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Powszechny Zaklad Ubezpieczen SA (PZU) Fair Value & Analysis

Financial Services · PL · Market cap 60.3B PLN

PZ Powszechny Zaklad Ubezpieczen SA PZU · WAR
Price72.14 PLN
Fair Value73.80 PLN
Upside+2.3%
Quality53/100
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Healthy Growth
Solidly profitable · 10.1% net margin
Moderate debt · generates free cash flow
6.94% dividend yield
Ranks above peers (10/15)
Wide moat 66/100
Evidence: Medium Range 55.35 PLN – 92.25 PLN Share as image

Fair value as of: Aug 13, 2026

From 6 valuation models · updated today

Fair value updated Aug 13, 2026, revised from 100.85 PLN to 73.80 PLN (−26.8%) since Jul 16, 2026. Share price +4.3% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

73.22 PLN 18.32 PLN Fair Value 73.80 PLN May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 18.32 PLN – 73.22 PLN · fair‑value band 55.35 PLN – 92.25 PLN · the 72.14 PLN price screens below the 73.80 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Powszechny Zaklad Ubezpieczen SA (PZU) currently trades at 72.14 PLN, while our model-based Fair Value estimate is 73.80 PLN, implying the stock looks roughly 2.3% fairly valued today. The Quality Score stands at 53/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Powszechny Zaklad Ubezpieczen SA generated revenue of 62.6B PLN at a net margin of 10.1%. Revenue declined 4.7% year over year. It earns a return on equity of 18.3%. Net debt stands at 28.3B PLN. Fundamentals as of Aug 13, 2026

Our scenario range runs from 55.35 PLN (bear case) to 92.25 PLN (bull case); at 72.14 PLN, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 0% fair-value upside, at 2%, PZU screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 49.75 PLN 62.39 PLN 174.68 PLN 76
Gordon GGM 41.03 PLN 85.32 PLN 135.34 PLN 70
P/E Multiple 75.64 PLN 100.85 PLN 126.06 PLN 63
All 6 models by family
Dividend Discount
Gordon GGM 41.03 PLN 85.32 PLN 135.34 PLN 70
DDM Multi-Stage 41.03 PLN 71.94 PLN 89.54 PLN 61
Multiples
P/E Multiple 75.64 PLN 100.85 PLN 126.06 PLN 63
P/B Multiple 43.13 PLN 57.51 PLN 71.88 PLN 55
Asset-Based
NCAV (Graham) 20.54 PLN 27.52 PLN 41.08 PLN 50
Economic Profit
Residual Income 49.75 PLN 62.39 PLN 174.68 PLN 76

Widest divergence: Dividend Discount (71.94 PLN) versus Asset-Based (27.52 PLN). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 62.6B PLN
Revenue growth (YoY) -4.7%
Net margin 10.1%
Return on equity 18.3%
Free cash flow 9.0B PLN FY2025
P/E ratio 9.9
More key figures
Operating margin 34.4%
EPS (TTM) 7.30 PLN
Dividend yield 7.6%
EPS growth (YoY) -22.6%
Net debt 28.3B PLN FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 47 · Market factors (momentum, volatility) 71

Profitability 33
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 70
Earnings quality: real cash, not paper profit
Fin. Strength 4
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Powszechny Zaklad Ubezpieczen SA provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.

Full company description

Powszechny Zaklad Ubezpieczen SA provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine. It operates through Corporate Insurance; Mass Insurance; Group Insurance and Individually Continued Insurance; Individual Insurance; Life Investment Insurance; Investments; Banking; Pension Insurance; Baltic Countries; Ukraine; and Investment Contracts segments. The company offers motor, property, casualty, agricultural, fire, and third-party liability insurance, as well as health and accident insurance. It also provides banking, asset management, brokerage, investment and transaction advisory, finance leasing, and factoring; and transfer agent, call center, business consulting, IT, venture capital fund management, medical, training, assistance, data center, printing, human resources and payroll, and financial and accounting services, as well as manages pension and mutual funds. In addition, the company is involved in buying, operating, leasing, and selling real estate; property management; rental of office and commercial space; investment activities; and investment of free funds and development activity in the construction of commercial real estate. Further, it engages in the manufacture and sale of bathroom and kitchen taps, aluminum central heating radiators, shower cabins, valves, and screens; and auxiliary activities associated with insurance and pension funds. Powszechny Zaklad Ubezpieczen SA was founded in 1803 and is headquartered in Warsaw, Poland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Powszechny Zaklad Ubezpieczen SA reported revenue of 64.7B PLN in FY2025 versus 40.8B PLN in FY2021, a compound +12.2%/yr. Reported net income was 6.7B PLN in FY2025, compounding +5.4%/yr from FY2021.

Growth Quality 91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
64.7B PLN
Latest YoY
+16.9%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.4%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.0%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.9%
Revenue +12.2%/yr
FY21 40.8B PLN
FY22 49.5B PLN
FY23 55.1B PLN
FY24 55.4B PLN
FY25 64.7B PLN
Net income +5.4%/yr
FY21 5.4B PLN
FY22 5.3B PLN
FY23 5.8B PLN
FY24 5.3B PLN
FY25 6.7B PLN
Character of growth · EPS growth decomposed (2014-2025) +10.5 % p.a.
Revenue per share +11.9 pp

of which total revenue +11.9 pp · buybacks/dilution +0.0 pp

EBIT margin +10.3 pp
Tax rate −2.7 pp
Residual (interest, one-offs) −9.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Powszechny Zaklad Ubezpieczen SA Fair Value". https://www.fairvalue-calculator.com/stock/PZU

Peer Group

Insurance - Property & Casualty · 119 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 52 · Below median
Fair Value upside +2% · Above median
Return on equity (TTM) 18% · Above median
Return on assets 3% · Below median
Net margin (TTM) 10% · Above median
Operating margin (TTM) 34% · Top 25%
Revenue growth -5% · Bottom 25%
Dividend yield (TTM) 6.9% · Top 25%
Debt / equity 0.99× · Higher than 75% of peers

Valuation Multiples vs Insurance - Property & Casualty median · lower = cheaper

P/E (TTM) 9.9× · Cheaper than median
P/B 0.46× · Cheaper than 75% of peers
P/S (TTM) 0.26× · Cheaper than 75% of peers
P/FCF 1.8× · Cheaper than median
EV/EBITDA 1.8× · Cheaper than 75% of peers
PEG 1.72× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 36 · sector 24
FUTURE 0 · sector 32
PAST 73 · sector 56
HEALTH 51 · sector 92
DIVIDEND 100 · sector 48

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Insurance - Property & Casualty stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
The Progressive Corporation PGR $207.37 $160.25 -23%
Chubb Limited CB $343.33 $234.73 -32%
The Travelers Companies, Inc TRV $370.16 $274.42 -26%
The Allstate Corporation ALL $255.84 $316.11 +24%
The People's Insurance Company 601319 ¥6.98 ¥11.61 +66%
PICC Property and Casualty Company 2328 HK$15.52 HK$22.28 +44%
Intact Financial Corporation IFC C$274.14 C$167.46 -39%
Fairfax Financial Holdings FFH C$2,293 C$2,291 -0%
Samsung Fire & Marine Insurance Co 000810 628,000 KRW 698,407 KRW +11%
Gjensidige Forsikring ASA GJF kr 281.00 kr 114.01 -59%

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Frequently asked questions

Is Powszechny Zaklad Ubezpieczen SA (PZU) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 73.80 PLN versus a price of 72.14 PLN, about +2% (fairly valued).
What is the fair value of PZU?
Our model-based fair value for Powszechny Zaklad Ubezpieczen SA is 73.80 PLN (as of Aug 13, 2026), built from audited fundamentals. The current price is 72.14 PLN.
What is the quality score of PZU?
Powszechny Zaklad Ubezpieczen SA has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Powszechny Zaklad Ubezpieczen SA (PZU)?
Powszechny Zaklad Ubezpieczen SA reported trailing-twelve-month revenue of about 62.6B PLN (latest available figure, as of Aug 13, 2026).
What is the net profit margin of PZU?
The net profit margin of Powszechny Zaklad Ubezpieczen SA is about 10.1%, meaning it keeps roughly 10.1% of revenue as net income. Based on the latest reported figures.
Does Powszechny Zaklad Ubezpieczen SA pay a dividend?
Powszechny Zaklad Ubezpieczen SA currently shows a dividend yield of about 7.59% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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