KGHM Polska Miedz SA (PL:KGH)
:KGH
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KGHM Polska Miedz SA
(KGH)
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Rating:61Neutral
Price Target:
zł147.00
▼(-43.50% Downside)
Action:N/ADate:09/14/25
KGHM's overall score of 61 is driven primarily by mixed financial performance, with strong income and balance sheet metrics offset by significant cash flow concerns. Valuation remains reasonable, while the earnings call highlights profitability challenges despite some operational positives. Technical analysis remains neutral due to limited data.
KGHM Polska Miedz SA (KGH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
zł52.04B
Dividend Yield0.55%
Average Volume (3M)860.86K
Price to Earnings (P/E)18.5
Beta (1Y)1.47
Revenue Growth7.74%
EPS GrowthN/A
CountryPL
Employees33,882
SectorBasic Materials
Sector Strength58
IndustryCopper
Share Statistics
EPS (TTM)N/A
Shares Outstanding200,000,000
10 Day Avg. Volume893,222
30 Day Avg. Volume860,864
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.74
Price to Sales (P/S)0.65
P/FCF Ratio-18.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
zł289.21Price Target Upside11.15% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)36.26
Revenue Forecast (FY)zł47.61B
KGHM Polska Miedz SA Business Overview & Revenue Model
Company Description
KGHM Polska Miedz S.A. mines, produces, and sells copper, precious metals, and non-ferrous metals in Poland and internationally. It offers copper cathodes, wire rods, Cu-Ofe and Cu-Ag wires, and granule products; silver in bullion bar and granule ...
How the Company Makes Money
KGHM generates revenue primarily through the sale of copper and silver, which are its core products. The company extracts copper from its mining operations and refines it into various forms, including cathodes and wire rods, which are sold to manu...
KGHM Polska Miedz SA Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a balanced view with strong performance in EBITDA growth and production increases in Sierra Gorda, alongside challenges such as decreased copper production due to maintenance and exchange rate impacts.Positive Updates
Silver Price Surge
A 29% increase in silver prices in dollars and 23% in Polish zloty, impacting KGHM's results positively as a major silver producer.
Negative Updates
Copper Production Decline
A 20,000-tonne decrease in electrolytic copper production due to maintenance at Glogow smelter.
Read all updates
Q3-2025 Updates
Positive
Negative
Silver Price Surge
A 29% increase in silver prices in dollars and 23% in Polish zloty, impacting KGHM's results positively as a major silver producer.
Read all positive updates
Company Guidance
During the conference call discussing the KGHM Group's Q3 2025 results, several key financial metrics and operational updates were highlighted. The average copper price for the first nine months was reported at $9,556 or PLN 36,257, with a 5% year-on-year increase in USD terms. The exchange rate between USD and PLN showed a 4% decrease year-on-year. Silver prices saw a notable rise, with a 23% increase in PLN and 29% in USD, reflecting KGHM's status as the second-largest silver producer globally. Adjusted EBITDA for KGHM Polska Miedz increased by 5%, while the KGHM Group saw a 16% rise year-on-year. Despite a 20,000-tonne decrease in electrolytic copper production due to maintenance at the Glogow smelter, KGHM's adjusted EBITDA remained strong. The company's cost discipline was emphasized, with a minimal increase in domestic C1 costs and a decrease when excluding tax. Molybdenum production in Sierra Gorda surged by 95%, contributing to the positive financial performance. The group's revenue decreased by 1% due to maintenance, but strong cost management led to a 16% increase in adjusted EBITDA. The conference also highlighted strategic investments and development plans, including significant CapEx for new shafts and infrastructure enhancements.KGHM Polska Miedz SA Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
80
Positive
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.05B | 35.32B | 32.83B | 33.85B | 29.80B | 23.63B |
| Gross Profit | 5.97B | 5.97B | 2.66B | 6.31B | 6.27B | 4.65B |
| EBITDA | 6.53B | 6.87B | -1.14B | 7.52B | 10.24B | 5.23B |
| Net Income | 2.57B | 2.87B | -3.70B | 4.77B | 6.16B | 1.80B |
Balance Sheet | ||||||
| Total Assets | 55.11B | 53.89B | 51.38B | 53.44B | 48.03B | 42.78B |
| Cash, Cash Equivalents and Short-Term Investments | 593.00M | 699.00M | 1.70B | 1.47B | 2.03B | 2.53B |
| Total Debt | 5.92B | 6.17B | 5.72B | 6.44B | 5.95B | 7.33B |
| Total Liabilities | 22.73B | 22.83B | 22.75B | 21.30B | 20.89B | 21.70B |
| Stockholders Equity | 32.31B | 30.99B | 28.57B | 32.09B | 27.05B | 20.99B |
Cash Flow | ||||||
| Free Cash Flow | -1.65B | -1.24B | 1.12B | -1.67B | 338.00M | 2.18B |
| Operating Cash Flow | 3.94B | 4.69B | 6.05B | 2.46B | 4.27B | 5.66B |
| Investing Cash Flow | -4.49B | -5.51B | -4.80B | -2.69B | -2.53B | -3.66B |
| Financing Cash Flow | -244.00M | -217.00M | -747.00M | -446.00M | -2.20B | -548.00M |
KGHM Polska Miedz SA Technical Analysis
Negative
260.20
Price Trends
307.64
Negative
276.16
Negative
212.07
Positive
Market Momentum
-12.64
Positive
38.65
Neutral
51.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PL:KGH, the sentiment is Negative. The current price of 260.2 is below the 20-day moving average (MA) of 286.70, below the 50-day MA of 307.64, and above the 200-day MA of 212.07, indicating a neutral trend. The MACD of -12.64 indicates Positive momentum. The RSI at 38.65 is Neutral, neither overbought nor oversold. The STOCH value of 51.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PL:KGH.
KGHM Polska Miedz SA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | zł9.48B | 12.88 | 30.14% | 6.18% | 6.98% | -7.08% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | zł52.04B | 18.48 | 7.89% | 0.55% | 7.74% | ― | |
47 Neutral | zł1.20B | -23.49 | 0.60% | 2.59% | 0.21% | ― | |
43 Neutral | zł1.10B | -11.53 | -7.50% | ― | -4.86% | -295.77% |
* Basic Materials Sector Average
PL:KGH
KGHM Polska Miedz SA
260.20
124.00
91.04%
PL:COG
Cognor Holding SA
4.74
-3.26
-40.70%
PL:KTY
Grupa KETY S.A.
963.50
156.43
19.38%
PL:STP
Stalprodukt S.A.
222.00
-53.61
-19.45%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.