Risk Reward Update: Bank PKO BP | Europe

Research evidence excerpt

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M

Update

August 18, 2026 03:48 PM GMT

Morgan Stanley & Co. International plc+

Bank PKO BP | Europe

Gulnara Saitkulova

Equity Analyst

Risk Reward Update

Bank PKO BP (PKO.WA, PKO PW)

What’s Changed

Banks | Poland

Bank PKO BP (PKO.WA)

From

To

Price Target

PLN 120.00

PLN 125.00

Bull Case

PLN 145.00

PLN 151.00

Base Case

PLN 120.00

PLN 125.00

Bear Case

PLN 80.00

PLN 83.00

Updated Components

EPS

Investment Thesis

Bull Base Bear Scenarios

Stock Rating

Industry View

Price target

Shr price, close (Aug 17, 2026)

52-Week Range

Fiscal Year Ending

EPS (PLN)**

Prior EPS (PLN)**

Overweight

Attractive

PLN 125.00

PLN 111.42

PLN 114.16- 67.78

12/25 12/26e 12/27e 12/28e

9.00

9.15

8.85

10.67

10.50

11.69

11.49

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Risk Reward for Bank PKO BP (PKO.WA) has been updated

Reason for change

Following resilient Q2, we raise our core revenue forecasts by ~1% and modestly

lower our 2026 cost assumptions. Together, these changes lift our bottom-line

estimates by 2-3%. With the macro outlook remaining supportive and operating

momentum solid, we also lower our cost of equity assumption to 11.0% from 11.5%.

As the bank went ex dividend on 4th August, we deduct 2025 dividend from our

valuation. As a result, we raise our price target to PLN 125 from PLN 120 and

reiterate our Overweight rating.

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