Asseco South Eastern Europe S.A. (ASE.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

+59.1%

PLN 116.75

vs PLN 73.40 price

Levered DCF

PLN 115.01

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.44

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	16.49×	12.76×	12.72×	11.98×	17.92×	19.2×	14.34×	9.2×
P/B	2.67×	2.36×	2.28×	2.03×	2.77×	2.45×	1.61×	0.78×
P/S	1.82×	1.49×	1.55×	1.44×	2.34×	2.17×	1.46×	0.89×
EV / EBITDA	8.88×	6.82×	6.77×	6.31×	9.41×	9.42×	6.95×	3.85×
Gross margin	29.1%	26.3%	26.2%	25.1%	27.6%	25.6%	24.4%	24.0%
Operating margin	13.9%	13.1%	13.8%	13.8%	15.8%	14.2%	12.5%	11.1%
Net margin	11.0%	11.7%	12.2%	12.0%	13.0%	11.3%	10.2%	9.7%
Current ratio	1.3×	1.38×	1.33×	1.44×	1.43×	1.58×	1.44×	1.79×
Debt / equity	0.18×	0.23×	0.14×	0.14×	0.14×	0.13×	0.2×	0.07×
Interest coverage	17.19×	12.53×	31.7×	45.72×	45.75×	36.55×	32.68×	58.37×
Dividend yield	2.8%	3.4%	3.0%	2.9%	1.9%	1.7%	2.1%	4.5%
Payout ratio	45.8%	43.0%	37.8%	35.4%	34.8%	33.1%	30.0%	41.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.2%	18.5%	18.0%	16.9%	15.4%	12.7%	11.3%	8.5%
Return on invested capital	12.4%	10.4%	12.5%	12.8%	12.3%	11.3%	9.2%	7.6%
Return on assets	8.8%	8.6%	9.5%	10.1%	9.8%	8.4%	7.2%	6.5%
Free cash flow yield	7.2%	4.2%	9.7%	8.0%	7.3%	7.6%	8.0%	13.5%
Earnings yield	6.1%	7.8%	7.9%	8.3%	5.6%	5.2%	7.0%	10.8%
Enterprise value	PLN 3.2B	PLN 2.5B	PLN 2.4B	PLN 2.1B	PLN 2.6B	PLN 2.1B	PLN 1.2B	PLN 481.8M
Net debt / EBITDA	-0.26×	-0.08×	-0.45×	-0.41×	-0.33×	-0.59×	-0.22×	-0.92×
Cash conversion cycle (days)	80	76	72	72	61	48	43	37