olivLaw · European equity research
Santander Bank Polska S.A. EBP.WA
Poland · GPW Warszawa · ISIN PLBZ00000044 · Vertical: Listed companies from Poland
At the close of 06 Nov 2026, Santander Bank Polska S.A. (EBP.WA) stock was 780.80 PLN (−0.71% on the day), with market capitalisation 79.8 bn PLN, P/E 28.5 on diluted EPS of 27.39 PLN over the last 12 months, dividend yield 0.44%, beta 1.00, 52-week range 479.00–812.40 PLN.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.1
- neutral
- Bollinger (20, 2)
- 743.63 – 807.79
- in the upper half of the band · %B 0.58 · band width 8.3%
- SMA 50 / 200
- 767.53 / 663.84
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.31 / 3.21
- 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 | −1.4% | −0.6% | −0.7 pp | — |
| 3 months | +7.7% | −4.2% | +11.9 pp | — |
| 6 months | +27.3% | +4.3% | +23.0 pp | — |
| Year to date | +43.2% | +7.5% | +35.7 pp | — |
| 1 year | +55.2% | +9.9% | +45.2 pp | +5.9% |
| 3 years | +69.9% | +49.8% | +20.0 pp | +2.3% |
| 5 years | +104.2% | +42.8% | +61.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 9.5, median 18.3, max 32.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.0 bn | 1.1 bn | 2.8 bn |
| Net income YoY | unavailable | +7.2% | +151.8% |
| Diluted EPS | 10.15 | 10.88 | 27.39 |
| Diluted EPS YoY | unavailable | +7.2% | +151.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 34.5 bn PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 30.1 bn PLN
- Total assets
- 259.2 bn PLN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 9.8%
- ROA
- 1.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Depreciation & amortisation | 405.3 m | 411.4 m | 381.6 m | esef· 02 May 2023verified |
| Pre-tax income | 1.9 bn | 2.1 bn | 4.4 bn | esef· 02 May 2023verified |
| Income tax | 643.7 m | 805.4 m | 1.3 bn | esef· 02 May 2023verified |
| Net income | 1.0 bn | 1.1 bn | 2.8 bn | esef· 02 May 2023verified |
| Diluted EPS | 10.15 | 10.88 | 27.39 | esef· 02 May 2023verified |
| Dividend per share | 0.85 | 2.90 | 3.43 | esef· 02 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 13.6 bn | 18.3 bn | 34.5 bn | esef· 02 May 2023verified |
| Property, plant & equipment, net | 803.4 m | 732.9 m | 688.3 m | esef· 02 May 2023verified |
| Goodwill | 1.7 bn | 1.7 bn | 1.7 bn | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 708.4 m | 692.8 m | 740.8 m | esef· 02 May 2023verified |
| Total assets | 229.3 bn | 243.0 bn | 259.2 bn | esef· 02 May 2023verified |
| Total liabilities | 200.7 bn | 215.8 bn | 229.1 bn | esef· 02 May 2023verified |
| Equity | 28.7 bn | 27.2 bn | 30.1 bn | esef· 02 May 2023verified |
| Shares outstanding at year end | 102.1 m | 102.2 m | 102.2 m | esef· 02 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 20.9 bn | 10.0 bn | 8.7 bn | esef· 02 May 2023verified |
| Investing cash flow | -22.7 bn | -5.3 bn | 13.4 bn | esef· 02 May 2023verified |
| Financing cash flow | -1.8 bn | 33.2 m | -6.0 bn | esef· 02 May 2023verified |
| Dividends paid | 86.6 m | 296.4 m | 350.1 m | esef· 02 May 2023verified |
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: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 79.8 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| 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 | 28.5x | 20 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.4% | 6 (on a fixed band) | 38% |
| 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· partialunavailable · 0/3 factors with a value
- Returns· partial6/100 · 1/2 factors with a value
- Valuation· partial20/100 · 1/3 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
SANTANDER BANK POLSKA S.A. (EBP.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: ROE 10.4%.
The estimated value range is 182.27–522.79 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 316.43 PLN, the price of 780.80 PLN leaves a potential of -59.5% (value / price − 1) and a margin of safety of -146.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
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
- P/E (TTM): 28.5x
- Shareholder yield (distributions): 0.4%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, 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 EBP.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
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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 202108 Mar 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.