Zespol Elektrowni Patnow Adamow Konin SA (ZEP) Fair Value & Analysis
Utilities · PL · Market cap 852M PLN (≈ $229M) · ISIN PLZEPAK00012
What is Zespol Elektrowni Patnow Adamow Konin SA really worth?
Below-average quality, trading 18% below our fair value of 21.69 PLN.
Risks
Fair value as of: Aug 29, 2026
From 3 valuation models · updated 3 days ago
Share price +1.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A fairly wide model range (16.19 PLN to 32.38 PLN) leaves room in how you read the outcome.
- Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range 8.48 PLN – 37.00 PLN · fair‑value band 16.19 PLN – 32.38 PLN · the 17.70 PLN price screens below the 21.69 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 29, 2026.
Analysis
Zespol Elektrowni Patnow Adamow Konin SA (ZEP) currently trades at 17.70 PLN, while our model-based Fair Value estimate is 21.69 PLN, implying the stock looks roughly 18.4% undervalued today. The Quality Score stands at 29/100 (below-average quality), in the Utilities sector. Bull case: the Asset-Based group reads highest at a median of 26.49 PLN per share, and 1 of the 3 models we run sit above the 17.70 PLN price. Bear case: the Dividend Discount group reads lowest at 10.05 PLN, and 2 of the 3 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Zespol Elektrowni Patnow Adamow Konin 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 Aug 29, 2026
Our scenario range runs from 16.19 PLN (bear case) to 32.38 PLN (bull case); at 17.70 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 43% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −54% fair-value upside, at 23%, ZEP screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 3 models by family
Widest divergence: Asset-Based (26.49 PLN) versus Dividend Discount (10.05 PLN). Highest evidence: Gordon GGM (69).
Notify me when ZEP reaches fair value
Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 33 · Market factors (momentum, volatility) 41
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Zespol Elektrowni Patnow Adamow Konin 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.
of which total revenue −0.2 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
Watch ZEP: get an alert when its fair value changes →
Peer Group
Utilities - Independent Power Producers · 80 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.
Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper
Strength profile in five axes (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.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Constellation Energy Corporation CEG | $279.52 | $88.09 | −68% |
| Vistra Corp VST | $140.03 | $50.39 | −64% |
| Adani Power Limited ADANIPOWER | ₹206.10 | ₹75.57 | −63% |
| CGN Power Co 003816 | ¥3.93 | ¥2.79 | −29% |
| NRG Energy, Inc NRG | $116.14 | $53.91 | −54% |
| Gulf Development Public Company GULF | 63.25 THB | 39.25 THB | −38% |
| Adani Energy Solutions Limited ADANIENSOL | ₹1,583 | ₹342.02 | −78% |
| Talen Energy Corporation TLN | $365.07 | $43.55 | −88% |
| Datang International Power Generation Co 601991 | ¥5.89 | ¥4.95 | −16% |
| Power Assets Holdings 0006 | HK$57.30 | HK$30.76 | −46% |
Compare Zespol Elektrowni Patnow Adamow Konin SA with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Utilities stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is Zespol Elektrowni Patnow Adamow Konin SA (ZEP) overvalued or undervalued?
What is the fair value of ZEP?
What is the quality score of ZEP?
What is the revenue of Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
What is the net profit margin of ZEP?
Does Zespol Elektrowni Patnow Adamow Konin SA pay a dividend?
Watch Zespol Elektrowni Patnow Adamow Konin SA in the live analysis
One click puts Zespol Elektrowni Patnow Adamow Konin SA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.