Gielda Papierów Wartosciowych w Warszawie S.A.

WSE:GPW Stock Report

Market Cap: zł1.8b

Gielda Papierów Wartosciowych w Warszawie Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 GPW when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
zł44.42
Fair Value
5.8% undervalued intrinsic discount
5
Number of Analysts

Below Fair Value: GPW (PLN41.85) is trading below our estimate of fair value (PLN44.42)

Significantly Below Fair Value: GPW is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for GPW. This is calculated by dividing GPW's market cap by their current earnings.
What is GPW's PE Ratio?
PE Ratio11.4x
Earningszł153.61m
Market Capzł1.76b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for GPW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average25.3x
AOL Analizy Online
10.9xn/azł23.4m
MCI MCI Capital Alternatywna Spólka Inwestycyjna
48.6xn/azł1.3b
NTS Notoria Serwis
31.4xn/azł10.0m
QRS Quercus TFI
10.1xn/azł431.4m
GPW Gielda Papierów Wartosciowych w Warszawie
11.4x-0.6%zł1.8b

Price-To-Earnings vs Peers: GPW is good value based on its Price-To-Earnings Ratio (11.4x) compared to the peer average (25.3x).

Price to Earnings Ratio vs Industry

How does GPW's PE Ratio compare vs other companies in the PL Capital Markets Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BBD BBI Development
3.5xn/aUS$11.01m
SKL Skyline Investment
2.4xn/aUS$9.08m
FMG Wise Energy
2.3xn/aUS$4.41m
NTC New Tech Capital
0.6xn/aUS$2.42m
No more companies available in this PE range
GPW 11.4xIndustry Avg. 11.4xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GPW is good value based on its Price-To-Earnings Ratio (11.4x) compared to the Polish Capital Markets industry average (11.5x).

Price to Earnings Ratio vs Fair Ratio

What is GPW'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.

GPW PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.4x
Fair PE Ratio7.8x

Price-To-Earnings vs Fair Ratio: GPW is expensive based on its Price-To-Earnings Ratio (11.4x) compared to the estimated Fair Price-To-Earnings Ratio (7.8x).

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 GPW forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentzł41.85
zł49.61
+18.5%
6.4%zł55.40zł45.60n/a5
Jan ’26zł40.45
zł49.61
+22.7%
6.4%zł55.40zł45.60n/a5
Dec ’25zł43.15
zł49.57
+14.9%
6.5%zł55.40zł45.60n/a5
Nov ’25zł42.60
zł49.57
+16.4%
6.5%zł55.40zł45.60n/a5
Oct ’25zł45.00
zł49.47
+9.9%
6.7%zł55.40zł45.10n/a5
Sep ’25zł43.80
zł48.86
+11.5%
8.1%zł55.40zł44.38n/a5
Aug ’25zł42.35
zł46.56
+9.9%
12.2%zł55.40zł38.40n/a5
Jul ’25zł48.15
zł46.56
-3.3%
12.2%zł55.40zł38.40n/a5
Jun ’25zł45.25
zł44.06
-2.6%
13.6%zł55.40zł38.40n/a5
May ’25zł45.00
zł43.68
-2.9%
13.8%zł55.40zł38.40n/a5
Apr ’25zł42.34
zł43.68
+3.2%
13.8%zł55.40zł38.40n/a5
Mar ’25zł44.06
zł43.68
-0.9%
13.8%zł55.40zł38.40n/a5
Feb ’25zł43.70
zł43.68
-0.05%
13.8%zł55.40zł38.40n/a5
Jan ’25zł42.50
zł40.28
-5.2%
4.3%zł42.49zł38.40zł40.455
Dec ’24zł41.00
zł40.28
-1.8%
4.3%zł42.49zł38.40zł43.155
Nov ’24zł39.10
zł38.67
-1.1%
2.6%zł40.10zł37.13zł42.605
Oct ’24zł37.38
zł38.67
+3.4%
2.6%zł40.10zł37.13zł45.005
Sep ’24zł37.30
zł38.67
+3.7%
2.6%zł40.10zł37.13zł43.805
Aug ’24zł38.08
zł38.66
+1.5%
2.6%zł40.10zł37.13zł42.355
Jul ’24zł38.06
zł35.49
-6.7%
10.7%zł38.40zł28.17zł48.155
Jun ’24zł38.20
zł35.49
-7.1%
10.7%zł38.40zł28.17zł45.255
May ’24zł36.16
zł35.49
-1.8%
10.7%zł38.40zł28.17zł45.005
Apr ’24zł35.94
zł35.49
-1.2%
10.8%zł38.40zł28.17zł42.345
Mar ’24zł37.62
zł35.49
-5.7%
10.8%zł38.40zł28.17zł44.065
Feb ’24zł37.00
zł37.45
+1.2%
17.2%zł48.26zł28.17zł43.705
Jan ’24zł35.52
zł37.45
+5.4%
17.2%zł48.26zł28.17zł42.505
Analyst Price Target
Consensus Narrative from 5 Analysts
zł49.61
Fair Value
15.6% undervalued intrinsic discount
5
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/09 03:04
End of Day Share Price 2025/01/09 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 here.

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 .

Analyst Sources

Gielda Papierów Wartosciowych w Warszawie S.A. is covered by 16 analysts. 5 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
Andrzej PowierzaCitigroup Inc
Lukasz JanczakErste Group Bank AG