KGHM Polska Miedz S.A.

WSE:KGH Stock Report

Market Cap: zł75.3b

KGHM Polska Miedz Valuation

Is KGH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of KGH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: KGH (PLN376.5) is trading above our estimate of future cash flow value (PLN203.4)

Significantly Below Future Cash Flow Value: KGH is trading above our estimate of future cash flow value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KGH?

Key metric: As KGH is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for KGH. This is calculated by dividing KGH's market cap by their current earnings.
What is KGH's PE Ratio?
PE Ratio10.9x
Earningszł6.89b
Market Capzł75.30b

Price to Earnings Ratio vs Peers

How does KGH's PE Ratio compare to its peers?

The above table shows the PE ratio for KGH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.7x
KTY Grupa Kety
20.3x11.68%zł12.0b
358 Jiangxi Copper
14.3x14.59%HK$166.6b
CVERDEC1 Sociedad Minera Cerro VerdeA
13.4x2.85%US$19.9b
LUN Lundin Mining
22.9x-3.03%CA$36.0b
KGH KGHM Polska Miedz
10.9x0.35%zł75.3b

Price-To-Earnings vs Peers: KGH is good value based on its Price-To-Earnings Ratio (10.9x) compared to the peer average (17.7x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does KGH's PE Ratio compare vs other companies in the European Metals and Mining Industry?

19 CompaniesPrice / EarningsEstimated GrowthMarket Cap
KGH 10.9xIndustry Avg. 20.3xNo. of Companies19PE01224364860+
19 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KGH is good value based on its Price-To-Earnings Ratio (10.9x) compared to the European Metals and Mining industry average (19.4x).

Price to Earnings Ratio vs Fair Ratio

What is KGH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

KGH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.9x
Fair PE Ratio14.7x

Price-To-Earnings vs Fair Ratio: KGH is good value based on its Price-To-Earnings Ratio (10.9x) compared to the estimated Fair Price-To-Earnings Ratio (14.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst KGH forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentzł376.50
zł319.28
-15.20%
25.94%zł460.00zł185.12n/a11
May ’27zł302.80
zł306.55
+1.24%
21.69%zł381.00zł185.12n/a11
Apr ’27zł287.60
zł283.92
-1.28%
21.59%zł360.00zł185.12n/a12
Mar ’27zł335.50
zł293.36
-12.56%
20.78%zł390.00zł200.00n/a11
Feb ’27zł332.10
zł262.79
-20.87%
24.27%zł360.00zł155.00n/a11
Jan ’27zł280.80
zł228.69
-18.56%
15.70%zł274.00zł155.00n/a11
Dec ’26zł217.90
zł200.23
-8.11%
19.12%zł260.00zł114.00n/a11
Nov ’26zł193.85
zł191.76
-1.08%
16.79%zł236.00zł114.00n/a11
Oct ’26zł166.05
zł155.09
-6.60%
27.58%zł236.00zł92.00n/a11
Sep ’26zł129.40
zł137.64
+6.37%
24.53%zł200.00zł92.00n/a11
Aug ’26zł126.50
zł133.73
+5.72%
21.60%zł181.45zł89.00n/a11
Jul ’26zł129.35
zł134.00
+3.60%
21.35%zł181.45zł89.00n/a11
Jun ’26zł122.90
zł132.73
+8.00%
22.46%zł181.45zł79.00zł350.9011
May ’26zł119.55
zł132.28
+10.65%
22.60%zł181.45zł79.00zł302.8011
Apr ’26zł128.25
zł137.13
+6.92%
22.98%zł190.00zł82.00zł287.6011
Mar ’26zł129.45
zł141.86
+9.58%
23.58%zł190.00zł82.00zł335.5011
Feb ’26zł125.75
zł142.86
+13.61%
23.38%zł190.00zł82.00zł332.1011
Jan ’26zł115.00
zł143.22
+24.54%
23.43%zł190.00zł82.00zł280.8011
Dec ’25zł127.25
zł146.77
+15.34%
23.15%zł190.00zł82.00zł217.9011
Nov ’25zł149.45
zł159.96
+7.03%
15.31%zł200.00zł122.40zł193.8511
Oct ’25zł162.05
zł159.10
-1.82%
14.06%zł200.00zł124.00zł166.0511
Sep ’25zł138.80
zł156.98
+13.10%
17.28%zł200.00zł112.70zł129.4011
Aug ’25zł132.20
zł156.68
+18.52%
18.20%zł200.00zł112.70zł126.5010
Jul ’25zł147.90
zł151.68
+2.56%
19.39%zł200.00zł112.70zł129.3510
Jun ’25zł151.70
zł148.18
-2.32%
21.09%zł200.00zł110.00zł122.9010
zł319.28
Fair Value
17.9% overvalued intrinsic discount
11
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/02 09:56
End of Day Share Price 2026/06/02 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

KGHM Polska Miedz S.A. is covered by 24 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jakub SargsyanBiuro maklerskie mBanku
Beata Szparaga-WasniewskaBiuro maklerskie mBanku
Edward SterckBMO Capital Markets Equity Research