BHW (Bank Handlowy w Warszawie SA) vs WIG20 Comparison

BHW

WIG20

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BHW

WIG20

Difference

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BHW

WIG20

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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WIG20

BHW

JPM

BAC

601398

601288

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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Bank Handlowy w Warszawie SA
Glance View

Market Cap

12B PLN

Industry

Banking

Founded in 1870, Bank Handlowy w Warszawie SA, commonly known as Citi Handlowy, stands as one of the oldest and most storied financial institutions in Poland. Over the decades, it has evolved from a locally-focused bank into a key player in the Polish financial landscape, serving a diverse range of clients, from individual customers to large corporations. The bank's journey has been marked by a series of transformations and strategic partnerships, notably its merger with Citibank in 2001, which positioned it within the global framework of Citigroup's extensive network. This alliance bolstered its capabilities, allowing Bank Handlowy to provide an impressive portfolio of financial services, including retail banking, wealth management, and corporate and investment banking, all delivered through cutting-edge technology and comprehensive customer service. In its quest for financial growth and stability, Bank Handlowy wields its extensive expertise in capital markets, guiding both corporations and institutional clients through the complex financial environment of Central and Eastern Europe. The bank generates its revenue through a multifaceted approach, leveraging interest income from loans and credit facilities alongside fees from brokerage, asset management, and treasury operations. Additionally, its investment banking division plays a crucial role in advising on mergers and acquisitions and facilitating large-scale financing projects. This blend of traditional banking functions with sophisticated financial solutions enables Bank Handlowy to maintain a robust and resilient business model, even amid changing economic cycles, fortifying its position as a cornerstone of Poland's banking industry.

View BHW Analysis

BHW Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

US		JPMorgan Chase & Co NYSE:JPM	Add
ZA	A	Absa Bank Ltd JSE:ABSP	Add
ZA	S	Standard Bank Group Ltd JSE:SBK	Add
ZA	C	Capitec Bank Holdings Ltd JSE:CPI	Add
US		Bank of America Corp NYSE:BAC	Add
CN		Industrial and Commercial Bank of China Ltd SSE:601398	Add
CN		Agricultural Bank of China Ltd SSE:601288	Add
US		Wells Fargo & Co NYSE:WFC	Add
CN		Bank of China Ltd SSE:601988	Add
CN		China Construction Bank Corp SSE:601939	Add

US		JPMorgan Chase & Co NYSE:JPM	Select
ZA	A	Absa Bank Ltd JSE:ABSP	Select
ZA	S	Standard Bank Group Ltd JSE:SBK	Select
ZA	C	Capitec Bank Holdings Ltd JSE:CPI	Select
US		Bank of America Corp NYSE:BAC	Select
CN		Industrial and Commercial Bank of China Ltd SSE:601398	Select
CN		Agricultural Bank of China Ltd SSE:601288	Select
US		Wells Fargo & Co NYSE:WFC	Select
CN		Bank of China Ltd SSE:601988	Select
CN		China Construction Bank Corp SSE:601939	Select

US		JPMorgan Chase & Co NYSE:JPM	Add
ZA	A	Absa Bank Ltd JSE:ABSP	Add
ZA	S	Standard Bank Group Ltd JSE:SBK	Add
ZA	C	Capitec Bank Holdings Ltd JSE:CPI	Add
US		Bank of America Corp NYSE:BAC	Add
CN		Industrial and Commercial Bank of China Ltd SSE:601398	Add
CN		Agricultural Bank of China Ltd SSE:601288	Add
US		Wells Fargo & Co NYSE:WFC	Add
CN		Bank of China Ltd SSE:601988	Add
CN		China Construction Bank Corp SSE:601939	Add

HR	C	CROBEX INDX:CRBEX	Add
SA	T	Tadawul All Share INDX:TASI	Add
TH	S	SET Index INDX:SET	Add
ID	J	Jakarta Composite Index INDX:JKSE	Add
GR	A	Athens General Composite INDX:ATG	Add
BR	B	BOVESPA INDX:BVSP	Add
AR	S	S&P Merval INDX:MERV	Add
MX	M	Mexico S&P/BMV IPC INDX:MXX	Add
CZ	P	PX Prague Stock Index INDX:PX	Add
RU	M	MOEX Russia INDX:IMOEX	Add

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BHW

vs

WIG20

Stocks Performance
BHW vs WIG20

Performance Gap
BHW vs WIG20

Performance By Year
BHW vs WIG20

Competitors Performance
Bank Handlowy w Warszawie SA vs Peers

Bank Handlowy w Warszawie SA
Glance View

Company

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BHW vs WIG20

Stocks Performance BHW vs WIG20

Performance Gap BHW vs WIG20

Performance By Year BHW vs WIG20

Competitors Performance Bank Handlowy w Warszawie SA vs Peers

Bank Handlowy w Warszawie SA Glance View

Company

Help

Tools

Stocks

BHW

vs

WIG20

Stocks Performance
BHW vs WIG20

Performance Gap
BHW vs WIG20

Performance By Year
BHW vs WIG20

Competitors Performance
Bank Handlowy w Warszawie SA vs Peers

Bank Handlowy w Warszawie SA
Glance View