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1. Company Snapshot

1.a. Company Description

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna provides banking services in Poland, Ukraine, Sweden, the Czech Republic, Ireland, and Germany.Its Retail segment offers current and savings accounts, term deposits, private and electronic banking services, investment and insurance products, credit and debit cards, and consumer and mortgage loans, as well as corporate loans to firms and enterprises, developers, cooperatives, and property managers.The company's Corporate and Investment segment provides current accounts, term deposits, currency products and derivatives, leasing and factoring, and safekeeping of securities services.


This segment is also involved in financing large investment projects; the issuance of non-treasury securities; and provision of investing and brokerage services, interbank transactions, derivatives and debt securities transactions, as well as in real estate development and management activities.The company also offers investment and pension fund management; transfer agent; life, other personal, and property insurance; financial; leasing and lending; and IT specialist outsourcing and business support services, as well as fleet management and debt collection services.Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna was founded in 1919 and is based in Warsaw, Poland.

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1.b. Last Insights on PKO

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's recent performance was positively influenced by its strong fundamentals, enabling the company to maintain consistent dividend payouts. Amidst EU market resilience and optimism surrounding a potential EU-U.S. trade deal, the bank's dividend stock offering provides stability and income for investors. However, the Polish finance ministry's plan to increase the corporate income tax rate for lenders poses a challenge. According to recent news, European markets face downward pressure, making dividend stocks like PKO attractive for their reliable income stream.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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How Recent Events Are Shaping the Story for PKO Bank Polski

Nov -09

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GoldenPeaks Capital Secures EUR 114m Senior Financing Package for Solar PV Portfolio in Poland

Oct -28

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How Analyst Updates Are Shaping the Outlook for PKO Bank Polski’s Future Growth

Oct -25

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3 European Dividend Stocks Offering Up To 7.4% Yield

Oct -07

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How the Narrative Around PKO Bank Polski Is Shifting Following Analyst Upgrades and Cautious Signals

Oct -06

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The Frankfurt am Main PKO BP branch connecting the Polish and German markets celebrates its 10th Anniversary

Sep -24

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European Dividend Stocks To Watch In September 2025

Sep -08

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Poland Plans to Raise Tax Rate Paid by Banks

Aug -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.86%)

6. Segments

Retail

Expected Growth: 2.5%

The 2.5% growth in Retail from Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is driven by increasing consumer loans, mortgage financing, and digital banking adoption. Strong economic growth, low unemployment, and rising wages have boosted consumer spending, while the bank's strategic focus on digital transformation and customer experience has enhanced its competitive position.

Corporate and Investment

Expected Growth: 5.0%

The 5.0% growth in Corporate and Investment from Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna is driven by strong loan demand, favorable interest rates, and digital transformation. The bank's strategic focus on corporate lending, investment banking, and treasury services has yielded results, with increased transaction volumes and improved profitability. Economic recovery and supportive monetary policies have also contributed to this growth.

Transfer Center and Other

Expected Growth: 0.0%

The 0.0% growth in Transfer Center and Other at Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna suggests stability. Fundamental drivers include consistent customer transaction volumes, efficient operations, and potentially, investments in digital infrastructure to support seamless transactions, mitigating the need for significant growth through new customer acquisition or fee adjustments.

7. Detailed Products

Retail Banking

Personal banking services for individuals, including savings accounts, current accounts, credit cards, loans, and mortgages.

Corporate Banking

Financial services for businesses, including cash management, payment processing, trade finance, and corporate loans.

Investment Banking

Investment services, including brokerage, asset management, and investment advisory.

Insurance

Life and non-life insurance products, including health, life, and property insurance.

Digital Banking

Online and mobile banking services, including internet banking, mobile banking, and payment apps.

Wealth Management

Private banking services for high-net-worth individuals, including investment management, financial planning, and wealth advisory.

8. Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna's Porter Forces

Forces Ranking

Threat Of Substitutes

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (PKO BP) operates in the banking industry, where substitutes such as other banks, financial institutions, and digital payment systems exist. However, the switching costs for customers are relatively high, and the bank's wide range of services and strong brand presence reduce the threat of substitutes.

Bargaining Power Of Customers

PKO BP has a large customer base and a strong market position, which reduces the bargaining power of individual customers. Additionally, the bank's services are relatively standardized, and customers have limited ability to negotiate prices or terms.

Bargaining Power Of Suppliers

The bank's suppliers, such as technology providers and financial market participants, do not have significant bargaining power due to the bank's large size and market position. The bank can also switch suppliers relatively easily.

Threat Of New Entrants

The banking industry is heavily regulated, and new entrants face significant barriers to entry, such as high capital requirements and licensing hurdles. PKO BP's strong brand presence and established customer relationships further reduce the threat of new entrants.

Intensity Of Rivalry

The Polish banking market is highly competitive, with many established players and a relatively high market concentration. PKO BP faces significant competition from other major banks, which drives rivalry and innovation in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.00%
Debt Cost 4.28%
Equity Weight 100.00%
Equity Cost 8.55%
WACC 8.55%
Leverage 0.00%

11. Quality Control: Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna passed 6 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

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Volatility: 7.0

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PKO Bank Polski

A-Score: 6.2/10

Value: 5.4

Growth: 5.2

Quality: 7.2

Yield: 7.5

Momentum: 7.5

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Value: 5.3

Growth: 6.0

Quality: 8.0

Yield: 8.8

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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

77.32$

Current Price

77.32$

Potential

-0.00%

Expected Cash-Flows