Asseco Poland S.A. (ACP.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

+70.0%

PLN 416.22

vs PLN 244.90 price

Levered DCF

PLN 1,109.72

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.59

Grey 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	14.3×	12.62×	11.94×	12×	15.36×	14.07×	7.58×	6.47×
P/B	2.1×	1.19×	1.09×	0.92×	1.14×	0.94×	0.92×	0.67×
P/S	0.93×	0.38×	0.34×	0.35×	0.49×	0.46×	0.5×	0.41×
EV / EBITDA	4.93×	2.65×	2.66×	2.3×	3.37×	3.03×	3.63×	2.99×
Gross margin	21.6%	22.7%	22.1%	21.8%	22.4%	21.9%	21.6%	21.4%
Operating margin	10.2%	10.5%	9.6%	10.3%	10.0%	10.0%	9.2%	8.5%
Net margin	6.8%	3.0%	2.9%	2.9%	3.2%	3.3%	6.5%	6.3%
Current ratio	1.75×	1.36×	1.43×	1.49×	1.48×	1.51×	1.49×	1.6×
Debt / equity	0.45×	0.71×	0.77×	0.61×	0.55×	0.49×	0.48×	0.3×
Interest coverage	8.52×	7.59×	8.69×	14.16×	13.92×	10.89×	9.85×	12.89×
Dividend yield	1.7%	3.8%	5.0%	4.6%	3.6%	4.4%	4.8%	6.5%
Payout ratio	23.6%	48.0%	60.2%	55.5%	55.2%	62.2%	36.6%	42.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.3%	9.5%	9.1%	7.7%	7.4%	6.6%	12.1%	10.3%
Return on invested capital	7.8%	9.6%	9.1%	9.2%	8.0%	7.5%	6.6%	6.0%
Return on assets	4.9%	2.6%	2.6%	2.5%	2.5%	2.4%	4.8%	4.7%
Free cash flow yield	16.6%	30.4%	39.6%	23.7%	20.5%	29.1%	22.4%	19.9%
Earnings yield	7.3%	7.9%	8.4%	8.3%	6.5%	7.1%	13.2%	15.5%
Enterprise value	PLN 11.6B	PLN 7.2B	PLN 6.9B	PLN 6.4B	PLN 7.5B	PLN 5.7B	PLN 5.9B	PLN 3.8B
Net debt / EBITDA	-1.67×	0.23×	0.43×	0.12×	0.16×	0.05×	0.37×	-0.06×
Cash conversion cycle (days)	68	82	61	85	80	77	72	77