BHW Stock Analysis: Bank Handlowy w Warszawie | WAR
Banks - Regional | WAR, Poland | Market Cap: 15.924m PLN | 12M Return: 26.4% | PLBH00000012 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.04M
EPS Trend: -80.9%
Rev. Trend: -88.3%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 11.8 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
Bank Handlowy w Warszawie is a Polish bank serving corporate, public-sector, and individual customers through its Institutional Bank and Consumer Bank segments. Its services include lending and deposits, payments and cash management, trade finance, securities and investment banking, and consumer banking products. Like other banks, it combines lending and deposit services with fee-based activities. Founded in 1870 and headquartered in Warsaw, it is a subsidiary of Citibank Europe plc.
- Consumer banking sale to VeloBank reshapes earnings and capital returns
- Polish rate cuts could pressure net interest income and margins
- Corporate treasury and markets revenue tracks FX volatility and client activity
| Net Income: 1.59b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA 13.73 > 1.0 |
| NWC/Revenue: -917.9% < 20% (prev -540.7%; Δ -377.2% < -1%) |
| CFO/TA 0.04 > 3% & CFO 2.58b > Net Income 1.59b |
| Net Debt (-10.6b) to EBITDA (2.04b): -5.20 < 3 |
| Current Ratio: 0.27 > 1.5 & < 3 |
| Outstanding Shares: last quarter (130.4m) vs 12m ago -0.08% < -2% |
| Gross Margin: 73.94% > 18% (prev 76.63%; Δ -2.69% > 0.5%) |
| Asset Turnover: 5.90% > 50% (prev 6.35%; Δ -0.46% > 0%) |
| Interest Coverage Ratio: 1.89 > 6 (EBIT TTM 2.00b / Interest Expense TTM 1.06b) |
| A: -0.59 (Total Current Assets 14.9b - Total Current Liabilities 54.7b) / Total Assets 67.8b |
| B: 0.02 (Retained Earnings 1.40b / Total Assets 67.8b) |
| C: 0.03 (EBIT TTM 2.00b / Avg Total Assets 73.7b) |
| D: 0.16 (Book Value of Equity 9.22b / Total Liabilities 58.6b) |
| Altman-Z'' = -3.44 = D |
| DSRI: 3.0 (Receivables 275.6m/80.2m, Revenue 4.34b/5.05b) |
| GMI: 1.04 (GM 76.63% / 73.94%) |
| AQI: 0.97 (AQ_t 0.78 / AQ_t-1 0.80) |
| SGI: 0.86 (Revenue 4.34b / 5.05b) |
| TATA: -0.01 (NI 1.59b - CFO 2.58b) / TA 67.8b) |
| Beneish M = -1.47 (Cap -4..+1) = D |
As of November 12, 2026, the stock is trading at PLN 124.40 with a total of 48,793 shares traded. Over the past week, the price has changed by +3.49%, over one month by +1.97%, over three months by +2.13% and over the past year by +26.44%.
Current recommended Stop Loss: 117.40 (which is 5.6% or 2.6 ATR below the current price).
Bank Handlowy w Warszawie has no consensus analysts rating.
P/E Trailing = 10.9793
P/E Forward = 12.9366
P/S = 5.1531
P/B = 1.7364
P/EG = 1.5447
Revenue TTM = 4.34b PLN
EBIT TTM = 2.00b PLN
EBITDA TTM = 2.04b PLN
Long Term Debt = unknown (none)
Short Term Debt = 5.57b PLN (from shortTermDebt, two quarters ago)
Debt = 3.99b PLN (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -10.6b PLN (calculated: Debt 3.99b - CCE 14.6b)
Enterprise Value = 5.32b PLN (15.9b + Debt 3.99b - CCE 14.6b)
Interest Coverage Ratio = 1.89 (Ebit TTM 2.00b / Interest Expense TTM 1.06b)
EV/FCF = 0.76x (Enterprise Value 5.32b / FCF TTM 6.98b)
FCF Yield = 131.3% (FCF TTM 6.98b / Enterprise Value 5.32b)
FCF Margin = 160.7% (FCF TTM 6.98b / Revenue TTM 4.34b)
Net Margin = 36.63% (Net Income TTM 1.59b / Revenue TTM 4.34b)
Gross Margin = 73.94% ((Revenue TTM 4.34b - Cost of Revenue TTM 1.13b) / Revenue TTM)
Gross Margin QoQ = 71.04% (prev 65.91%)
Tobins Q-Ratio = 0.08 (Enterprise Value 5.32b / Total Assets 67.8b)
Interest Expense / Debt = 26.54% (Interest Expense 1.06b / Debt 3.99b)
Taxrate = 27.58% (551.3m / 2.00b)
NOPAT = 1.45b (EBIT 2.00b * (1 - 27.58%))
Current Ratio = 0.27 (Total Current Assets 14.9b / Total Current Liabilities 54.7b)
Debt / Equity = 0.43 (Debt 3.99b / totalStockholderEquity, last quarter 9.22b)
Debt / EBITDA = -5.20 (Net Debt -10.6b / EBITDA 2.04b)
Debt / FCF = -1.52 (Net Debt -10.6b / FCF TTM 6.98b)
Total Stockholder Equity = 9.67b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.16% (Net Income 1.59b / Total Assets 67.8b)
RoE = 16.46% (Net Income TTM 1.59b / Total Stockholder Equity 9.67b)
RoCE = 15.31% (EBIT 2.00b / Capital Employed (Total Assets 67.8b - Current Liab 54.7b))
RoIC = 11.28% (NOPAT 1.45b / Invested Capital 12.8b)
WACC = 9.56% (E(15.9b)/V(19.9b) * Re(7.14%) + D(3.99b)/V(19.9b) * Rd(26.54%) * (1-Tc(0.28)))
Discount Rate = 7.14% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -62.14 | Cagr: -0.09%
[DCF] Terminal Value 71.31% ; FCFF base≈6.98b ; Y1≈7.01b ; Y5≈7.42b
[DCF] Fair Price = 816.2 (EV 95.8b - Net Debt -10.6b = Equity 106b / Shares 130.3m; r=9.56% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: -80.91 | EPS CAGR: -12.27% | SUE: N/A | # QB: 0
Revenue Correlation: -88.31 | Revenue CAGR: -9.39% | SUE: 0.78 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=11.80 | Chg30d=+8.29% | Revisions=-40% | GrowthEPS=-12.6% | GrowthRev=-25.2%
EPS next Year (2027-12-31): EPS=10.80 | Chg30d=+1.73% | Revisions=-25% | GrowthEPS=-8.5% | GrowthRev=-1.7%
[Analyst] Revisions Ratio: -50% (up=0, down=3)