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ZE PAK SA (ZEP) Fair Value & Analysis

Utilities · PL · Market cap 852M PLN

ZP ZE PAK SA ZEP · WAR
Price17.02 PLN
Fair Value26.49 PLN
Upside+55.6%
Quality30/100
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Evidence: Low Range 19.77 PLN – 39.54 PLN

Fair value as of: Jul 18, 2026

From 3 valuation models · updated today

Fair value updated Jul 18, 2026, revised from 71.17 PLN to 26.49 PLN (−62.8%) since Jun 24, 2026. Share price −4.0% over the past month.

Price vs Fair Value (12 months)

25.15 PLN 16.00 PLN Fair Value 26.49 PLN Jul 2025 Jul 2026

12‑month range 16.00 PLN – 25.15 PLN · fair‑value band 19.77 PLN – 39.54 PLN · the 17.02 PLN price screens below the 26.49 PLN fair value. As of Jul 18, 2026.

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Analysis

ZE PAK SA (ZEP) currently trades at 17.02 PLN, while our model-based Fair Value estimate is 26.49 PLN, implying the stock looks roughly 55.6% undervalued today. We read business quality at 30/100 (below-average quality), in the Utilities 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, ZE PAK SA generated revenue of 1.4B PLN at a net margin of -11.8%. Revenue grew 10.9% year over year. It earns a return on equity of -7.7%. Net debt stands at 59.5M PLN. Fundamentals as of Jul 18, 2026

Our scenario range runs from 19.77 PLN (bear case) to 39.54 PLN (bull case); at 17.02 PLN, the current price sits below that range. The share trades about 45% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -71% fair-value upside, at 56%, ZEP screens cheaper than that median.

Key figures & financial health

Revenue (TTM) 1.4B PLN
Revenue growth (YoY) +10.9%
Net margin -11.8%
Return on equity -7.7%
Free cash flow −533M PLN FY2025
Operating margin -4.6%
More key figures
EPS (TTM) -3.17 PLN
EPS growth (YoY) -76.3%
Net debt 59.5M PLN FY2025

Figures from reported company fundamentals (EODHD) · as of Jul 18, 2026. TTM = trailing twelve months.

About the company

ZE PAK SA produces and sells electricity and heat in Poland. The company produces energy from conventional and renewable sources, such as wind sources, photovoltaics, and biomass, as well as through lignite-fired power plants. It also engages in the construction and installation work, maintenance work, services, manufacturing, commercial activities, coal mining, and coal-based energy production. The company was founded in 1958 and is headquartered in Konin, Poland. ZE PAK SA operates as a subsidiary of Argumenol Investment Company Limited.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ZE PAK SA reported revenue of 1.3B PLN in FY2025 versus 2.3B PLN in FY2021, a compound −12.5%/yr. Reported net income was −164M PLN in FY2025.

Revenue −12.5%/yr
FY21 2.3B PLN
FY22 2.7B PLN
FY23 3.1B PLN
FY24 2.2B PLN
FY25 1.3B PLN
Net income
FY21 −317M PLN
FY22 203M PLN
FY23 745M PLN
FY24 263M PLN
FY25 −164M PLN

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Cite: Fair Value Calculator (2026). "ZE PAK SA Fair Value". https://www.fairvalue-calculator.com/stock/ZEP

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Frequently asked questions

Is ZE PAK SA (ZEP) undervalued?
As of Jul 18, 2026, our model estimates a fair value of 26.49 PLN versus a price of 17.02 PLN, about +56% (undervalued). Model-based estimate, not financial advice.
What is the fair value of ZEP?
Our model-based fair value for ZE PAK SA is 26.49 PLN (as of Jul 18, 2026), built from audited fundamentals. The current price is 17.02 PLN.
What is the quality score of ZEP?
ZE PAK SA has a Quality Score of 30/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of ZE PAK SA (ZEP)?
ZE PAK SA reported trailing-twelve-month revenue of about 1.4B PLN (latest available figure, as of Jul 18, 2026).
What is the net profit margin of ZEP?
The net profit margin of ZE PAK SA is about -11.8%, 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.

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