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Zaklady Azotowe Pulawy S.A (ZAP) Fair Value & Analysis

Basic Materials · PL · Market cap 954M PLN

ZA Zaklady Azotowe Pulawy S.A ZAP · WAR
Price49.00 PLN
Fair Value278.43 PLN
Upside+468.2%
Quality92/100
Evidence: Low Range 196.49 PLN – 360.37 PLN

Fair value as of: Jun 24, 2026

From 13 valuation models · updated 5 days ago

Fair value updated Jun 24, 2026 — revised from 796.75 PLN to 278.43 PLN (−65.1%) since Jun 23, 2026. Share price +3.6% over the past month.

Price vs Fair Value (12 months)

54.82 PLN 44.28 PLN Fair Value 278.43 PLN Jun 2025 Jun 2026

12‑month range 44.28 PLN – 54.82 PLN · fair‑value band 196.49 PLN – 360.37 PLN · the 49.00 PLN price screens below the 278.43 PLN fair value. As of Jun 24, 2026.

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Analysis

Zaklady Azotowe Pulawy S.A (ZAP) currently trades at 49.00 PLN, while our model-based Fair Value estimate is 278.43 PLN — implying the stock looks roughly 468.2% undervalued today. We read business quality at 92/100 (high quality), in the Basic Materials 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: low) — always confirm before acting.

Over the trailing twelve months, Zaklady Azotowe Pulawy S.A generated revenue of 3.8B PLN at a net margin of -2.9%. Revenue grew 2.2% year over year. It earns a return on equity of -4.0%. The balance sheet holds a net cash position of 101M PLN. Fundamentals as of Jun 24, 2026

Key figures & financial health

Revenue (TTM) 3.8B PLN
Revenue growth (YoY) +2.2%
Net margin -2.9%
Return on equity -4.0%
Free cash flow 2.2B PLN FY2024
Operating margin -3.4%
More key figures
EPS (TTM) -5.84 PLN
EPS growth (YoY) +211%
Net cash 101M PLN FY2024

Figures from reported company fundamentals (EODHD) · as of Jun 24, 2026. TTM = trailing twelve months.

About the company

Zaklady Azotowe Pulawy S.A. manufactures and sells fertilizer and chemical products worldwide. It provides nitrogen fertilizers under PULAN, PULAN MACRO, megAN 33,5, SALMAG, PULMIX, Saletrzak 27N, eNpluSTM, and PULREA name; urea under PULGRAN name; urea ammonium sulfate under the PULGRANS name; RSM, RSMOptima and RSMS, PULSAR and ammonium sulfate from the Flue Gas Desulfurisation Unit; nitrogen fertilizer solution with sulfur under PULASKA name; potassium nitrate, fertilizer-grade calcium nitrate, calcium nitrate with boron, and fertilizergrade liquid urea, and Azoplon. The company also offers chemical products, such as COOLANT, a dry ice; hydrogen peroxide; anhydrous ammonia, compressed hydrogen, liquefied carbon dioxide, and nitric acid that are used in the chemical industry; caprolactam used for industrial production of solid and liquid formulations; melamine for manufacturing a range of synthetic resins; caprolactam for industrial production of solid and liquid formulations; LIK…

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

Zaklady Azotowe Pulawy S.A reported revenue of 3.5B PLN in FY2024 versus 3.2B PLN in FY2020, a compound +2.1%/yr. Reported net income was −368M PLN in FY2024.

Revenue +2.1%/yr
FY20 3.2B PLN
FY21 5.5B PLN
FY22 8.9B PLN
FY23 4.4B PLN
FY24 3.5B PLN
Net income
FY20 216M PLN
FY21 210M PLN
FY22 291M PLN
FY23 −622M PLN
FY24 −368M PLN

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Frequently asked questions

Is Zaklady Azotowe Pulawy S.A (ZAP) undervalued?
As of Jun 24, 2026, our model estimates a fair value of 278.43 PLN versus a price of 49.00 PLN — about +468% (undervalued). Model-based estimate, not financial advice.
What is the fair value of ZAP?
Our 21-model fair value for Zaklady Azotowe Pulawy S.A is 278.43 PLN (as of Jun 24, 2026), built from audited fundamentals. The current price is 49.00 PLN.
What is the quality score of ZAP?
Zaklady Azotowe Pulawy S.A has a Quality Score of 92/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Zaklady Azotowe Pulawy S.A (ZAP)?
Zaklady Azotowe Pulawy S.A reported trailing-twelve-month revenue of about 3.8B PLN (latest available figure, as of Jun 24, 2026).
What is the net profit margin of ZAP?
The net profit margin of Zaklady Azotowe Pulawy S.A is about -2.9%, meaning it is currently running at a net loss. Based on the latest reported figures.

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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.