DM BDM increased the recommendation for ZUE to “accumulate”

DM BDM analysts, in the report of August 22, increased the recommendation for ZUE to “accumulate” with “hold”, raising the target price of the company's shares to PLN 10.9 from PLN 8.7.

The report was prepared at the rate of PLN 10.8.

“In our opinion, the market does not fully take into account the acquisition of the Gdynia-Lębork contract. We correct our forecasts (down revenues in 2025-26, up revenues in subsequent years, up profitability). Currently, the target price of ZUE is set at PLN 10.9, which implies raising the recommendation to accumulate (…) valorisation from PKP PLK (filed lawsuits with the equivalent of approx. 5.5 PLN/action) ” – wrote in the report.

DM BDM forecasts that in 2025 the company will have PLN 0.85 billion in revenues and PLN 11.3 million net profit.

“Our forecasts for the coming years are based on the assumption that the company will sign a contract for the Gdynia Chylonia – Lębork contract in 2026. His lack of forced the company would probably be aggressive offer in subsequent tenders, which would affect the perspective of margin in our model. In 2026/27 we assume PLN 0.96 / PLN 1,36 billion respectively and 10.7 PLN 27.6 million net profit.

The message is an abbreviation of the recommendation issued by the BDM brokerage house. Its author is Krzysztof Pado. The first dissemination of the recommendation took place on August 22, 2025 at 13.00.

The report was prepared as part of the WSE analytical coverage support program.

The attachment includes a PDF file with a report. (PAP Biznes)

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