Asseco Business Solutions S.A. (ABS.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+67.6%

PLN 146.84

vs PLN 87.60 price

Levered DCF

PLN 156.97

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

17.3

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.09×	16.42×	16.9×	13.1×	18.01×	16.07×	12.91×	14.92×
P/B	6.58×	4.9×	4.23×	3.09×	4.19×	3.7×	3×	3.12×
P/S	5.88×	4.4×	4.22×	3.3×	4.72×	4.36×	3.47×	3.66×
EV / EBITDA	15.04×	11.41×	10.85×	8.54×	12.03×	10.93×	8.74×	9.83×
Gross margin	44.3%	42.8%	40.7%	41.3%	43.1%	44.4%	43.9%	42.8%
Operating margin	30.0%	28.8%	28.8%	29.8%	30.8%	32.8%	32.0%	30.1%
Net margin	27.9%	26.8%	25.0%	25.2%	26.2%	27.1%	26.8%	24.6%
Current ratio	1.78×	1.44×	1.58×	1.47×	1.69×	1.49×	1.38×	1.21×
Debt / equity	0.1×	0.13×	0.13×	0.14×	0.19×	0.16×	0.17×	0.07×
Interest coverage	81.83×	65.65×	57.78×	60.48×	78.23×	50.73×	47.42×	88.84×
Dividend yield	3.9%	4.6%	4.8%	6.3%	4.6%	4.9%	5.3%	4.7%
Payout ratio	82.0%	75.5%	80.9%	83.1%	82.9%	78.7%	68.3%	69.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	31.2%	29.9%	25.1%	23.6%	23.3%	23.0%	23.2%	21.0%
Return on invested capital	27.2%	25.4%	21.9%	20.8%	19.7%	20.4%	19.9%	19.7%
Return on assets	23.5%	22.4%	19.3%	17.9%	17.7%	17.3%	17.4%	17.3%
Free cash flow yield	6.6%	7.9%	5.8%	8.3%	5.1%	7.4%	9.4%	7.4%
Earnings yield	4.7%	6.1%	5.9%	7.6%	5.6%	6.2%	7.7%	6.7%
Enterprise value	PLN 2.8B	PLN 1.9B	PLN 1.6B	PLN 1.1B	PLN 1.5B	PLN 1.3B	PLN 988.4M	PLN 939.1M
Net debt / EBITDA	-0.21×	0.05×	-0.03×	0.03×	0.18×	0.39×	0.35×	0.07×
Cash conversion cycle (days)	49	48	44	44	43	40	51	56