olivLaw · European equity research
Bank Handlowy w Warszawie S.A. BHW.WA
Poland · GPW Warszawa · ISIN PLBH00000012 · Vertical: Listed companies from Poland
Bank Handlowy w Warszawie S.A. is a Polish banking institution whose consolidated group reports its financial position in an annual report for the year ended 31 December 2022. The available source is a section on accounting policies, so quantitative data is limited and the analysis rests mainly on how financial assets and liabilities are classified and measured.
At the close of 06 Nov 2026, Bank Handlowy w Warszawie S.A. (BHW.WA) stock was 122.80 PLN (+0.00% on the day), with beta 0.76, 52-week range 100.80–136.40 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.5
- neutral
- Bollinger (20, 2)
- 118.45 – 124.37
- in the upper half of the band · %B 0.74 · band width 4.9%
- SMA 50 / 200
- 120.28 / 119.36
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.48 / 0.31
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.3% | −0.2% | +2.5 pp | — |
| 3 months | +0.2% | −5.4% | +5.6 pp | — |
| 6 months | +6.0% | +4.4% | +1.7 pp | — |
| Year to date | +16.3% | +6.5% | +9.8 pp | — |
| 1 year | +17.4% | +10.0% | +7.4 pp | +5.9% |
| 3 years | +42.1% | +48.6% | −6.4 pp | +2.3% |
| 5 years | +102.6% | +41.4% | +61.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 172.4 m | 717.5 m | 1.5 bn |
| Net income YoY | unavailable | +316.2% | +115.4% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 808.1 m | 2.2 bn | -5.1 bn |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 658.8 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 8.0 bn PLN
- Total assets
- 69.8 bn PLN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 20.1%
- ROA
- 2.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Income statement · PLN
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.5 bn | 6.6 bn | 658.8 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 476.9 m | 451.7 m | 455.4 m | esef· 02 May 2023verified |
| Total assets | 60.9 bn | 61.9 bn | 69.8 bn | esef· 02 May 2023verified |
| Total liabilities | 53.4 bn | 54.5 bn | 61.8 bn | esef· 02 May 2023verified |
| Equity | 7.6 bn | 7.4 bn | 8.0 bn | esef· 02 May 2023verified |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 837.0 m | 2.2 bn | -5.0 bn | esef· 02 May 2023verified |
| Capex | 28.9 m | 25.6 m | 59.1 m | esef· 02 May 2023verified |
| Free cash flow | 808.1 m ≈ | 2.2 bn ≈ | -5.1 bn ≈ | esef· 02 May 2023derived |
| Investing cash flow | -106.4 m | -36.4 m | -113.2 m | esef· 02 May 2023verified |
| Financing cash flow | -13.8 m | -168.5 m | -726.3 m | esef· 02 May 2023verified |
| Dividends paid | 0 | 156.8 m | 714.7 m | esef· 02 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
6% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -330.5% | 0 (on a fixed band) | 100% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BANK HANDLOWY W WARSZAWIE SPÓŁKA AKCYJNA (BHW.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: ROE 20.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: -330.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.0 bn | 37.8 | 7.8% | 2.9% | +19.8% | +18% / +199% |
| BDX.WABudimex Spółka Akcyjna | 18.9 bn | 35.3 | 41.5% | 6.2% | +8.9% | +18% / +33% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.7 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 15.0 bn | 21.4 | 17.0% | 3.9% | +18.0% | +89% / +82% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.6 | 18.1% | 12.0% | +36.5% | +6% / +50% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −15% / −26% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +88% |
| ACT.WAAction S.A. | 999.4 m | 27.2 | 8.3% | 1.5% | +6.1% | +71% / +171% |
| BRS.WABoryszew Spółka Akcyjna | 874.1 m | 8.2 | 6.3% | 1.6% | +8.4% | −25% / −28% |
| AGO.WAAgora Spółka Akcyjna | 588.0 m | — | -14.2% | -9.2% | +15.2% | +37% / +18% |
| AMB.WAAmbra S.A. | 462.9 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 344.7 m | 1.4 | 16.3% | 7.0% | −27.5% | −40% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 298.5 m | 11.0 | 8.9% | 11.6% | −22.0% | −11% / +2% |
| ART.WAArtifex Mundi S.A. | 229.7 m | 17.7 | 35.7% | 33.3% | +51.9% | +48% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 192.4 m | 9.4 | 11.4% | 13.8% | +21.8% | −2% / −22% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BMC.WABumech Spółka Akcyjna | 156.9 m | — | -3.4% | -3.9% | −40.0% | −36% / −49% |
| BBT.WABoomBit Spółka Akcyjna | 71.9 m | 4.5 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.6 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 36.3 m | 62.0 | 1.2% | 1.3% | −67.5% | −31% / −46% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.1 m | 0.5 | 115.4% | 964.7% | +13.0% | −29% / −43% |
| BCM.WABETACOM Spółka Akcyjna | 26.3 m | 17.3 | 8.0% | 0.9% | +21.3% | +6% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 13.8 m | — | -25.8% | -117,400.0% | −97.7% | −26% / −45% |
1- and 3-year price returns: for BHW.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Bank Handlowy w Warszawie S.A. is a Polish banking institution whose consolidated group reports its financial position in an annual report for the year ended 31 December 2022. The available source is a section on accounting policies, so quantitative data is limited and the analysis rests mainly on how financial assets and liabilities are classified and measured.
SWOT
Strengths
- Detailed accounting framework for the assessment of loans and financial instruments, which supports transparency of reporting.
- Funding structure based on customer deposits, treated consistently at amortised cost.
- Three-stage provisioning model that allows early recognition of credit risk.
Weaknesses
- The source provides no figures on profitability, capital or portfolio quality, which limits the assessment of performance.
- Reliance on complex estimates for credit losses and fair value may introduce uncertainty into results.
- Detailed operating activity is not described in the available excerpt, which makes a full analysis of the business model difficult.
Opportunities
- If management of restructured exposures improves, the bank could reduce uncertainty about loan quality.
- Use of derivatives and funding operations could provide flexibility in managing market risks.
- Development of lending portfolios with controlled risk could support growth in lending activity.
Threats
- A deterioration of the economy could lead to higher allowances for expected credit losses.
- Changes in market conditions could affect the value of assets held for trading and of derivatives.
- Competitive pressure and regulatory changes could compress margins or raise compliance costs.
Risks
- Credit riskhigh
A deterioration in the quality of loans granted to customers could require higher allowances for expected credit losses.
- Estimation riskmedium
The statistical models and macroeconomic assumptions used for allowances may become less precise in periods of volatility.
- Market riskmedium
Changes in the fair value of trading assets and derivatives could affect the accounting result.
- Funding riskmedium
Dependence on customer deposits and repo transactions could expose the bank to rapid changes in funding conditions.
- Reporting risklow
The complexity of rules for classifying and modifying instruments may create differences in interpretation between financial years.
Investment thesis
What would need to be true (bull case)
- If allowances prove sufficient, the balance sheet could remain stable even under more difficult economic conditions.
- A deposit-based funding structure and a rigorous accounting framework could support a predictable financial position.
- Active management of treasury instruments could generate additional income in favourable market environments.
What would break the thesis
- A rise in credit risk could force higher allowances and reduce profitability.
- Market volatility could affect fair value measurements and introduce unexpected losses.
- The absence of quantitative data in the source could make it harder to judge performance and competitive position correctly.
What to watch
- Development of expected credit loss allowances across the three stages2023
- Level of restructured and impaired exposuresNext annual report
- Change in fair value of instruments held for tradingNext annual report
- Structure of customer deposits and repo funding2023
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Bank Handlowy w Warszawie S.A. Capital Group presents consolidated financial statements for the year ended 31 December 2022 1. The source text covers accounting policies for loans and other receivables from customers and for customer deposits, which are the main liabilities of banking activity 1. A detailed description of the operating activity does not appear in the available excerpt.
Lending is accounted for at amortised cost, and expected credit losses are estimated across three stages, from exposures without a significant increase in risk to those with objective evidence of impairment 1. This framework points to a business model based on loans and deposits with active management of the receivables portfolio.
The bank also uses derivative financial instruments and repo and reverse repo transactions, activities linked to the group's treasury functions 1. Debt securities are classified under a mixed model that combines collection of contractual cash flows with sale, depending on business needs 1.
Segments
Customer lending
Receivables from customers are measured at amortised cost and adjusted for expected credit loss allowances, calculated on the basis of statistical models for portfolios with shared credit risk characteristics 1.
Deposits and funding
Customer liabilities, mainly customer deposits, are measured at amortised cost, and obligations to repurchase securities under repo transactions are included in the same category 1.
Treasury and derivatives
Assets and liabilities held for trading, including derivatives not designated as hedging instruments, are measured at fair value through profit or loss 1.
Market context
The source text contains no data on the size of the Polish banking market or the bank's market share, so its competitive position cannot be quantified from this document.
The market context can only be assessed from the accounting framework: fair value changes, credit losses and instrument classification rules directly affect reported results in an environment of variable interest rates and credit risk.
Trends
- Adoption of the expected credit loss modelmixed
Applying the three-stage expected credit loss assessment, with lifetime estimates for exposures with elevated risk, could influence the level of allowances in periods when economic conditions deteriorate 1.
- Classification of restructured exposuresheadwind
Recognition of concessions granted to borrowers in financial difficulty and their accounting treatment could affect the quality of the loan portfolio and the deposit levels reflected on the balance sheet 1.
- Fair value measurement of instrumentsmixed
Use of discounted cash flow models and option pricing models for derivatives could make results more sensitive to changes in market conditions 1.
- Accounting transparency requirementstailwind
Modification adjustments to contract terms and reclassifications of instruments may change the form of financial reporting, with an impact on comparability between financial years 1.
Competitive position
The source excerpt does not identify the bank's competitors and presents no comparative data on market shares or performance against other institutions.
A comparison with other banks in the region cannot be made from the available document, and any conclusion about competitive position would require information from other reports by the institution.
- Other commercial banks in Poland
Competitors are not named in the source, and the absence of a US ticker reflects that there is not enough data for a safe association.
- International banks operating in Poland
Foreign groups active in the local market are not named in the available text, so they cannot be assessed directly against the bank.
- Cooperative credit institutions
The source does not mention such entities, and the information cannot be verified from the document provided.
- Digital banks and fintech firms
Competition in the digital segment is not covered in the source excerpt, so it cannot be confirmed on this basis.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202130 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Bank Handlowy w Warszawie S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.