Powszechny Zaklad Ubezpieczen S.A. (PZU.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+417.0%

PLN 373.09

vs PLN 72.16 price

Levered DCF

PLN 1,068.15

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.3

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.6×	7.41×	7.08×	5.82×	5.62×	14.64×	6.66×	11.8×
P/B	1.62×	1.23×	1.36×	1.75×	1.79×	1.49×	2.14×	2.54×
P/S	0.86×	0.71×	0.75×	0.73×	0.75×	0.69×	0.82×	0.97×
EV / EBITDA	3.07×	2.32×	2.19×	3.34×	4.5×	7.08×	5.05×	5.35×
Gross margin	62.6%	98.8%	97.9%	98.0%	90.4%	91.0%	91.4%	91.6%
Operating margin	26.7%	28.4%	29.6%	19.5%	18.3%	10.1%	16.9%	18.1%
Net margin	10.0%	9.6%	10.6%	9.1%	8.2%	4.8%	7.9%	8.2%
Current ratio	0.38×	0.44×	27.16×	31.09×	32.31×	10.88×	48×	36.81×
Debt / equity	1.15×	1.08×	0.85×	1.38×	1.05×	1.33×	1.46×	1.59×
Interest coverage	2.41×	1.91×	1.82×	1.71×	17.62×	3.56×	3.29×	3.35×
Dividend yield	6.7%	9.5%	5.1%	5.5%	9.9%	0.0%	7.0%	5.7%
Payout ratio	57.6%	70.2%	35.8%	44.3%	90.6%	0.0%	73.4%	67.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.9%	16.6%	19.3%	21.6%	19.5%	10.2%	20.4%	21.5%
Return on invested capital	2.8%	2.5%	1.8%	2.5%	2.6%	1.1%	2.8%	3.3%
Return on assets	1.3%	1.1%	1.2%	0.9%	0.8%	0.5%	1.0%	1.0%
Free cash flow yield	32.0%	77.1%	65.5%	67.6%	20.2%	97.8%	0.4%	-1.1%
Earnings yield	11.6%	13.5%	14.2%	12.4%	10.9%	6.8%	9.5%	8.5%
Enterprise value	PLN 82.1B	PLN 59B	PLN 57.7B	PLN 47.6B	PLN 41.5B	PLN 46.1B	PLN 53.1B	PLN 55.1B
Net debt / EBITDA	0.92×	0.76×	0.64×	1.2×	1.19×	2.79×	1.76×	1.67×
Cash conversion cycle (days)	13	-317	-131	-185	-56	-58	-113	-130