Gielda Papierów Wartosciowych w Warszawie S.A.

WSE:GPW Stock Report

Market Cap: zł2.7b

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

2/6

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

zł46.2
Fair Value
37.1% overvalued intrinsic discount
5
Number of Analysts

Below Fair Value: GPW (PLN63.35) is trading above our estimate of fair value (PLN46.2)

Significantly Below Fair Value: GPW is trading above our estimate of fair value.

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 Ratio13.8x
Earningszł192.96m
Market Capzł2.66b

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 Average56.4x
AOL Analizy Online
13xn/azł28.2m
XTB XTB
12.6x6.19%zł8.2b
MCI MCI Capital Alternatywna Spólka Inwestycyjna
115.3xn/azł1.5b
NTS Notoria Serwis
84.8xn/azł11.6m
GPW Gielda Papierów Wartosciowych w Warszawie
13.8x-3.31%zł2.7b

Price-To-Earnings vs Peers: GPW is good value based on its Price-To-Earnings Ratio (13.8x) compared to the peer average (56.4x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SKH Skarbiec Holding
3.2xn/aUS$54.72m
NTC New Tech Capital
1.3xn/aUS$1.84m
AER Venda
0.8xn/aUS$229.09k
No more companies available in this PE range
GPW 13.8xIndustry Avg. 16.4xNo. of Companies5PE020406080100+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GPW is good value based on its Price-To-Earnings Ratio (13.8x) compared to the Polish Capital Markets industry average (16.9x).

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 Ratio13.8x
Fair PE Ratio9.5x

Price-To-Earnings vs Fair Ratio: GPW is expensive based on its Price-To-Earnings Ratio (13.8x) compared to the estimated Fair Price-To-Earnings Ratio (9.5x).

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
Currentzł63.35
zł55.35
-12.63%
6.54%zł59.80zł48.76n/a5
Nov ’26zł61.10
zł55.35
-9.41%
6.54%zł59.80zł48.76n/a5
Oct ’26zł55.65
zł54.71
-1.69%
6.72%zł59.80zł48.76n/a5
Sep ’26zł58.35
zł54.71
-6.23%
6.72%zł59.80zł48.76n/a5
Aug ’26zł53.00
zł54.71
+3.23%
6.72%zł59.80zł48.76n/a5
Jul ’26zł51.00
zł51.33
+0.65%
5.92%zł56.50zł48.76n/a5
Jun ’26zł51.55
zł49.83
-3.33%
7.22%zł56.50zł45.60n/a5
May ’26zł47.92
zł49.83
+3.99%
7.22%zł56.50zł45.60n/a5
Apr ’26zł45.72
zł49.61
+8.51%
6.44%zł55.40zł45.60n/a5
Mar ’26zł41.00
zł49.61
+21.00%
6.44%zł55.40zł45.60n/a5
Feb ’26zł41.50
zł49.61
+19.55%
6.44%zł55.40zł45.60n/a5
Jan ’26zł40.45
zł49.61
+22.65%
6.44%zł55.40zł45.60n/a5
Dec ’25zł43.15
zł49.57
+14.87%
6.47%zł55.40zł45.60n/a5
Nov ’25zł42.60
zł49.57
+16.35%
6.47%zł55.40zł45.60zł61.105
Oct ’25zł45.00
zł49.47
+9.92%
6.74%zł55.40zł45.10zł55.655
Sep ’25zł43.80
zł48.86
+11.54%
8.11%zł55.40zł44.38zł58.355
Aug ’25zł42.35
zł46.56
+9.93%
12.16%zł55.40zł38.40zł53.005
Jul ’25zł48.15
zł46.56
-3.31%
12.16%zł55.40zł38.40zł51.005
Jun ’25zł45.25
zł44.06
-2.64%
13.64%zł55.40zł38.40zł51.555
May ’25zł45.00
zł43.68
-2.94%
13.82%zł55.40zł38.40zł47.925
Apr ’25zł42.34
zł43.68
+3.16%
13.82%zł55.40zł38.40zł45.725
Mar ’25zł44.06
zł43.68
-0.87%
13.82%zł55.40zł38.40zł41.005
Feb ’25zł43.70
zł43.68
-0.05%
13.82%zł55.40zł38.40zł41.505
Jan ’25zł42.50
zł40.28
-5.23%
4.29%zł42.49zł38.40zł40.455
Dec ’24zł41.00
zł40.28
-1.76%
4.29%zł42.49zł38.40zł43.155
Nov ’24zł39.10
zł38.67
-1.11%
2.58%zł40.10zł37.13zł42.605
zł55.35
Fair Value
14.4% overvalued intrinsic discount
5
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 Analysis2025/11/26 01:50
End of Day Share Price 2025/11/26 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

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

Gielda Papierów Wartosciowych w Warszawie S.A. is covered by 10 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
Mikolaj LemanczykBiuro maklerskie mBanku
Andrzej PowierzaCitigroup Inc
Lukasz JanczakErste Group Bank AG