Powszechny Zaklad Ubezpieczen SA (PZU) fair value: what the stock is really worth
We calculate from audited financials what Powszechny Zaklad Ubezpieczen SA is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range 18.32 PLN – 77.00 PLN · fair‑value band 50.35 PLN – 92.25 PLN · the 74.10 PLN price screens above 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 Sep 18, 2026.
Powszechny Zaklad Ubezpieczen SA provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.
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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.
Stock analysis
Powszechny Zaklad Ubezpieczen SA (PZU) currently trades at 74.10 PLN, while our model-based Fair Value estimate is 73.80 PLN, implying the stock looks roughly 0.4% fairly valued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of 71.94 PLN per share, and 2 of the 6 models we run sit above the 74.10 PLN price.
Bear case: the Asset-Based group reads lowest at 27.52 PLN, and 4 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: 50.35 PLN (bear) to 92.25 PLN (bull), the price of 74.10 PLN sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap 64.0B PLN (≈ $16.8B) · P/E ratio 10.2 · P/S ratio 1.05 · EPS (TTM) 7.30 PLN · Dividend yield 6.5% · Net margin 10.4% · Return on equity 18.3% · Return on assets (EBIT) 3.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades near its 52-week high and 39% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −14% fair-value upside, at 0%, PZU screens cheaper than that median.
Fair Value models
Bear 50.35 PLNFair Value 73.80 PLNBull 92.25 PLN
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.81 PLN per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+16.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+9.4%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+10.0%
Revenue growth 21 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+10.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+11.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.3%
Dividend (yield on the price)6.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5% vs 11%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 28%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−26.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−9.0%
Yearly sales growth analysts expect, extended to five years.
Compare Powszechny Zaklad Ubezpieczen SA with another stock
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Peer Groupⓘ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.Insurance - Property & Casualty · 118 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Powszechny Zaklad Ubezpieczen SA Fair Value". https://www.fairvalue-calculator.com/stock/PZU
Frequently asked questions
Is Powszechny Zaklad Ubezpieczen SA (PZU) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of 73.80 PLN versus a price of 74.10 PLN, about −0% upside (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 Sep 18, 2026), built from audited fundamentals. The current price: 74.10 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 price target for Powszechny Zaklad Ubezpieczen SA (PZU)?
Our model-based price target is the fair value of 73.80 PLN (as of Sep 18, 2026) from 6 valuation models. Cautious scenario 50.35 PLN, optimistic scenario 92.25 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Powszechny Zaklad Ubezpieczen SA stock forecast for 2026?
Our models put fair value at 73.80 PLN, about −0% upside versus a price of 74.10 PLN (fairly valued). Cautious scenario 50.35 PLN, optimistic scenario 92.25 PLN. The calculation is refreshed regularly with new filings.
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 Sep 18, 2026).
Does Powszechny Zaklad Ubezpieczen SA pay a dividend?
Powszechny Zaklad Ubezpieczen SA currently shows a dividend yield of about 6.48% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Powszechny Zaklad Ubezpieczen SA (PZU)?
For today's price to be fair in a discounted-cash-flow model, Powszechny Zaklad Ubezpieczen SA would have to grow free cash flow by -26.4 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.0 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of PZU use?
Our models discount Powszechny Zaklad Ubezpieczen SA at 8.8 %: a base by market capitalisation (large), damped by beta 0.32, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Powszechny Zaklad Ubezpieczen SA that is -26.4 % per year a year over ten years, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has Powszechny Zaklad Ubezpieczen SA (PZU) delivered so far?
Over the past 5 years revenue at Powszechny Zaklad Ubezpieczen SA grew +10.0 % a year. The price currently implies -26.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Powszechny Zaklad Ubezpieczen SA (PZU) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Powszechny Zaklad Ubezpieczen SA (-26.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Powszechny Zaklad Ubezpieczen SA (PZU)?
The free-cash-flow yield on the price is 14.41 %: that much free cash flow Powszechny Zaklad Ubezpieczen SA produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Powszechny Zaklad Ubezpieczen SA (PZU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Powszechny Zaklad Ubezpieczen SA it is 73.80 PLN per share (as of Sep 18, 2026), against a price of 74.10 PLN. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Powszechny Zaklad Ubezpieczen SA stock overvalued or undervalued in 2026?
As of Sep 18, 2026, PZU trades above its calculated fair value: price 74.10 PLN, fair value 73.80 PLN, a gap of about −0% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PZU?
No. The price is what the market pays today (74.10 PLN); the fair value is what the company's own numbers justify (73.80 PLN). For Powszechny Zaklad Ubezpieczen SA the two are 0.3000 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Powszechny Zaklad Ubezpieczen SA worth?
The market values Powszechny Zaklad Ubezpieczen SA at about 64.0B PLN (market capitalisation, as of Sep 18, 2026). Per share that is 74.10 PLN; our models calculate a fair value of 73.80 PLN per share.
What do the bullish and bearish scenarios say about PZU?
Our models span a range for Powszechny Zaklad Ubezpieczen SA: cautious scenario 50.35 PLN, base 73.80 PLN, optimistic 92.25 PLN per share (as of Sep 18, 2026, price 74.10 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PZU?
Powszechny Zaklad Ubezpieczen SA trades at a price-to-earnings ratio of 10.2 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 73.80 PLN is built from several models across several years. Other multiples: PEG 1.7, P/B 0.5, P/S 0.3, EV/EBITDA 1.8.
What is the PEG ratio of PZU?
The PEG ratio of Powszechny Zaklad Ubezpieczen SA is 1.72 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Powszechny Zaklad Ubezpieczen SA (PZU)?
Balance-sheet figures for Powszechny Zaklad Ubezpieczen SA (as of Sep 18, 2026): return on equity 18.3%, debt of 0.99 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is PZU from its 52-week high?
Powszechny Zaklad Ubezpieczen SA trades at 74.10 PLN, about 2% below its 52-week high of 72.72 PLN and 39% above the low of 53.36 PLN (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of 73.80 PLN is for.
Which stocks are comparable to Powszechny Zaklad Ubezpieczen SA?
From the same area (Financial Services) we also value The Progressive Corporation, Chubb Limited, The Travelers Companies, Inc, The Allstate Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Powszechny Zaklad Ubezpieczen SA stock attractive at the current price?
The data as of Sep 18, 2026: price 74.10 PLN, calculated fair value 73.80 PLN (−0%), Quality Score 53/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PZU calculated?
We run Powszechny Zaklad Ubezpieczen SA through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 73.80 PLN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Powszechny Zaklad Ubezpieczen SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Powszechny Zaklad Ubezpieczen SA (PZU)?
The closing price on Sep 21, 2026 was 74.10 PLN. Our model-based fair value is 73.80 PLN, about −0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Powszechny Zaklad Ubezpieczen SA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (50.35 PLN to 92.25 PLN) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Powszechny Zaklad Ubezpieczen SA (PZU) come from?
Earnings per share at Powszechny Zaklad Ubezpieczen SA grew +10.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.9 %, EBIT margin +10.3 %, tax rate −2.7 %, residual (interest, one-offs) −8.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Powszechny Zaklad Ubezpieczen SA
How large is the market capitalisation of Powszechny Zaklad Ubezpieczen SA (PZU)?
The market capitalisation of Powszechny Zaklad Ubezpieczen SA is 64.0B PLN (≈ $16.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Powszechny Zaklad Ubezpieczen SA (PZU)?
The price-to-sales ratio of Powszechny Zaklad Ubezpieczen SA is 1.05 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Powszechny Zaklad Ubezpieczen SA (PZU)?
Earnings per share at Powszechny Zaklad Ubezpieczen SA are 7.30 PLN (price ÷ EPS = P/E 10.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Powszechny Zaklad Ubezpieczen SA (PZU)?
The dividend yield of Powszechny Zaklad Ubezpieczen SA is 6.5% (payout 65.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Powszechny Zaklad Ubezpieczen SA (PZU)?
The net margin of Powszechny Zaklad Ubezpieczen SA is 10.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Powszechny Zaklad Ubezpieczen SA (PZU)?
The return on equity (ROE) of Powszechny Zaklad Ubezpieczen SA is 18.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Powszechny Zaklad Ubezpieczen SA (PZU)?
On an EBIT basis the return on assets of Powszechny Zaklad Ubezpieczen SA is 3.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Powszechny Zaklad Ubezpieczen SA (PZU)?
The operating margin of Powszechny Zaklad Ubezpieczen SA is 34.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Powszechny Zaklad Ubezpieczen SA (PZU)?
Revenue at Powszechny Zaklad Ubezpieczen SA is growing −4.7% versus a year earlier (3y avg +9.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Powszechny Zaklad Ubezpieczen SA (PZU)?
Earnings per share at Powszechny Zaklad Ubezpieczen SA are growing −22.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Powszechny Zaklad Ubezpieczen SA (PZU) carry?
The net debt of Powszechny Zaklad Ubezpieczen SA is 28.3B PLN (fiscal year 2025, ≈ 3.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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