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1. Company Snapshot

1.a. Company Description

Bank Handlowy w Warszawie S.A. provides a range of banking services for individual and corporate clients in Poland and internationally.The company operates through two segments, Institutional Bank and Consumer Bank.The Institutional Bank segment offers traditional banking services, including credit and deposit activities; cash management, trade financing, leasing, brokerage, and custody services in securities; treasury products on financial and commodity markets; investment banking services on the local and international capital markets, including advisory services, obtaining, and underwriting financing via public and non-public issues of financial instruments; and proprietary transactions in the equity, debt, and derivative instruments markets to business entities, local government units, and the public sector.


The Consumer Bank segment provides bank accounts, credit, deposits, cash loans, mortgage loans, credit cards, and asset management services, as well as acts as an agent in the sale of investment and insurance products to individuals, micro-enterprises, and individual entrepreneurs.The company was founded in 1870 and is headquartered in Warsaw, Poland.Bank Handlowy w Warszawie S.A. operates as a subsidiary of Overseas Investment Corporation.

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1.b. Last Insights on BHW

Bank Handlowy w Warszawie S.A. faced challenges due to unfavorable business conditions. Despite European markets experiencing a modest uptick, driven by easing trade tensions and a ceasefire in the Middle East, the bank's recent performance was impacted. Rising operating expenses and intense competition in the Polish banking sector likely affected its profitability. Additionally, recent earnings releases have shown that Polish banks face mounting risks related to the judicial and regulatory environment. A Fitch Ratings downgrade citing asset quality concerns also weighed on investor sentiment.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.78%)

6. Segments

Institutional Banking

Expected Growth: 8.3%

Institutional Banking at Bank Handlowy w Warszawie S.A. achieved 8.3% growth driven by increasing demand for cash management and trade finance services from large corporations, expansion into new markets, and strategic partnerships with key clients. Additionally, the bank's investment in digital platforms and process automation enhanced operational efficiency, further contributing to growth.

Retail Banking

Expected Growth: 6.47%

The 6.47% growth in Retail Banking from Bank Handlowy w Warszawie S.A. is driven by increasing demand for digital banking services, expansion of branch network, and strategic partnerships. Additionally, the bank's focus on customer experience, competitive pricing, and innovative product offerings have contributed to the growth. Furthermore, the Polish economy's stable growth and low unemployment rate have also supported the segment's expansion.

7. Detailed Products

Corporate Banking

Bank Handlowy w Warszawie S.A. offers a range of corporate banking services, including cash management, trade finance, and risk management solutions, to support the financial needs of large corporations and institutions.

Transaction Banking

The bank provides transaction banking services, including payment processing, account services, and trade finance, to facilitate efficient and secure financial transactions for its clients.

Investment Banking

Bank Handlowy w Warszawie S.A. offers investment banking services, including mergers and acquisitions advisory, equity and debt capital markets, and leveraged finance, to support clients' strategic growth initiatives.

Private Banking

The bank provides private banking services, including wealth management, investment advice, and tailored financial solutions, to high net worth individuals and families.

Retail Banking

Bank Handlowy w Warszawie S.A. offers a range of retail banking services, including personal loans, credit cards, and deposit accounts, to individual customers.

Treasury Services

The bank provides treasury services, including foreign exchange, interest rate, and commodity risk management, to help clients manage their financial risks.

8. Bank Handlowy w Warszawie S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Bank Handlowy w Warszawie S.A. is medium due to the presence of alternative financial institutions and digital payment systems.

Bargaining Power Of Customers

The bargaining power of customers is high due to the high level of competition in the banking industry, giving customers the power to choose from a range of financial institutions.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the bank's strong financial position and ability to negotiate with suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the banking industry, including regulatory requirements and capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high due to the high level of competition in the banking industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.76%
Debt Cost 7.56%
Equity Weight 74.24%
Equity Cost 7.56%
WACC 7.56%
Leverage 34.70%

11. Quality Control: Bank Handlowy w Warszawie S.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Bank Handlowy

A-Score: 7.6/10

Value: 5.8

Growth: 7.6

Quality: 8.0

Yield: 10.0

Momentum: 7.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Banco BPM

A-Score: 7.3/10

Value: 6.0

Growth: 6.2

Quality: 6.4

Yield: 9.4

Momentum: 10.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
SpareBank 1 SR-Bank

A-Score: 6.8/10

Value: 5.1

Growth: 7.4

Quality: 6.8

Yield: 4.4

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Raiffeisen Bank International

A-Score: 6.2/10

Value: 9.4

Growth: 3.8

Quality: 5.4

Yield: 6.9

Momentum: 8.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
PKO Bank Polski

A-Score: 6.2/10

Value: 5.4

Growth: 5.2

Quality: 7.2

Yield: 7.5

Momentum: 7.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Santander Bank Polska

A-Score: 6.2/10

Value: 5.3

Growth: 6.0

Quality: 8.0

Yield: 8.8

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

101.0$

Current Price

101$

Potential

0.00%

Expected Cash-Flows