In 2024, 12 domestic and international financial institutions issued PZU share recommendations. Sell side analysts published 23 recommendations (18 in 2023). Most of the recommendations (96%) issued during this period were positive or neutral.

In 1H2024, PZU’s stock prices were close to analysts’ expectations, while 2H2024 saw significant deviations of up to 30% (average deviation in October 2024). The difference between the target prices in recommendations and the PZU share price in 2024 was 8.9% on average (0.7% in 2023).

Such differences were connected with the observed increased volatility in analysts’ expectations of the PZU Group’s total net result for 2024 (attributable to owners of the parent company). The reasons included the difficult-to-estimate ultimate effects of the flood and its impact on the PZU Group’s profits. This transitional uncertainty was minimized with the publication of the PZU Group’s results for 3Q2024, which significantly improved the market consensus on the net profit. At the end of 2024, analysts’ average expectations about the net profit for 2024 were around PLN 4.9 billion.

01
03
16
Statistics related to the recommendations published in 2024 - Buy, Outperform
01
03
6
Statistics related to the recommendations published in 2024 - Neutral, Hold
01
03
1
Statistics related to the recommendations published in 2024 - Underperform, Reduce

Source: analysts’s recommendations; company

Source: own compilation based on analyses by institutions and analysts.

31 December 2023 31 December 2024 Change Difference between prices in recommendations and share prices as at end of 2024 (PLN 45.84)
Highest target price 53.4 64.9 21.5% 41.6%
Average target price 46.3 54.9 18.6% 19.8%
Median of target prices 46.0 54.8 19.1% 19.5%
Lowest target price 36.0 41.3 14.7% (9.9)%

INSTITUTION ANALYST E-MAIL PHONE NO.
Autonomous research Youdish Chicooree ychicooree@autonomous.com +44 207 776 34 42
Citi Andrzej Powierża n/a +48 22 690 35 66
Erste securities Łukasz Jańczak lukasz.janczak@erstegroup.com +48 22 257 57 54
HSBC Bhavin Rathod bhavinkumarrathod@hsbc.co.in +91 804 550 29 93
Ipopema Marta Czajkowska-Bałdyga marta.czajkowskabaldyga@ipopema.pl +48 22 236 92 31
JP morgan Samuel Goodacre samuel.goodacre@jpmorgan.com +44 207 134 67 20
mBank Michał Konarski michal.konarski@mdm.pl +48 22 697 47 37
PKO BP Jaromir Szortyka jaromir.szortyka@pkobp.pl +48 22 580 39 47
Raiffeisen CB Rok Stibric rok.stibric@rbinternational.com +43 171 707 59 75
Trigon Maciej Marcinowski maciej.marcinowski@trigon.pl +48 22 433 83 75
Santander Kamil Stolarski kamil.stolarski@santander.pl +48 22 586 81 00
UBS Michał Potyra michal.potyra@ubs.com +44 20 756 819 35
Wood & company Marta Jeżewska-Wasilewska marta.jezewskawasilewska@wood.com +48 22 222 15 48
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