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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

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

Analysts’ forecasts towards quote of PZU shares

Institutions issuing recommendations for PZU shares in 2014

POLAND

InstitutionAnalystContact information
Deutsche Bank Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com
Dom Maklerski mBanku S.A. Michał Konarski +48 22 697 47 37 michal.konarski@mdm.pl
DM BH (Citi) Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com
Espirito Santo Investment Bank Kamil Stolarski +48 22 347 40 48 kstolarski@espiritosantoib.pl
Ipopema Iza Rokicka +48 22 236 92 31 rokicka@ipopema.pl
ING Piotr Palenik +48 22 820 50 20
PKO Dom Maklerski Jaromir Szortyka +48 22 580 39 47 jaromir.szortyka@pkobp.pl
Trigon DM Hanna Kędziora hanna.kedziora@trigon.pl
Uni Credit Paweł Kozub (do grudnia 2014 roku)
Wood & Company Marta Jeżewska-Wasilewska +48 22 222 15 48 marta.jezewska-wasilewska@wood.com

OTHER COUNTRIES

InstitutionAnalystContact information
Barclays Capital Ivan Bokhmat +44 20 7773 0417 ivan.bokhmat@barclays.com
Credit Suisse Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com
ERSTE Christoph Schultes +43 5 0100 16314 christoph.schultes@erstegroup.com
Exane BNP Paribas Thomas Jacquet +33 142 99 51 96 thomas.jacquet@exanebnpparibas.
Goldman Sachs Vinit Malhotra +44 20 7774 3488 vinit.malhotra@gs.com
HSBC Dhruv Gahlaut +44 20 7991 6728 Dhruv.gahlaut@hsbcib.com
JP Morgan Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com
Raiffeisen Centrobank Bernd Maurer +43 1 51520 706 maurer@rcb.at
UBS Michael Christelis +27 11 322 7320 michael.christelis@ubs.com
Societe Generale Jason Kalamboussis +44 207 762 4076 jason.kalamboussis@sgcib.com