ZUE SA (ZUE) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of ZUE SA PLN 8.16, price PLN 12.40, upside -34.2%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 2.41 PLN – 14.10 PLN · fair‑value band 6.67 PLN – 10.61 PLN · the 12.40 PLN price screens above the 8.16 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 Sep 23, 2026.
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ZUE S.A., together with its subsidiaries, provides construction services in Poland.
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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.
Stock analysis
ZUE SA (ZUE) currently trades at 12.40 PLN, while our model-based Fair Value estimate is 8.16 PLN, implying the stock looks roughly 52.0% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 10.33 PLN per share, and 5 of the 24 models we run sit above the 12.40 PLN price.
Bear case: the Dividend Discount group reads lowest at 1.92 PLN, and 19 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 6.67 PLN (bear) to 10.61 PLN (bull), the price of 12.40 PLN sits above 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 48/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
ZUE SA 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.
Key figures
Market cap 286M PLN (≈ $74.3M) · P/E ratio 24.3 · P/S ratio 0.29 · EPS (TTM) 0.5100 PLN · Dividend yield 1.9% · Net margin 1.2% · Return on equity 5.6% · Return on assets (EBIT) 2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at −34%, ZUE screens richer than that median.
Fair Value models
Bear 6.67 PLNFair Value 8.16 PLNBull 10.61 PLN
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.3745 PLN per share) are deliberately not added.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.Evidence ⓘEvidence = 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.53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+12.7%
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.
+4.1%
Revenue growth 15 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.
+12.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+22.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.0%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.21% vs 1%, picking up
Profit margin 2020 to 2025 ⓘ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.1% → 2%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+36.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +32.2% a year for the price.
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.Infrastructure Operations · 68 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−35% · Bottom 25%
Profitability
Return on equity (TTM)6% · Below median
Return on assets2% · Below median
Net margin (TTM)1% · Bottom 25%
Operating margin (TTM)−3% · Bottom 25%
Growth and dividend
Revenue growth−18% · Bottom 25%
Dividend yield (TTM)1.9% · Bottom 25%
Valuation Multiplesvs Infrastructure Operations median · lower = cheaper
P/E (TTM)24.3× · Priciest 25%
P/B0.35× · Cheapest 25%
P/S (TTM)0.08× · Cheapest 25%
P/FCF16.2× · Priciest 25%
EV/EBITDA1.6× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 51
FUTURE (revenue growth)0· sector 10
PAST (return on equity)22· sector 25
HEALTH (low debt)100· sector 69
DIVIDEND (yield)38· sector 77
VALUE 0: the price sits above our fair-value range.
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). "ZUE SA Fair Value". https://www.fairvalue-calculator.com/stock/ZUE
Frequently asked questions
Is ZUE SA (ZUE) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 8.16 PLN versus a price of 12.40 PLN, about −34% upside (overvalued).
What is the fair value of ZUE?
Our model-based fair value for ZUE SA is 8.16 PLN (as of Sep 23, 2026), built from audited fundamentals. The current price: 12.40 PLN.
What is the quality score of ZUE?
ZUE SA has a Quality Score of 48/100. 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 ZUE SA (ZUE)?
Our model-based price target is the fair value of 8.16 PLN (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 6.67 PLN, optimistic scenario 10.61 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the ZUE SA stock forecast for 2026?
Our models put fair value at 8.16 PLN, about −34% upside versus a price of 12.40 PLN (overvalued). Cautious scenario 6.67 PLN, optimistic scenario 10.61 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of ZUE SA (ZUE)?
ZUE SA reported trailing-twelve-month revenue of about 914M PLN (latest available figure, as of Sep 23, 2026).
Does ZUE SA pay a dividend?
ZUE SA currently shows a dividend yield of about 1.88% relative to its recent price (as of Sep 23, 2026).
What growth is priced into ZUE SA (ZUE)?
For today's price to be fair in a discounted-cash-flow model, ZUE SA would have to grow free cash flow by +36.4 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.0 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of ZUE use?
Our models discount ZUE SA at 12.1 %: a base by market capitalisation (micro), damped by beta 0.33, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For ZUE SA that is +36.4 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has ZUE SA (ZUE) delivered so far?
Over the past 5 years revenue at ZUE SA grew +1.0 % a year. The price currently implies +36.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of ZUE SA (ZUE) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into ZUE SA (+36.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ZUE SA (ZUE)?
The free-cash-flow yield on the price is 1.63 %: that much free cash flow ZUE SA produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ZUE SA (ZUE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ZUE SA it is 8.16 PLN per share (as of Sep 23, 2026), against a price of 12.40 PLN. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is ZUE SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ZUE trades above its calculated fair value: price 12.40 PLN, fair value 8.16 PLN, a gap of about −34% (overvalued). 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 ZUE?
No. The price is what the market pays today (12.40 PLN); the fair value is what the company's own numbers justify (8.16 PLN). For ZUE SA the two are 4.24 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is ZUE SA worth?
The market values ZUE SA at about 286M PLN (market capitalisation, as of Sep 23, 2026). Per share that is 12.40 PLN; our models calculate a fair value of 8.16 PLN per share.
What do the bullish and bearish scenarios say about ZUE?
Our models span a range for ZUE SA: cautious scenario 6.67 PLN, base 8.16 PLN, optimistic 10.61 PLN per share (as of Sep 23, 2026, price 12.40 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZUE?
ZUE SA trades at a price-to-earnings ratio of 24.3 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 8.16 PLN is built from several models across several years. Other multiples: P/B 0.4, P/S 0.1, EV/EBITDA 1.6.
How solid is the balance sheet of ZUE SA (ZUE)?
Balance-sheet figures for ZUE SA (as of Sep 23, 2026): return on equity 5.6%. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is ZUE from its 52-week high?
ZUE SA trades at 12.40 PLN, about 12% below its 52-week high of 14.10 PLN and 20% above the low of 10.30 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 8.16 PLN is for.
Which stocks are comparable to ZUE SA?
From the same area (Industrials) we also value Transurban Group, China Merchants Expressway Network & Technology Holdings, Jiangsu Expressway Company, Shandong Hi-speed 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 ZUE SA stock attractive at the current price?
The data as of Sep 23, 2026: price 12.40 PLN, calculated fair value 8.16 PLN (−34%), Quality Score 48/100, from 24 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 ZUE calculated?
We run ZUE SA through 24 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 8.16 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 13.0 % above its aggregate fair value. ZUE SA itself currently trades above fair value. 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 ZUE SA (ZUE)?
The closing price on Sep 24, 2026 was 12.40 PLN. Our model-based fair value is 8.16 PLN, about −34% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ZUE SA right now?
The price sits above even our optimistic bull case (10.61 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.
Where does the earnings growth of ZUE SA (ZUE) come from?
Earnings per share at ZUE SA grew +4.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +10.2 %, EBIT margin −2.4 %, tax rate +0.4 %, residual (interest, one-offs) −3.1 %. 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 ZUE SA
How large is the market capitalisation of ZUE SA (ZUE)?
The market capitalisation of ZUE SA is 286M PLN (≈ $74.3M). 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 ZUE SA (ZUE)?
The price-to-sales ratio of ZUE SA is 0.29 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ZUE SA (ZUE)?
Earnings per share at ZUE SA are 0.5100 PLN (price ÷ EPS = P/E 24.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ZUE SA (ZUE)?
The dividend yield of ZUE SA is 1.9% (payout 45.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ZUE SA (ZUE)?
The net margin of ZUE SA is 1.2% (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 ZUE SA (ZUE)?
The return on equity (ROE) of ZUE SA is 5.6% (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 ZUE SA (ZUE)?
On an EBIT basis the return on assets of ZUE SA is 2.9% (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 ZUE SA (ZUE)?
The operating margin of ZUE SA is −2.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ZUE SA (ZUE)?
Revenue at ZUE SA is growing −17.8% versus a year earlier (3y avg +0.9%). 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 ZUE SA (ZUE)?
Earnings per share at ZUE SA are growing +52.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does ZUE SA (ZUE) carry?
The net debt of ZUE SA is 26.8M PLN (fiscal year 2025, ≈ 5.7 yrs of FCF). 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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