Zespol Elektrowni Patnow Adamow Konin SA (ZEP) fair value: what the stock is really worth
As of Oct 15, 2026: fair value of Zespol Elektrowni Patnow Adamow Konin SA PLN 21.69, price PLN 19.38, upside +11.9%, quality 33 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 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 19.38 PLN price screens below the 21.69 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 1, 2026.
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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.
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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.
Stock analysis
Zespol Elektrowni Patnow Adamow Konin SA (ZEP) currently trades at 19.38 PLN, while our model-based Fair Value estimate is 21.69 PLN, implying the stock looks roughly 10.7% undervalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: 16.19 PLN (bear) to 32.38 PLN (bull), the price of 19.38 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 33/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
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.
Key figures
Market cap 985M PLN (≈ $254M) · P/S ratio 0.71 · EPS (TTM) −3.17 PLN · Net margin −12.3% · Return on equity −6.8% · Return on assets (EBIT) 3.0% · Operating margin −15.2% · Revenue (TTM) 1.3B PLN.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).
What moves the price
The share trades about 15% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −36% fair-value upside, at 12%, ZEP screens cheaper than that median.
Fair Value models
Bear16.19 PLNFair Value 21.69 PLNBull32.38 PLN
Price 19.38 PLN · Upside +11.9%
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.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−39.0%
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.
−21.3%
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.
−8.0%
Start year 2020 (pandemic). Over 10 years: −7.6% a year
Revenue growth 16 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.
−4.3%
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Profit margin (trend) ⓘ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.
−14.4% (2020) → −5.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Zespol Elektrowni Patnow Adamow Konin SA with another stock
Price, fair value, quality and upside side by side.
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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.Utilities - Regulated Electric · 157 stocks
Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score33 · Bottom 25%
Fair Value upside+11.9% · Above median
Profitability
Return on assets−4.0% · Bottom 25%
Net margin (12 months)−11.0% · Bottom 25%
Operating margin (12 months)−15.2% · Bottom 25%
Growth and dividend
Revenue growth−32.2% · Bottom 25%
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
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). "Zespol Elektrowni Patnow Adamow Konin SA Fair Value". https://www.fairvalue-calculator.com/stock/ZEP
Frequently asked questions
Is Zespol Elektrowni Patnow Adamow Konin SA (ZEP) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of 21.69 PLN versus a price of 19.38 PLN, about +12% upside (undervalued).
What is the fair value of ZEP?
Our model-based fair value for Zespol Elektrowni Patnow Adamow Konin SA is 21.69 PLN (as of Oct 1, 2026), built from audited fundamentals. The current price: 19.38 PLN.
What is the quality score of ZEP?
Zespol Elektrowni Patnow Adamow Konin SA has a Quality Score of 33/100. 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 Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
Our model-based price target is the fair value of 21.69 PLN (as of Oct 1, 2026) from 1 valuation models. Cautious scenario 16.19 PLN, optimistic scenario 32.38 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Zespol Elektrowni Patnow Adamow Konin SA stock forecast for 2026?
Our models put fair value at 21.69 PLN, about +12% upside versus a price of 19.38 PLN (undervalued). Cautious scenario 16.19 PLN, optimistic scenario 32.38 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
Zespol Elektrowni Patnow Adamow Konin SA reported trailing-twelve-month revenue of about 1.3B PLN (latest available figure, as of Oct 1, 2026).
What is the intrinsic value of Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zespol Elektrowni Patnow Adamow Konin SA it is 21.69 PLN per share (as of Oct 1, 2026), against a price of 19.38 PLN. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Zespol Elektrowni Patnow Adamow Konin SA stock overvalued or undervalued in 2026?
As of Oct 1, 2026, ZEP trades below its calculated fair value: price 19.38 PLN, fair value 21.69 PLN, a gap of about +12% (undervalued). 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 ZEP?
No. The price is what the market pays today (19.38 PLN); the fair value is what the company's own numbers justify (21.69 PLN). For Zespol Elektrowni Patnow Adamow Konin SA the two are 2.31 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Zespol Elektrowni Patnow Adamow Konin SA worth?
The market values Zespol Elektrowni Patnow Adamow Konin SA at about 985M PLN (market capitalisation, as of Oct 1, 2026). Per share that is 19.38 PLN; our models calculate a fair value of 21.69 PLN per share.
What do the bullish and bearish scenarios say about ZEP?
Our models span a range for Zespol Elektrowni Patnow Adamow Konin SA: cautious scenario 16.19 PLN, base 21.69 PLN, optimistic 32.38 PLN per share (as of Oct 1, 2026, price 19.38 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
Balance-sheet figures for Zespol Elektrowni Patnow Adamow Konin SA (as of Oct 1, 2026): return on equity −6.8%. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is ZEP from its 52-week high?
Zespol Elektrowni Patnow Adamow Konin SA trades at 19.38 PLN, about 15% below its 52-week high of 22.80 PLN and 21% above the low of 16.00 PLN (as of Oct 15, 2026). Distance from the high says nothing about value: that is what the fair value of 21.69 PLN is for.
Which stocks are comparable to Zespol Elektrowni Patnow Adamow Konin SA?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, 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 Zespol Elektrowni Patnow Adamow Konin SA stock attractive at the current price?
The data as of Oct 1, 2026: price 19.38 PLN, calculated fair value 21.69 PLN (+12%), Quality Score 33/100, from 1 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 ZEP calculated?
We run Zespol Elektrowni Patnow Adamow Konin SA through 1 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 21.69 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 13.8 % above its aggregate fair value. Zespol Elektrowni Patnow Adamow Konin SA currently trades 11 % below its own fair value, and the market average says nothing about that. 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 Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
The closing price on Oct 15, 2026 was 19.38 PLN. Our model-based fair value is 21.69 PLN, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zespol Elektrowni Patnow Adamow Konin SA right 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.
Where does the earnings growth of Zespol Elektrowni Patnow Adamow Konin SA (ZEP) come from?
Earnings per share at Zespol Elektrowni Patnow Adamow Konin SA grew +14.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.2 %, EBIT margin +7.7 %, tax rate +1.3 %, residual (interest, one-offs) +4.8 %. 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 Zespol Elektrowni Patnow Adamow Konin SA
How large is the market capitalisation of Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
The market capitalisation of Zespol Elektrowni Patnow Adamow Konin SA is 985M PLN (≈ $254M). 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 Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
The price-to-sales ratio of Zespol Elektrowni Patnow Adamow Konin SA is 0.71 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
Earnings per share at Zespol Elektrowni Patnow Adamow Konin SA are −3.17 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
The net margin of Zespol Elektrowni Patnow Adamow Konin SA is −12.3% (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 Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
The return on equity (ROE) of Zespol Elektrowni Patnow Adamow Konin SA is −6.8% (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 Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
On an EBIT basis the return on assets of Zespol Elektrowni Patnow Adamow Konin SA is 3.0% (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 Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
The operating margin of Zespol Elektrowni Patnow Adamow Konin SA is −15.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
Revenue at Zespol Elektrowni Patnow Adamow Konin SA is growing −32.2% versus a year earlier (3y avg −21.3%). 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 Zespol Elektrowni Patnow Adamow Konin SA (ZEP)?
Earnings per share at Zespol Elektrowni Patnow Adamow Konin SA are growing −76.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zespol Elektrowni Patnow Adamow Konin SA (ZEP) generate?
The free cash flow of Zespol Elektrowni Patnow Adamow Konin SA is −533M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Zespol Elektrowni Patnow Adamow Konin SA (ZEP) carry?
The net debt of Zespol Elektrowni Patnow Adamow Konin SA is 59.5M PLN (fiscal year 2025). 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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