Santander Bank Polska SA

Bank Zachodni is a bank seated in Poland. Co. and its subsidiaries provide a range of banking services for individual and business customers and operate in domestic and interbank foreign markets. Additionally, Co. provides also the following services, including intermediation in trading securities, leasing, factoring, asset/ fund management, insurance services, trading in stock and shares of commercial companies, and brokerage activity. Operational activity of Co. and its subsidiaries has been divided into five segments: Retail Banking, Business and Corporate Banking, Global Banking and Markets, ALM (Assets and Liabilities Management) and Centre, as well as Santander Consumer.
  • TickerSPL
  • ISINPLBZ00000044
  • ExchangeWarsaw Stock Exchange
  • SectorBanks
  • CountryPoland

Analysts

Catalin Diaconu ...
  • Jovan Sikimic
  • Stefan Maxian

Sector Update CEE Banks - Regulatory challenges not easing

Poland: After the clear underperformance vs. most indices and local peers in 2019, PL banks current 1.0x BV 2020e (matching the low point of early 2016) signals some technical repositioning potential within CEE peers, although their risk/reward profile has not yet fully digested the entire downside risks. We dare to assume that roughly speaking, ca. 50% of the worst-case scenario from FX mortgage risks is priced-in; however, the complexity of the topic will continue to be an issue in the next few years. In general we are positive on names that are less exposed to consumer protection risks and ...

Research Team

DM BOŚ: Daily research report – date 16.01.2020

Headlines Large-cap companies news Santander BP: Provisions to weight on results KGHM: Impairment of asset reversals possible CD Projekt: Final Fantasy 7 (remake) delayed to April 10, 2020 Handlowy: Rights for acquiring phantom shares Banks: FX litigation – interpretations of cases vary widely Small- and mid-cap companies news AB: 2Q19/20 results forecast – profits recovery expected LiveChat: Number of ChatBot clients revealed LiveChat: 4Q19 US$-denominated revenues revealed Enel-Med: Changes in the shareholder’s structure Unibep: Land purchase Ten Square Game: Insider selling LS...

Michał Sobolewski

Santander BP: Provisions to weight on results

Event: Provisions to weight on results. Santander BP’s 4Q19 financial results (the preliminary financial report is slated to be released on January 29, while the FY19 financial report will come out at February 20) should show a quarter strongly impacted by provisions for legal risks. Total charges should shave off as much as 33% of the pre-tax income in the quarter. Simultaneously, we expect a positive effect of a decline in balance of impairment charges plus a drop in banking levy level. Overall, we expect a weaker quarter, with a bottom line standing at PLN 495 million (21% slide qoq and 38...

Research Team

DM BOŚ, Research Report – Polish Equities Monthly: January 2020

Polish Equities Monthly: January 2020 Delivering the goods FY19 performance of our top potential out- and underperformers portfolio shows that acute stock selection accompanied by patience is capable of yielding satisfying rates of return also in periods when the broad stock market is not supportive, moving side-ways: last year our top potential out- and underperformers portfolio generated absolute positive rate of return (including intra-year month-on-month compounding effect, yet excluding the inter-year compounding impact from previous years) of impressive 74.6%, translating into 74.4 pp ...

Research Team

DM BOŚ: Daily research report – date 8.01.2020

Headlines Large-cap companies news LPP: 4Q19 preliminary financials in line with our forecasts Dino: Shops openings in 4Q19 revealed Santander BP: Provisions for FX mortgage book litigation Santander BP: Factoring risk sharing program with BGK Millennium: Group layoffs at the bank Asseco Poland: Aviva OFE decreases its stake (in wake of  Cyfrowy Polsat’s bid) Small- and mid-cap companies news Ten Square Games: 4Q19 preliminary revenues revealed; 4Q19 results forecast Ten Square Games: NN OFE decreased its stake below 5% Agora: November’19 paid circulation data revealed by ZKDP Boom...

Santander Bank Polska S.A.: Update following upgrade of ratings

Our credit view of Santander Polska's BCA of baa2 reflects the bank's moderate asset risk, strong profitability and good liquidity profile.

Moody's assigns provisional (P)Baa1 senior unsecured rating to Bank Zachodni WBK's EMTN programme

Moody's Investors Service has today assigned (P)Baa1 long-term local and foreign-currency provisional senior unsecured ratings to Bank Zachodni WBK S.A.'s (BZ WBK) EMTN programme. The EMTN program allows up to EUR5 billion of senior and subordinated debt notes issuance.The rating agency also...

Moody's assigns provisional (P)Baa1 senior unsecured rating to Bank Zachodni WBK's EMTN programme

Moody's Investors Service has today assigned (P)Baa1 long-term local and foreign-currency provisional senior unsecured ratings to Bank Zachodni WBK's (BZ WBK) EMTN programme. The EMTN program allows up to EUR5 billion of senior and subordinated debt notes issuance.The rating agency also assigned...

Bank Zachodni WBK S.A.: Update to credit analysis

Our credit view of BZ WBK's BCA of baa3 reflects the bank’s moderate asset quality, strong profitability and good liquidity profile.

Bank Zachodni WBK S.A.: Key Facts and Statistics - FYE December 2017

A summary company profile, detailing Bank Zachodni WBK SA’s business operations and financial highlights.

Catalin Diaconu ...
  • Jovan Sikimic
  • Stefan Maxian

Sector Update CEE Banks - Regulatory challenges not easing

Poland: After the clear underperformance vs. most indices and local peers in 2019, PL banks current 1.0x BV 2020e (matching the low point of early 2016) signals some technical repositioning potential within CEE peers, although their risk/reward profile has not yet fully digested the entire downside risks. We dare to assume that roughly speaking, ca. 50% of the worst-case scenario from FX mortgage risks is priced-in; however, the complexity of the topic will continue to be an issue in the next few years. In general we are positive on names that are less exposed to consumer protection risks and ...

Research Team

DM BOŚ: Daily research report – date 16.01.2020

Headlines Large-cap companies news Santander BP: Provisions to weight on results KGHM: Impairment of asset reversals possible CD Projekt: Final Fantasy 7 (remake) delayed to April 10, 2020 Handlowy: Rights for acquiring phantom shares Banks: FX litigation – interpretations of cases vary widely Small- and mid-cap companies news AB: 2Q19/20 results forecast – profits recovery expected LiveChat: Number of ChatBot clients revealed LiveChat: 4Q19 US$-denominated revenues revealed Enel-Med: Changes in the shareholder’s structure Unibep: Land purchase Ten Square Game: Insider selling LS...

Michał Sobolewski

Santander BP: Provisions to weight on results

Event: Provisions to weight on results. Santander BP’s 4Q19 financial results (the preliminary financial report is slated to be released on January 29, while the FY19 financial report will come out at February 20) should show a quarter strongly impacted by provisions for legal risks. Total charges should shave off as much as 33% of the pre-tax income in the quarter. Simultaneously, we expect a positive effect of a decline in balance of impairment charges plus a drop in banking levy level. Overall, we expect a weaker quarter, with a bottom line standing at PLN 495 million (21% slide qoq and 38...

Research Team

DM BOŚ, Research Report – Polish Equities Monthly: January 2020

Polish Equities Monthly: January 2020 Delivering the goods FY19 performance of our top potential out- and underperformers portfolio shows that acute stock selection accompanied by patience is capable of yielding satisfying rates of return also in periods when the broad stock market is not supportive, moving side-ways: last year our top potential out- and underperformers portfolio generated absolute positive rate of return (including intra-year month-on-month compounding effect, yet excluding the inter-year compounding impact from previous years) of impressive 74.6%, translating into 74.4 pp ...

Research Team

DM BOŚ: Daily research report – date 8.01.2020

Headlines Large-cap companies news LPP: 4Q19 preliminary financials in line with our forecasts Dino: Shops openings in 4Q19 revealed Santander BP: Provisions for FX mortgage book litigation Santander BP: Factoring risk sharing program with BGK Millennium: Group layoffs at the bank Asseco Poland: Aviva OFE decreases its stake (in wake of  Cyfrowy Polsat’s bid) Small- and mid-cap companies news Ten Square Games: 4Q19 preliminary revenues revealed; 4Q19 results forecast Ten Square Games: NN OFE decreased its stake below 5% Agora: November’19 paid circulation data revealed by ZKDP Boom...

Pawel Wieprzowski, PhD

EME Strategy: Polish pension funds' holding data for 2018

The Polish pension funds (OFEs) released their annual holding reports last week, containing all of their stakes. Over the past year, OFEs’ equities allocation has remained broadly unchanged vs. end-2017, at c.85% of net assets. At the same time, the share of foreign equities in OFEs’ equities portfolio fell slightly, from 7.3% to 7.1%. The value of their equity portfolios dropped from c.PLN 153bn to c.PLN 134bn (-c.12% yoy), driven by the negative performance of the equities market (the WIG20 dropped by c.5% yoy on a total return basis, while the WIG lost 9.5% yoy), among other things. The val...

Research Team

WOOD Daily: SPL PW; LPP PW; TEN PW; AKBNK TI; EME Macro; PL Macro; MIL PW; CPS PW; CIE PW; DNP PW; PL Telecoms; OPL PW preview

HEADLINES: • Santander Bank Polska: creates material provisions for FX mortgage loans and consumer loans repaid early NEGATIVE • LPP: preliminary 4Q19 results - broadly in line with expectations NEUTRAL • Ten Square Games: preliminary 4Q19 revenue POSITIVE • Akbank: analyst day and 2020E targets • EME Macro: overview of past war announcements • EME Macro: simplified oil impact estimates on CPI • Poland macro: inflation update • Bank Millennium: plans to cut a maximum of 260 FTEs in 1Q20E NEUTRAL • Cyfrowy Polsat: multi-SIM tariff prices changed at end of December POSITIVE • Ciech: negativ...

Research Team

WOOD Morning (7 January 2020)

HEADLINES: • 2020 Macro Strategy: US-Iran developments • Polish banks: dangerous ruling of Polish court on FX mortgage case • National Bank: considering EUR 6bn securitisation of NPEs • Turkish automotive: December registrations up 16%, Tofas outperforms its guidance NEUTRAL • CD Projekt: 100 days to Cyberpunk 2077 launch NEUTRAL

Research Team

WOOD Morning (6 January)

HEADLINES: • Polish banks: dangerous ruling of Polish court on FX mortgage case • Sberbank: shareholder structure - if it ain't broke, don't fix it • European refining and petrochemicals margins monthly: December 2019 NEGATIVE • Cyfrowy Polsat: fined PLN 34.9m by Polish anti-monopoly watchdog NEGATIVE • Cyfrowy Polsat: intends to launch 5G network in 1Q20E NEUTRAL • Short News (WSE)

Research Team

Focus: downgrading Norilsk Nickel to HOLD, with lower USD 28.1/GDR PT; Alpha Bank – transformational plan on the right track; Mobile TeleSystems’ 3Q19 – strong set of results, with a 5% beat on OIBDA vs. our forecasts; Fourlis’ 3Q19 review

HEADLINES: • Norilsk Nickel: growth over dividends (downgraded to HOLD) • Alpha Bank: transformational plan on the right track POSITIVE • Mobile TeleSystems: 3Q19 - strong set of results, with a 5% beat on OIBDA vs. our forecasts POSITIVE • Fourlis: 3Q19 review - solid results, with Intersport driving growth • Ciech: 3Q19 adjusted EBITDA in line with expectations, miss on EBIT amid impairment loss NEUTRAL • Graphisoft Park: to pay a special dividend or launch a buyback POSITIVE • Wirtualna Polska: key takeaways from the 3Q19 meeting with investors POSITIVE • LPP: takeaways from the 3Q19 con...

Research Team

Focus: keeping our BUY on OPAP, with a higher EUR 13.2 PT; Play Communications – strong 3Q19 results, with adjusted EBITDA up 16% yoy and FCF guidance lifted; Sphera Franchise Group’s 3Q19 results above expectations on costs

HEADLINES: • OPAP: winner of the Derby (stays BUY) • Play Communications: strong 3Q19 results, with adjusted EBITDA up 16% yoy and FCF guidance lifted POSITIVE • Sphera Franchise Group: 3Q19 results above expectations on costs POSITIVE • Eurocash: 3Q19 results slightly above expectations on one-off and improving retail NEUTRAL • PGE: 3Q19 results in line with prelims, 2020E outlook provided NEUTRAL • Wizz Air: 2Q20 - broadly in line at first glance, net profit guidance revised up POSITIVE • Rostelecom: to purchase 55% stake in Tele2 for RUB 132bn POSITIVE • Polish banks: PFSA lowers FX mortga...

SANTANDER BANK POLSKA SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of SANTANDER BANK POLSKA SA (PL), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date October 1, 2019, the closing price was PLN 312.00 and its potential was estimated at PLN 351.46.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

PKO Bank Polski SA - Strategy, SWOT and Corporate Finance Report

Summary PKO Bank Polski SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights PKO Bank Polski SA (PKOBP), along with its subsidiaries offers personal and business banking; and investment and insurance solutions. It offers a range of deposits and accounts such as current, savings, and term deposits; consumer and business loans; debit and credit cards; mortgage bankin...

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