Financials Bank Handlowy w Warszawie S.A.

Equities

BHW

PLBH00000012

Banks

Market Closed - Warsaw S.E. 11:55:40 2024-04-26 am EDT 5-day change 1st Jan Change
112 PLN +0.90% Intraday chart for Bank Handlowy w Warszawie S.A. +0.36% +10.45%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,768 4,593 7,709 9,878 13,249 14,634 - -
Enterprise Value (EV) 1 6,768 4,593 7,709 9,878 13,249 14,634 14,634 14,634
P/E ratio 14.1 x 26.6 x 10.7 x 6.39 x - 8.47 x 9.3 x 9.38 x
Yield - - 2.03% 7.24% - 8.96% 8.89% 9.69%
Capitalization / Revenue 3.05 x 2.22 x 3.22 x 2.71 x 2.94 x 3.49 x 3.7 x 3.6 x
EV / Revenue 3.05 x 2.22 x 3.22 x 2.71 x 2.94 x 3.49 x 3.7 x 3.6 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.96 x 0.61 x 1.04 x 1.24 x - 1.41 x 1.38 x 1.39 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 75.60 101.4 112.0 112.0 112.0
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 4,194 3,954 4,060
EBITDA - - - - - - - -
EBIT 1 1,002 846 1,188 2,310 3,069 2,574 2,286 2,375
Operating Margin 45.18% 40.91% 49.69% 63.33% 68.06% 61.38% 57.82% 58.5%
Earnings before Tax (EBT) 1 666.1 317 988 2,208 2,861 2,485 2,246 2,240
Net income 1 486.5 172 747 1,546 2,256 1,729 1,539 1,563
Net margin 21.95% 8.32% 31.24% 42.38% 50.03% 41.23% 38.93% 38.51%
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 - 10.04 9.952 10.86
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 1,070
EBITDA - - - - - - - - - - - - -
EBIT 1 183 288 425.2 711.5 1,137 453 723 827.3 710 1,637 802.8 629 627.8
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% 58.69%
Earnings before Tax (EBT) 1 123.6 238 367.7 643.1 1,011 364.9 674 768.4 771 1,539 749.1 572 628.2
Net income 1 93.4 186 282 500.3 782.3 283.8 479 603.8 611.5 1,215 591.6 449 439.7
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% 41.11%
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% 15.3% 15%
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 - 73,576 73,301 82,287
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
112 PLN
Average target price
116.8 PLN
Spread / Average Target
+4.24%
Consensus

Quarterly revenue - Rate of surprise

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