ZUE S.A (ZUE) Fair Value & Analysis

Industrials · PL · Market cap 255M PLN

Below-average quality, and screening another 82% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (2.72 PLN). The favourable scenario is already priced in.
• Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (1.35 PLN to 2.72 PLN) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 2.41 PLN – 14.10 PLN · fair‑value band 1.35 PLN – 2.72 PLN · the 11.50 PLN price screens above the 2.04 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

ZUE S.A (ZUE) currently trades at 11.50 PLN, while our model-based Fair Value estimate is 2.04 PLN, implying the stock looks roughly 82.3% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, ZUE S.A generated revenue of 914M PLN at a net margin of 1.3%. Revenue declined 17.8% year over year. It earns a return on equity of 5.6%. Net debt stands at 26.8M PLN. Fundamentals as of Jul 17, 2026

Our scenario range runs from 1.35 PLN (bear case) to 2.72 PLN (bull case); at 11.50 PLN, the current price sits above 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 20% below its 52-week high and 39% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 25% fair-value upside, at -82%, ZUE screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Widest divergence: Multiples (10.33 PLN) versus Dividend Discount (1.92 PLN). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

ZUE S.A., together with its subsidiaries, provides construction services in Poland. It engages in the design, construction, modernization, and maintenance of catenary networks, catenary substations, and tram tracks; and construction and maintenance of lighting fixtures, street lighting, traffic lights, and communication networks for cable piping and fibre …

Full company description

ZUE S.A., together with its subsidiaries, provides construction services in Poland. It engages in the design, construction, modernization, and maintenance of catenary networks, catenary substations, and tram tracks; and construction and maintenance of lighting fixtures, street lighting, traffic lights, and communication networks for cable piping and fibre optic wiring. The company is also involved in the design, construction, modernization, and repair of railway catenary and track systems, as well as assembly and delivery of railway equipment; earth works and track bed construction; drainage systems; engineering works; buildings, including stations, depots, and control rooms; and low voltage installations. In addition, it produces tram switch controllers, switch heating products, infrared systems, and tram switch drives. The company was formerly known as Zaklady Uslug Energetycznych i Komunikacyjnych grupa ZUE S.A. and changed its names to ZUE S.A. in April 2010. ZUE S.A. was founded in 1991 and is headquartered in Kraków, Poland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ZUE S.A reported revenue of 946M PLN in FY2025 versus 851M PLN in FY2021, a compound +2.7%/yr. Reported net income was 11.2M PLN in FY2025, compounding −1.2%/yr from FY2021.

ZUE screens 82% overvalued. Compare with China Merchants Expressway Network & Technology Holdings →

Peer Group

Infrastructure Operations · 64 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 Infrastructure Operations median · lower = cheaper

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.

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.