KGH Stock Analysis: KGHM Polska Miedz S.A. | WAR
Copper | WAR, Poland | Market Cap: 65.550m PLN | 12M Return: 64.6% | PLKGHM000017 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 204M
EPS Trend: 96.0%
Qual. Beats: 0
Rev. Trend: 83.9%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality
KGHM Polska Miedz explores and mines copper and other non-ferrous and precious metals in Poland and internationally. Its products include copper cathodes and wire, silver, gold, nickel, molybdenum, and various metal and chemical products.
The company operates a portfolio of mines across Europe, Asia, Australia, Africa, and the United States. Copper is widely used in electrical wiring and equipment, supporting demand from power and infrastructure markets. Founded in 1961, KGHM is headquartered in Lubin, Poland.
- Copper prices and zloty exchange rate drive revenue and margins
- Rising energy costs pressure Polish mining profitability
- Sierra Gorda output and Polish mining tax shape earnings
| Net Income: 8.69b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 6.37 > 1.0 |
| NWC/Revenue: 10.84% < 20% (prev 5.96%; Δ 4.88% < -1%) |
| CFO/TA 0.10 > 3% & CFO 6.87b > Net Income 8.69b |
| Net Debt (5.39b) to EBITDA (14.0b): 0.39 < 3 |
| Current Ratio: 1.37 > 1.5 & < 3 |
| Outstanding Shares: last quarter (200.0m) vs 12m ago 0.0% < -2% |
| Gross Margin: 24.29% > 18% (prev 16.99%; Δ 7.30% > 0.5%) |
| Asset Turnover: 73.03% > 50% (prev 65.06%; Δ 7.97% > 0%) |
| Interest Coverage Ratio: 69.73 > 6 (EBIT TTM 11.2b / Interest Expense TTM 160.0m) |
| A: 0.07 (Total Current Assets 17.6b - Total Current Liabilities 12.8b) / Total Assets 65.9b |
| B: 0.55 (Retained Earnings 36.3b / Total Assets 65.9b) |
| C: 0.19 (EBIT TTM 11.2b / Avg Total Assets 60.1b) |
| D: 1.53 (Book Value of Equity 39.7b / Total Liabilities 26.0b) |
| Altman-Z'' = 5.12 = AAA |
| DSRI: 1.83 (Receivables 2.74b/1.20b, Revenue 43.9b/35.4b) |
| GMI: 0.70 (GM 16.99% / 24.29%) |
| AQI: 1.27 (AQ_t 0.28 / AQ_t-1 0.22) |
| SGI: 1.24 (Revenue 43.9b / 35.4b) |
| TATA: 0.03 (NI 8.69b - CFO 6.87b) / TA 65.9b) |
| Beneish M = -2.28 (Cap -4..+1) = BBB |
As of October 20, 2026, the stock is trading at PLN 318.05 with a total of 567,983 shares traded. Over the past week, the price has changed by -9.05%, over one month by -7.78%, over three months by +8.38% and over the past year by +64.56%.
Current recommended Stop Loss: 286.20 (which is 10% or 2.6 ATR below the current price).
KGHM Polska Miedz S.A. has no consensus analysts rating.
P/E Trailing = 7.5432
P/E Forward = 6.435
P/S = 1.5065
P/B = 1.7244
P/EG = 2.7902
Revenue TTM = 43.9b PLN
EBIT TTM = 11.2b PLN
EBITDA TTM = 14.0b PLN
Long Term Debt = 4.53b PLN (from longTermDebt, last quarter)
Short Term Debt = 1.37b PLN (from shortTermDebt, last quarter)
Debt = 6.63b PLN (from shortLongTermDebtTotal, last quarter) + Leases 730.0m
Net Debt = 5.39b PLN (calculated: Debt 6.63b - CCE 1.24b)
Enterprise Value = 70.9b PLN (65.6b + Debt 6.63b - CCE 1.24b)
Interest Coverage Ratio = 69.73 (Ebit TTM 11.2b / Interest Expense TTM 160.0m)
EV/FCF = 53.95x (Enterprise Value 70.9b / FCF TTM 1.31b)
FCF Yield = 1.85% (FCF TTM 1.31b / Enterprise Value 70.9b)
FCF Margin = 2.99% (FCF TTM 1.31b / Revenue TTM 43.9b)
Net Margin = 19.78% (Net Income TTM 8.69b / Revenue TTM 43.9b)
Gross Margin = 24.29% ((Revenue TTM 43.9b - Cost of Revenue TTM 33.2b) / Revenue TTM)
Gross Margin QoQ = 23.26% (prev 37.74%)
Tobins Q-Ratio = 1.08 (Enterprise Value 70.9b / Total Assets 65.9b)
Interest Expense / Debt = 2.41% (Interest Expense 160.0m / Debt 6.63b)
Taxrate = 27.62% (3.31b / 12.0b)
NOPAT = 8.08b (EBIT 11.2b * (1 - 27.62%))
Current Ratio = 1.37 (Total Current Assets 17.6b / Total Current Liabilities 12.8b)
Debt / Equity = 0.17 (Debt 6.63b / totalStockholderEquity, last quarter 39.7b)
Debt / EBITDA = 0.39 (Net Debt 5.39b / EBITDA 14.0b)
Debt / FCF = 4.10 (Net Debt 5.39b / FCF TTM 1.31b)
Total Stockholder Equity = 35.5b (last 4 quarters mean from totalStockholderEquity)
RoA = 14.45% (Net Income 8.69b / Total Assets 65.9b)
RoE = 24.50% (Net Income TTM 8.69b / Total Stockholder Equity 35.5b)
RoCE = 27.90% (EBIT 11.2b / Capital Employed (Equity 35.5b + L.T.Debt 4.53b))
RoIC = 15.19% (NOPAT 8.08b / Invested Capital 53.1b)
WACC = 11.00% (E(65.6b)/V(72.2b) * Re(11.94%) + D(6.63b)/V(72.2b) * Rd(2.41%) * (1-Tc(0.28)))
Discount Rate = 11.94% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 0.0 | Cagr: 0.0%
[DCF] Terminal Value 66.73% ; FCFF base≈1.31b ; Y1≈1.32b ; Y5≈1.40b
[DCF] Fair Price = 48.01 (EV 15.0b - Net Debt 5.39b = Equity 9.60b / Shares 200.0m; r=11.00% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 95.95 | EPS CAGR: 238.5% | SUE: 0.09 | # QB: 0
Revenue Correlation: 83.85 | Revenue CAGR: 8.49% | SUE: 2.49 | # QB: 1
EPS current Quarter (2026-09-30): EPS=8.73 | Chg30d=-23.64% | Revisions=-25% | Analysts=2
EPS current Year (2026-12-31): EPS=40.62 | Chg30d=-8.71% | Revisions=+0% | GrowthEPS=+155.2% | GrowthRev=+35.5%
EPS next Year (2027-12-31): EPS=36.31 | Chg30d=-0.68% | Revisions=+25% | GrowthEPS=-10.6% | GrowthRev=-1.0%
[Analyst] Revisions Ratio: +0% (up=1, down=1)