Stock BHW BANK HANDLOWY W WARSZAWIE S.A.
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Financials Bank Handlowy w Warszawie S.A.

Equities

BHW

PLBH00000012

Banks

Delayed Warsaw S.E.
Other stock markets
 10:49:39 2024-05-06 am EDT 		5-day change 1st Jan Change
111.4 PLN +0.72% Intraday chart for Bank Handlowy w Warszawie S.A. -0.72% +9.47%
Jan. 15 Bank Handlowy w Warszawie S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Bank Handlowy Announces Resignation of Natalia Bozek as Deputy Chairman of the Management Board, Effective January 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,768 4,593 7,709 9,878 13,249 14,451 - -
Enterprise Value (EV) 1 6,768 4,593 7,709 9,878 13,249 14,451 14,451 14,451
P/E ratio 14.1 x 26.6 x 10.7 x 6.39 x - 8.36 x 9.19 x 9.26 x
Yield - - 2.03% 7.24% - 9.33% 9.74% 10.6%
Capitalization / Revenue 3.05 x 2.22 x 3.22 x 2.71 x 2.94 x 3.43 x 3.51 x 3.62 x
EV / Revenue 3.05 x 2.22 x 3.22 x 2.71 x 2.94 x 3.43 x 3.51 x 3.62 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.96 x 0.61 x 1.04 x 1.24 x - 1.4 x 1.36 x 1.38 x
Nbr of stocks (in thousands) 130,660 130,660 130,660 130,660 130,660 130,660 - -
Reference price 2 51.80 35.15 59.00 75.60 101.4 110.6 110.6 110.6
Announcement Date 2/13/20 2/11/21 2/17/22 2/8/23 2/14/24 - - -
1PLN in Million2PLN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,217 2,068 2,391 3,648 4,509 4,210 4,115 3,990
EBITDA - - - - - - - -
EBIT 1 1,002 846 1,188 2,310 3,069 2,622 2,484 2,266
Operating Margin 45.18% 40.91% 49.69% 63.33% 68.06% 62.28% 60.35% 56.78%
Earnings before Tax (EBT) 1 666.1 317 988 2,208 2,861 2,525 2,381 2,190
Net income 1 486.5 172 747 1,546 2,256 1,760 1,624 1,522
Net margin 21.95% 8.32% 31.24% 42.38% 50.03% 41.79% 39.45% 38.15%
EPS 2 3.670 1.320 5.490 11.83 - 13.23 12.04 11.94
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 - - 1.200 5.470 - 10.32 10.77 11.74
Announcement Date 2/13/20 2/11/21 2/17/22 2/8/23 2/14/24 - - -
1PLN in Million2PLN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1
Net sales 1 457.1 572 835.7 1,012 1,848 760.4 1,039 1,242 1,150 2,392 1,136 980 1,084
EBITDA - - - - - - - - - - - - -
EBIT 1 183 288 425.2 711.5 1,137 453 723 827.3 710 1,637 802.8 629 635
Operating Margin 40.04% 50.35% 50.88% 70.29% 61.51% 59.57% 69.59% 66.59% 61.74% 68.44% 70.67% 64.18% 58.56%
Earnings before Tax (EBT) 1 123.6 238 367.7 643.1 1,011 364.9 674 768.4 771 1,539 749.1 572 643
Net income 1 93.4 186 282 500.3 782.3 283.8 479 603.8 611.5 1,215 591.6 449 445
Net margin 20.43% 32.52% 33.74% 49.42% 42.33% 37.32% 46.1% 48.6% 53.17% 50.81% 52.08% 45.82% 41.04%
EPS - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 11/9/21 2/17/22 5/9/22 8/30/22 8/30/22 11/14/22 2/8/23 5/11/23 8/30/23 8/30/23 11/9/23 2/14/24 -
1PLN in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 6.89% 5.3% 9.96% 20.1% - 18.1% 16.3% 14.5%
ROA (Net income/ Total Assets) 0.96% 0.7% 1.22% 2.35% - 2.35% 2.1% 1.9%
Assets 1 50,629 24,571 61,401 65,832 - 74,873 77,313 80,104
Book Value Per Share 2 54.20 58.00 56.50 60.90 - 79.20 81.40 80.30
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/13/20 2/11/21 2/17/22 2/8/23 2/14/24 - - -
1PLN in Million2PLN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bank Handlowy w Warszawie S.A.

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
110.6 PLN
Average target price
117.2 PLN
Spread / Average Target
+6.01%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

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Commercial Banks
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