In 2022, 12 domestic and international financial institutions issued PZU share recommendations. Sell side analysts published 29 recommendations, i.e., six more than in 2022. 86% of all recommendations issued in this period were either positive or neutral (96% in 2021).
Statistics related to the recommendations published in 2022
Statistical figures on target prices in recommendations
| 31 December 2021 | 31 December 2022 | Change | Difference between prices in recommendations and share prices as at end of 2022 (PLN 35.4) | |
| Highest target price | 50.0 | 49.0 | -2.0% | 38.3% |
| Average target price | 40.8 | 37.4 | -8.3% | 5.6% |
| Median of target prices | 40.1 | 37.0 | -7.9% | 4.3% |
| Lowest target price | 37.0 | 27.7 | -25.1% | -21.8% |
Throughout most of 2022, the PZU share price was well below expectations of analysts. The difference between the target prices in recommendations and the PZU share price in 2022 was 25.1% on average. Such a large difference is mostly the result of risk aversion due to the deterioration in global sentiment towards equity markets. At the same time, this did not directly translate onto the deterioration of fundamental values for running business operations by the PZU Group; thus, quickly dropping share prices did not cause any analogous target price changes in analysts’ recommendations. In September 2022, that difference crossed 50%. However, already in December, the difference between the average target price and the market price of PZU shares was only 5.6%.
At the same time, already since Q2 2022, expectations were growing that situation in 2023 would improve, which was evident in the level of change in the consensus for net result in 2023.
Institutions issuing recommendations for PZU’s shares
| INSTITUTION | ANALYST | 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 | Thomas Fossard | thomas.fossard@hsbc.com | +33 15 652 43 40 |
| IPOPEMA | Marta Czajkowska-Bałdyga | marta.czajkowska-baldyga@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 | Oliver Simkovic | oliver.simkovic@rbinternational.com | +43 15 152 07 06 |
| 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 75681935 |
| WOOD & COMPANY | Marta Jeżewska-Wasilewska | marta.jezewska-wasilewska@wood.com | +48 22 222 15 48 |