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Analysts' recommendations regarding PZU's shares

PZU AR 2020 > Shares and bonds > Analysts' recommendations regarding PZU's shares
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In 2020, fundamental valuations in global and local equity markets differed significantly from market valuations. The hard-to-estimate consequences of the COVID-19 pandemic prompted a significant group of investors to downsize their positions or exit the market completely. The situation normalized only in the last quarter of 2020, as more reports on the efficacy of vaccines were published.

In 2020, PZU stock recommendations were issued by 11 domestic and international financial institutions. In total, sell side analysts published 25 recommendations.

Statistics related to the recommendations published in 2020

Statistics related to the recommendations published in 2020

Source: analysts’ recommendations; company

In 2020, all recommendations for PZU’s shares were positive or neutral. However, for most of the year, the actual price of the Company’s stock was lower than the minimum price set by analysts. The difference between the target prices according to analysts’ recommendations and the PZU share price was 34% on average. It was growing from the beginning of the year and reached 55.6% in October.

Analysts’ expectations concerning PZU’s share price in 2021 based on recommendations in effect at the end of December 2020 

Analysts’ expectations concerning PZU’s share price in 2021 based on recommendations in effect at the end of December 2020

Source: analysts’ recommendations; company


Statistics on target prices according to recommendations

31 December 2019 31 December 2020 Change Price variance between the recommendations and the share price at the end of 2020 (PLN 32.36)
Highest target price 53.0 39.3 (25.8%) 21.5%
Average of the target prices 44.1 34.7 (21.3%) 7.2%
Median of the target prices 43.4 36.1 (20.0%) 11.6%
Lowest target price 38.0 26.8 (29.5%) (17.2%)

Source: analysts’ recommendations; company

In the middle of Q4 2020, in line with improved sentiments on global and local markets, the PZU share price rebounded strongly. At the end of the year, the difference between the recommendation prices and the actual share price shrank to just 7.2%, from 9.8% at the beginning of the year. During the last December session of 2020, the PZU share price stood at PLN 32.36. The minimum and maximum target prices for PZU’s stock in analysts’ forecasts active at the end of December 2020 (7 “buy” and 4 “hold” recommendations) were PLN 26.8 and PLN 39.3, respectively. The average target price was PLN 34.7.

Institutions issuing recommendations for PZU’s stock (as at 31 December 2020)

Institution Analyst Contact details
Citi Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com
Haitong Marta Czajkowska-Bałdyga +48 22 330 62 51 marta.czajkowska-baldyga@haitongib.com
HSBC Thomas Fossard +33 1 56 52 43 40 thomas.fossard@hsbc.com
Ipopema Łukasz Jańczak +48 22 236 92 30 lukasz.janczak@ipopema.pl
JP Morgan Samuel Goodacre +44 207 1346 720 samuel.goodacre@jpmorgan.com
mBank Michał Konarski +48 22 697 47 37 michal.konarski@mdm.pl
PKO BP Jaromir Szortyka +48 22 580 39 47 jaromir.szortyka@pkobp.pl
Raiffeisen Centrobank Oliver Simkovic +43 1 51520 706 oliver.simkovic@rbinternational.com
Trigon Maciej Marcinowski +48 22 4338 375 maciej.marcinowski@trigon.pl
UBS Michał Potyra +27 11 322 7320 michal.potyra@ubs.com
Wood & Company Marta Jeżewska-Wasilewska +48 22 222 15 48 marta.jezewska-wasilewska@wood.com