Santander Bank Polska Valuation
Is SPL undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
2/6Valuation Score 2/6
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 SPL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: SPL (PLN560.8) is trading below our estimate of fair value (PLN707.23)
Significantly Below Fair Value: SPL is trading below fair value by more than 20%.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for SPL?
Other financial metrics that can be useful for relative valuation.
| What is SPL's n/a Ratio? | |
|---|---|
| n/a | 0x |
| n/a | n/a |
| Market Cap | zł57.31b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | n/a |
| Enterprise Value/EBITDA | n/a |
| PEG Ratio | 3.2x |
Price to Earnings Ratio vs Peers
How does SPL's PE Ratio compare to its peers?
| Company | Forward PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 9.1x | ||
PEO Bank Polska Kasa Opieki | 6.7x | -5.8% | zł44.4b |
PKO Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna | 13.8x | 17.4% | zł75.9b |
ING ING Bank Slaski | 9.3x | 1.8% | zł41.4b |
BHW Bank Handlowy w Warszawie | 6.5x | -11.1% | zł14.6b |
SPL Santander Bank Polska | 11x | 3.5% | zł57.3b |
Price-To-Earnings vs Peers: SPL is expensive based on its Price-To-Earnings Ratio (11x) compared to the peer average (9.1x).
Price to Earnings Ratio vs Industry
How does SPL's PE Ratio compare vs other companies in the European Banks Industry?
Price-To-Earnings vs Industry: SPL is expensive based on its Price-To-Earnings Ratio (11x) compared to the European Banks industry average (7.7x).
Price to Earnings Ratio vs Fair Ratio
What is SPL'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.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 11x |
| Fair PE Ratio | 10.2x |
Price-To-Earnings vs Fair Ratio: SPL is expensive based on its Price-To-Earnings Ratio (11x) compared to the estimated Fair Price-To-Earnings Ratio (10.2x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | zł560.80 | zł530.35 -5.4% | 16.0% | zł646.00 | zł420.00 | n/a | 8 |
| Apr ’25 | zł569.50 | zł517.07 -9.2% | 15.6% | zł646.00 | zł420.00 | n/a | 8 |
| Mar ’25 | zł549.00 | zł479.68 -12.6% | 10.3% | zł562.00 | zł409.00 | n/a | 9 |
| Feb ’25 | zł484.20 | zł478.57 -1.2% | 10.6% | zł562.00 | zł409.00 | n/a | 9 |
| Jan ’25 | zł489.80 | zł437.51 -10.7% | 13.2% | zł562.00 | zł356.00 | n/a | 9 |
| Dec ’24 | zł509.50 | zł411.96 -19.1% | 16.2% | zł486.63 | zł257.00 | n/a | 9 |
| Nov ’24 | zł456.40 | zł398.07 -12.8% | 17.5% | zł486.63 | zł257.00 | n/a | 9 |
| Oct ’24 | zł360.00 | zł366.07 +1.7% | 15.2% | zł413.63 | zł238.00 | n/a | 9 |
| Sep ’24 | zł379.60 | zł369.44 -2.7% | 15.8% | zł427.00 | zł238.00 | n/a | 9 |
| Aug ’24 | zł393.20 | zł349.78 -11.0% | 20.6% | zł427.00 | zł200.00 | n/a | 9 |
| Jul ’24 | zł389.00 | zł344.00 -11.6% | 18.3% | zł420.00 | zł200.00 | n/a | 8 |
| Jun ’24 | zł345.40 | zł333.78 -3.4% | 16.7% | zł408.70 | zł200.00 | n/a | 8 |
| May ’24 | zł338.20 | zł322.03 -4.8% | 16.9% | zł408.70 | zł220.00 | zł560.80 | 8 |
| Apr ’24 | zł291.80 | zł296.61 +1.6% | 15.0% | zł352.00 | zł220.00 | zł569.50 | 9 |
| Mar ’24 | zł300.00 | zł293.11 -2.3% | 14.0% | zł351.00 | zł236.00 | zł549.00 | 9 |
| Feb ’24 | zł283.00 | zł282.69 -0.1% | 12.2% | zł338.00 | zł236.00 | zł484.20 | 10 |
| Jan ’24 | zł259.40 | zł280.69 +8.2% | 11.2% | zł328.96 | zł236.00 | zł489.80 | 10 |
| Dec ’23 | zł270.00 | zł277.59 +2.8% | 11.8% | zł328.96 | zł220.00 | zł509.50 | 10 |
| Nov ’23 | zł254.20 | zł272.53 +7.2% | 11.0% | zł325.00 | zł220.00 | zł456.40 | 10 |
| Oct ’23 | zł196.90 | zł269.63 +36.9% | 12.1% | zł325.00 | zł204.00 | zł360.00 | 10 |
| Sep ’23 | zł205.00 | zł295.10 +44.0% | 22.0% | zł460.00 | zł204.00 | zł379.60 | 11 |
| Aug ’23 | zł234.20 | zł305.87 +30.6% | 19.5% | zł460.00 | zł240.00 | zł393.20 | 11 |
| Jul ’23 | zł234.40 | zł349.41 +49.1% | 20.8% | zł470.00 | zł240.00 | zł389.00 | 10 |
| Jun ’23 | zł253.00 | zł355.61 +40.6% | 19.1% | zł470.00 | zł240.00 | zł345.40 | 10 |
| May ’23 | zł270.60 | zł371.71 +37.4% | 14.1% | zł470.00 | zł310.00 | zł338.20 | 10 |
Analyst Forecast: Target price is lower than the current share price.