Analysts’ recommendations

In 2013, recommendations for PZU stock were issued by 22 domestic and foreign financial institutions. In total, the sell side analysts issued 50 recommendations. Neutral and Hold recommendations prevailed (about 76% of all recommendations issued).

The median of target prices from recommendations valid at the end of 2013 was PLN 445 and was 5.0% higher compared to that at the beginning of the year, while the maximum target price was PLN 520 and 16.1% higher.

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Distribution of target prices from recommendations issued in 2013

December 2014January 2013Annual change
Highest target price PLN 520 PLN 448 + 16.10%
Median PLN 445 PLN 424 + 5.00%
Lowest target price PLN 390 PLN  367 + 6.30%

Source: PZU data.

Institution issuing recommendations for PZU - In Poland

InstitutionAnalystContact
Deutsche Bank  Marcin Jabłczyński +48 22 579 87 33
marcin.jablczynski@db.com
DI BRE Banku  Michał Konarski +48 22 697 47 37
michal.konarski@dibre.com.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
DM PKO BP Jaromir Szortyka +48 22 580 39 47
jaromir.szortyka@pkobp.pl 
UniCredit Paweł Kozub +48 22 586 23 53
pawel.kozub@caib.unicreditgroup.eu
Trigon DM   Hanna Kędziora +48 22 330 11 14
hanna.kedziora@trigon.pl
 Wood & Company   Marta Jeżewska-Wasilewska +48 22 222 15 48
marta.jezewska-wasilewska@wood.com

Institution issuing recommendations for PZU - Internationally

InstitutionAnalystContact
Bank of America Merrill Lynch   Maciej Szczęsny +44 20 7996 2366
Maciej.szczesny@baml.com
Barclays Capital   Claudia Gaspari +44 20 3134 6039
Claudia.gaspari@barcap.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.com
 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
Morgan Stanley  Maciej Wasilewicz +44 20 7425 9104
Maciej.Wasilewicz@morganstanley.com
Raiffeisen Centrobank  Bernd Maurer +43 1 51520 706
maurer@rcb.at
UBS  Michael Christelis +27 11 322 7320
michael.christelis@ubs.com