Analysts’ recommendations

In 2014, recommendations for PZU stock were issued by 20 domestic and foreign financial institutions.

Positive recommendations, that is, buy, accumulate and overweight, slightly outweighed the negative ones (about 35% of all recommendations). The median of target prices from therecommendations valid in December 2014 amounted to PLN 495 and was higher by 11.2% compared with the beginning of the year. The maximum target price was PLN 527 and 1.4%% higher, compared to the maximum target price from January 2014.

The biggest impact on the valuation of PZU shares in 2014 had the expectations of analysts concerning the assumptions of the new strategy, the potential increase in PZU’s revenues due to the acquisition of the insurance companies in Poland and the Baltic states, as well as the issues related to the amount of dividends, including the possibility of further payments from the surplus capital.

The biggest impact on the valuation of PZU shares in 2014 had the expectations of analysts concerning the assumptions of the new strategy, the potential increase in PZU’s revenues due to the acquisition of the insurance companies in Poland
and the Baltic states, as well as the issues related to the amount of dividends, including the possibility of further payments from the surplus capital. The following topics were also stressed: topics concerning the expected results of PZU in the medium and long term in the conditions of low interest rates and the effects of the implementation of Solvency II on the capital position and the dividend policy of PZU.

Distribution of target prices from the recommendations issued in 2014

Analysts’ forecasts towards quote of PZU shares in 2015 based on current recommendations at the end of January 2015

Institutions issuing recommendations for PZU shares in 2014

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