PZU made its début on the Warsaw Stock Exchange (WSE) on 12 May 2010. Since its floatation, it has been included in its most important index, namely WIG20* , calculated on the basis of the portfolio value of the 20 largest and most heavily traded companies on WSE’s main market.
PZU also belongs to the following Polish indices: WIG, WIG30, WIG-Poland, WIGdiv, WIG20 TR, WIG.MS-FIN, CEEplus and WIG ESG (sustainable development index) and the following international indices: MSCI Poland (emerging markets), Stoxx Europe 600 (developed markets) and FTSE Russel midcap index (developed markets).
Warsaw Stock Exchange indices
In 2022, the Polish blue chip index (WIG20) oscillated within a broad band between 1,359 and 2,411 points. The variance between these points was 1,052 points and was 457 points higher than that observed in the corresponding period of 2021 (595 points). In 2022, WIG20 went down by 20.9% y/y, or by 18.3% y/y if dividends are taken into account (WIG20 TR). The WIG broad market index lost 17.1% y/y. Small and medium cap indices also recorded drops; sWIG80 and mWIG40 lost 12.8% and 21.5% y/y, respectively.
PZU shares price versus WIG20
Throughout most of 2022, PZU shares followed main indices of the Polish stock exchange, maintaining a downward trend.
A change came in Q4. PZU shares were priced at PLN 35.4 at the last session of 2022, an increase of 52.9% compared to PZU share price at the end of Q3. In the whole of 2022, PZU shares rose by 0.2% y/y, i.e., 21.1 p.p. above the WIG20 price index. After the share price was adjusted for dividend, the total rate of return on PZU shares was 5.7%, i.e., 24.0 p.p. above the total return index, WIG20 TR.
Source: www.infostrefa.com, www.msci.com
Source: www.infostrefa.com, PZU
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After the PZU share price was adjusted for dividend* , PZU share price as at the end of 2022 once again was at around the maximum values set at the end of 2021.
Source: www.stooq.pl
Capitalization
The market value (capitalization) of PZU at the end of 2022 was PLN 30.6 billion, placing it 4th (up 5 positions y/y) in terms of market valuation among Polish companies listed on the WSE. PZU’s share in WSE’s total trading volume was 5.1% (8th place – down 2 positions compared to 2021).
After adjustment of the PZU share price for the dividends paid out from IPO, the theoretical stock market valuation at the end of 2022 would amount to PLN 57.8 billion.
Statistics concerning the PZU share price adjusted for dividends paid
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Theoretical price at the last session of the year (PLN) | 67.18 | 66.11 | 58.44 | 64.93 | 66.94 |
| Theoretical capitalization at the end of the period (PLN million) | 58,015 | 57,091 | 50,468 | 56,072 | 57,808 |
* In line with the stooq methodology (http://stooq.pl/pomoc/?q=9&s=pzu).
Liquidity
In 2022, PZU’s shares were highly liquid. The average daily spread of PZU’s shares was 9 bps compared to the average spread of 15 bps for the 20 most liquid companies. The average turnover of PZU’s shares per session was PLN 58.3 million, i.e., down 21.1% y/y. The annual share turnover for the whole 2022 was PLN 14.6 billion, which was 48% of PZU’s total capitalization at the end of 2022 (down 13 p.p. y/y).
Source: www.infostrefa.com
| PZU’s shares-related statistics | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Maximum price (PLN) | 47.34 | 45.39 | 41.80 | 41.65 | 37.82 |
| Minimum price (PLN) | 36.31 | 35.79 | 20.55 | 29.27 | 23.16 |
| Theoretical price at the last session of the year (PLN) | 43.90 | 40.03 | 32.36 | 35.35 | 35.42 |
| Average price per session (PLN) | 41.48 | 40.61 | 30.06 | 35.86 | 30.97 |
| Turnover value (PLN m) | 17,183 | 16,620 | 17,588 | 18,565 | 14,645 |
| Average turnover value per session (PLN m) | 69.6 | 67.0 | 69.8 | 73.9 | 58.3 |
| Number of transactions (items) | 926,486 | 928,493 | 1,523,449 | 1,353,198 | 1,285,691 |
| Average number of transactions per session | 3,751 | 3,744 | 6,045 | 5,391 | 5,122 |
| Turnover (items) | 415,380,500 | 408,999,167 | 595,296,291 | 517,939,229 | 472,866,103 |
| Average turnover per session (items) | 1,681,702 | 1,649,190 | 2,362,287 | 2,063,503 | 1,883,929 |
Indices
| PZU’s shares* | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| C/WK (P/BV) Market share price / book value per share |
2.5x | 2.1x | 1.5x | 1.8x | 1.7x |
| WKNA (PLN) BVPS (PLN) Book value per share |
17.3 | 18.7 | 21.7 | 19.8 | 20.3 |
| C/Z (P/E) Market share price / net return per share |
11.8x | 10.5x | 14.6x | 9.2x | 9.1x |
| ZNA (PLN) EPS (PLN) Net profit (loss) / number of shares |
3.7 | 3.8 | 2.2 | 3.9 | 3.9 |
Source: PZU share price as at end year (2020, 2021, 2022) – reported figures; other companies – 2022 annual forecasts (research reports)