PLN2,000 of Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna shares you are expected to receive PLN29 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?
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's pays a lower dividend yield than the bottom 25% of dividend payers in Poland (2.8%).
  • Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's dividend is below the markets top 25% of dividend payers in Poland (7.94%).
Upcoming dividend payment

Purchase Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
WSE:PKO 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 13 Analyst Estimates (S&P Global) See Below
Poland Banks Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.5%
Poland Market Average Dividend Yield Market Cap Weighted Average of 201 Stocks 4.1%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.5%
Poland Bottom 25% Dividend Yield 25th Percentile 2.8%
Poland Top 25% Dividend Yield 75th Percentile 7.9%

Industry and Market average data is calculated daily.

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

WSE:PKO Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.42 4.00
2022-12-31 2.22 4.00
2021-12-31 2.10 13.00
2020-12-31 1.76 14.00
2019-12-31 1.59 11.00
WSE:PKO Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-05-22 0.550 1.382
2015-03-16 0.000 0.000
2014-11-06 0.750 2.151
2014-09-01 0.750 1.969
2014-05-02 0.750 1.925
2013-05-13 1.800 4.644
2013-03-04 1.800 5.276
2012-08-06 1.270 3.566
2012-03-05 1.270 3.864
2011-03-07 1.980 5.346
2010-10-14 1.900 4.388
2009-06-16 1.000 2.752

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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - 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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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.

PKO Management

 What is the CEO of Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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
Zbigniew Jagiello
COMPENSATION PLN3,028,000
AGE 54
TENURE AS CEO 9.7 years
CEO Bio

Zbigniew Jagiello has served as the President of Powszechna Kasa Oszczednosci Bank Polski SA (“PKO Bank Polski”) Management Board since October 2009. He served as Chairman of Supervisory Board of Nordea Bank Polska S.A. Earlier, for nearly nine years he had been the President of Pioneer Pekao TFI S.A. Management Board. Also, within the global structure of Pioneer Investments he was responsible for the CEE region distribution. In the late 1990s he was, among others, active in establishing PKO/Credit Suisse TFI S.A. mutual funds company, in the function of its first Vice-President. In his twenty-year long career in the financial markets he can be credited, among other things, with: ?Successfully steering PKO Bank Polski through the critical period of turmoil in the international financial markets, while strengthening the Bank’s position of leadership in terms of assets, equity funds and earnings in Poland and the CEE region; ?Development and implementation of the PKO Bank Polski’s strategies for the years 2010-2012 and 2013-2015, which resulted in strong assets growth and efficiency gains as well as in increased interest in the company among domestic and international investors; ?Adjustment of PKO Bank Polski to the requirements of the ever more competitive financial market through increased attractiveness of its product offer and quality of its customer service; ?Refocusing of the PKO Bank Polski Group’s operational model toward its core activity of providing financial services. Actively involved in development and promotion of the most demanding financial market standards in Poland. He is a member of the Council of the Polish Bank Association and of the prestigious Institut International D’Etudes Bancaires, which brings together the international banking community. His previous functions included, among others, that of the Chairman of the Chamber of Fund and Asset Management. A graduate of the School of Computer Science and Management Wroclaw Technical University, he also completed Postgraduate Management Studies at the Gdansk Foundation for Management Development and the University of Gdansk, with Executive MBA certified by the Rotterdam School of Management, Erasmus University. The President of the Republic of Poland decorated him with the Officer's Cross of the Order of Rebirth of Poland, he was also awarded the Social Solidarity Medal for promoting the idea of corporate social responsibility. Chairman of the Programme Council of the PKO Bank Polski Foundation, an entity formed at his initiative in the year 2010. Winner of numerous awards and honours. Chosen the CEO of the Year 2011 by Gazeta Gieldy Parkiet; the recipient of the Wektor 2011 award granted by the Polish Employers’ Chapter and of the Golden Banker award in the Personality of the Year 2011 category. Lauded the Manager of the Year in 2011, 2014 and 2016 in a competition ran by Gazeta Bankowa. In 2012 Bloomberg Businessweek Polska singled him out as one of the “Top 20 Managers in Crisis” and named him to the “TOP 20 Best Managers in Polish Economy 2014. In 2013 honoured by Miesiecznik Finansowy Bank with the title of “The Innovator of Banking Sector 2012”. Received the title of “Man of the Year 2013” from Brief magazine and “visionary of 2013” from Dziennik Gazeta Prawna. In 2014, chosen as one of the “25 Most Valuable Managers in Polish Finance Industry” by Gazeta Finansowa. In 2015 he was also recognized as the most pro- marketing CEO by the Mediarun website.

CEO Compensation
  • Zbigniew's compensation has been consistent with company performance over the past year.
  • Insufficient data for Zbigniew to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna management team in years:

2.8
Average Tenure
52
Average Age
  • The tenure for the Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna management team is about average.
Management Team

Zbigniew Jagiello

TITLE
President of the Management Board
COMPENSATION
PLN3M
AGE
54
TENURE
9.7 yrs

Jakub Papierski

TITLE
Vice President of Management Board
COMPENSATION
PLN2M
AGE
47

Piotr Mazur

TITLE
VP of Management Board & Chief Risk Officer
COMPENSATION
PLN2M
AGE
52
TENURE
6.3 yrs

Mieczyslaw Król

TITLE
Vice President of the Management Board
COMPENSATION
PLN805K
AGE
60
TENURE
2.9 yrs

Maks Kraczkowski

TITLE
Vice President of the Management Board
COMPENSATION
PLN698K
AGE
39
TENURE
2.8 yrs

Jan Rosciszewski

TITLE
VP of the Management Board & Acting Head of Retail Banking Area
COMPENSATION
PLN630K
AGE
53
TENURE
2.8 yrs

Adam Marciniak

TITLE
Vice President of Management Board
TENURE
1.6 yrs

Rafal Kozlowski

TITLE
Vice President of Management Board
TENURE
1.3 yrs

Rafal Antczak

TITLE
Vice-President of the Management Board
AGE
48
TENURE
1.9 yrs

Danuta Szymanska

TITLE
Director of the Accounting Division
Board of Directors Tenure

Average tenure and age of the Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna board of directors in years:

3.3
Average Tenure
61
Average Age
  • The tenure for the Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna board of directors is about average.
Board of Directors

Piotr Sadownik

TITLE
Chairman of the Supervisory Board
AGE
49
TENURE
3.3 yrs

Grazyna Ciurzynska

TITLE
Vice-Chair of the Supervisory Board
AGE
50
TENURE
2.9 yrs

Zbigniew Hajlasz

TITLE
Secretary of the Supervisory Board
AGE
61
TENURE
2.9 yrs

Andrzej Kisielewicz

TITLE
Member of the Supervisory Board
AGE
65
TENURE
3.3 yrs

Dariusz Zarzecki

TITLE
Member the Supervisory Board
TENURE
0.3 yrs

Elzbieta Maczynska - Ziemacka

TITLE
Member of the Supervisory Board
COMPENSATION
PLN120K
AGE
73
TENURE
5.9 yrs

Wojciech Jasinski

TITLE
Member of the Supervisory Board
AGE
70
TENURE
3.3 yrs

Adam Budnikowski

TITLE
Member of the Supervisory Board
AGE
68
TENURE
3.3 yrs

Miroslaw Barszcz

TITLE
Member of the Supervisory Board
AGE
47
TENURE
3.3 yrs

Mariusz Andrzejewski

TITLE
Member of the Supervisory Board
AGE
47
TENURE
1.9 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 Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna'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. Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna 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.

PKO News

Simply Wall St News

What Do Analysts Think About Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's (WSE:PKO) Future?

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's (WSE:PKO) released its most recent earnings update in December 2018, whicha

Simply Wall St -

Is Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO) Attractive At Its Current PE Ratio?

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO) is currently trading at a trailing P/E of 15.6x, which is higher than the industry average of 12.8x. … View our latest analysis for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna

Simply Wall St -

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO): Poised For Long Term Success?

After Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's (WSE:PKO) earnings announcement in March 2018,. … with earnings expected to grow by 8.39% in the upcoming year

Simply Wall St -

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO) Delivered A Better ROE Than The Industry, Here’s Why

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to begin learning the link between company’s fundamentals and stock market performance. … This can be measured by looking at the company’s financial leverage.

Simply Wall St -

Risk Factors You Should Consider Before Investing In Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO)

One of the biggest risk Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO) faces as a bank is bad loans, also known as credit risk. … Levels of bad debt and liabilities can be useful insights into Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna’s engagement with risky lending practices and operational prudency. … View out our latest analysis for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna

Simply Wall St -

Is Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO) Worth zł039.69 Based On Intrinsic Value?

Understanding these differences is crucial when it comes to putting a value on the bank stock. … For instance, banks must hold a certain level of cash reserves on the books as a safety precaution.

Simply Wall St -

One Thing To Consider Before Buying Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO)

If you are looking to invest in Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna’s (WSE:PKO), or currently own the stock, then you need to understand its beta in order to understand how it can affect the risk of your portfolio. … View our latest analysis for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna An interpretation of PKO's beta With a five-year beta of 0.59, Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna appears to be a less volatile company compared to the rest of the market. … PKO's beta implies it may be a stock that investors with high-beta portfolios might find relevant if they wanted to reduce their exposure to market risk, especially during times of downturns.

Simply Wall St -

Is There Now An Opportunity In Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO)?

Let's talk about the popular Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO). … A question to answer is whether Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's current trading price of PLN41.17 reflective of the actual value of the large-cap? … Another thing to keep in mind is that Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna’s share price is quite stable relative to the rest of the market, as indicated by its low beta.

Simply Wall St -

What You Should Know About Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna’s (WSE:PKO) Risks

See our latest analysis for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna WSE:PKO Historical Debt May 10th 18 What Is An Appropriate Level Of Risk? … If Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna’s total loans are made up of more than 3% of bad debt, it may be engaging in risky lending practices above the judicious level. … Since Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna’s total deposit to total liabilities is very high at 83.24% which is well-above the prudent level of 50% for banks, Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna may be too cautious with its level of deposits and has plenty of headroom to take on risker forms of liability.Next Steps: Even though Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna’s level of deposits is sensible relative to its liabilities, it carries risk on the bad debt front by carrying a high level of the risky asset as well as exhibiting poor provisioning.

Simply Wall St -

Understated Factors To Consider Before Investing In Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (WSE:PKO)

Check out our latest analysis for Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna WSE:PKO Historical Debt May 2nd 18 Is PKO's Leverage Level Appropriate? … Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna’s leverage level of 8x is significantly below the appropriate ceiling of 20x. … Compared to the appropriate industry loan to deposit level of 90%, Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna’s ratio of over 94.36% is higher which puts the bank in a risky position as it borders negative liquidity disparity between loan and deposit levels.

Simply Wall St -

PKO Company Info

Description

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna provides commercial banking services to resident and non-resident retail, corporate, and other customers in Poland and Ukraine. Its Retail segment accepts current accounts, savings accounts, and term deposits; and offers consumer and mortgage loans, as well as business loans to small and medium-sized enterprises, developers, cooperatives, and property managers. It also provides private banking services, investment and insurance products, credit and debit cards, and electronic banking services. The company’s Corporate and Investment segment offers current accounts, term deposits, depositary services, currency and derivative products, and corporate loans, and leasing and factoring services. This segment is also involved in financing large investment projects; the issuance of non-treasury securities; and the provision of investing and brokerage services, interbank transactions, derivative instruments, and debt securities, as well as in real estate development and management activities. The company also provides investment and pension fund, transfer agency, IT professionals outsourcing, fleet management, and debt collection services; bonds; private third party liability, immovable property, investment products, life, and health insurance services; insurance against loss of income and assistance services; warrantees and guarantees; checks and bills trading services; and currency and securities market services. In addition, it engages in building installations and finishing construction works; hotel business; intermediary activity in real estate; and fund investment activities. The company operates through 1,179 branches, including 11 regional divisions and 8 retail banking offices; and 32 regional corporate centers in 7 corporate macro regions, and a branch in the Federal Republic of Germany. Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna was founded in 1919 and is headquartered in Warsaw, Poland.

Details
Name: Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
PKO
Exchange: WSE
Founded: 1919
PLN47,000,000,000
1,250,000,000
Website: http://www.pkobp.pl
Address: Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
Pulawska 15 Street,
Warsaw,
02-515,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE PKO Bearer Shares Warsaw Stock Exchange PL PLN 10. Nov 2004
OTCPK PSZK.F Bearer Shares Pink Sheets LLC US USD 10. Nov 2004
DB P9O Bearer Shares Deutsche Boerse AG DE EUR 10. Nov 2004
LSE 0FMO Bearer Shares London Stock Exchange GB PLN 10. Nov 2004
SEP PKO Bearer Shares The Stock Exchange Prague Co. Ltd. CZ CZK 10. Nov 2004
OTCPK PSZK.Y ADR Pink Sheets LLC US USD 28. Jan 2009
Number of employees
Current staff
Staff numbers
27,856
Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/18 20:32
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/05/15
Last earnings reported: 2019/03/31
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.