Asseco Poland S.A. (ACP) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Asseco Poland S.A. stock PLN 214, price PLN 229, that is 6.5% below the price, quality 58 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 53.96 PLN – 250.90 PLN · fair‑value band 133.43 PLN – 322.06 PLN · the 228.80 PLN price screens above the 213.93 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Asseco Poland S.A. produces and sells software products worldwide. The company offers software and IT solutions for banking, payment, insurance, public administration, healthcare, defense and uniformed services, energy and gas, telecommunications and media, and security sectors.
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It also provides cloud solutions; and ERP solutions and services, including proprietary and third-party software, and consulting and implementation services for micro, small, and mid-sized companies, as well as large enterprises.
In addition, the company offers business intelligence software and services, such as professional consulting and advisory; data warehouses and big data solutions; reporting for regulators; fraud detection and anti-money laundering systems; and customer behavior analysis based on machine learning mechanisms, as well as access to information-analytical and reporting tools.
The company was formerly known as Softbank S.A. and changed its name to Asseco Poland S.A. in January 2007. Asseco Poland S.A. was incorporated in 1989 and is based in Rzeszów, Poland.
Stock analysis
Asseco Poland S.A. (ACP) currently trades at 228.80 PLN, while our model-based Fair Value estimate is 213.93 PLN, so the stock looks roughly fairly valued today (gap 7.0%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 316.09 PLN per share, and 11 of the 26 models we run sit above the 228.80 PLN price.
Bear case: the Asset-Based group reads lowest at 50.91 PLN, and 15 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 133.43 PLN (bear) to 322.06 PLN (bull), the price of 228.80 PLN sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Asseco Poland S.A. reported revenue of 16.8B PLN in FY2025 versus 14.5B PLN in FY2021, a compound +3.7%/yr. Reported net income was 1.1B PLN in FY2025, compounding +24.9%/yr from FY2021.
Key figures
Market cap 18.4B PLN (≈ $4.7B) Mid · P/E ratio 22.7 · P/S ratio 1.54 · EPS (TTM) 10.06 PLN · Dividend yield 5.7% · Net margin 6.8% · Return on equity 14.0% · Return on assets (EBIT) 8.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at −7%, ACP screens richer than that median.
Fair Value models
Bear133.43 PLNFair Value 213.93 PLNBull322.06 PLN
Price 228.80 PLN · Downside -6.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF157.29 PLN262.33 PLN440.77 PLN77
Growth DCF156.14 PLN251.95 PLN409.28 PLN76
5Y EBITDA Exit146.66 PLN239.04 PLN354.13 PLN74
All 26 models by family
DCF Models
FCF DCF157.29 PLN262.33 PLN440.77 PLN77
Owner Earnings251.17 PLN429.71 PLN732.98 PLN73
5Y Revenue Exit107.16 PLN157.72 PLN224.18 PLN71
5Y EBITDA Exit146.66 PLN239.04 PLN354.13 PLN74
5Y P/E Exit250.79 PLN453.38 PLN686.79 PLN69
10Y Revenue Exit121.22 PLN174.61 PLN252.58 PLN66
10Y EBITDA Exit149.09 PLN233.41 PLN359.86 PLN67
10Y P/E Exit217.25 PLN388.40 PLN634.48 PLN61
Earnings-Based
Graham-Dodd96.18 PLN444.19 PLN609.96 PLN64
Lynch FV116.92 PLN167.04 PLN217.15 PLN61
PEG = 1.0116.92 PLN167.04 PLN217.15 PLN57
EPV73.60 PLN81.76 PLN88.85 PLN73
Dividend Discount
Gordon GGM9.38 PLN19.04 PLN29.41 PLN66
DDM Multi-Stage9.38 PLN16.28 PLN20.05 PLN67
Multiples
P/E Multiple297.01 PLN396.02 PLN495.02 PLN63
P/S Multiple180.33 PLN240.44 PLN300.55 PLN57
P/B Multiple17.83 PLN23.77 PLN29.72 PLN55
EV/EBIT134.88 PLN174.73 PLN214.57 PLN65
EV/EBITDA143.98 PLN186.85 PLN229.73 PLN67
EV/Revenue75.78 PLN101.68 PLN127.58 PLN53
Asset-Based
NCAV (Graham)33.60 PLN50.91 PLN63.63 PLN54
Growth DCF
Growth DCF156.14 PLN251.95 PLN409.28 PLN76
Rev-Margin DCF107.16 PLN157.70 PLN223.11 PLN71
Economic Profit
Residual Income92.21 PLN124.61 PLN207.81 PLN73
ROIC Compounder73.60 PLN81.76 PLN88.85 PLN71
Growth Earnings
Growth-Adj P/E221.26 PLN316.09 PLN410.92 PLN67
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
Start year 2020 (pandemic). Over 10 years: +8.7% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +17.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.3%
Dividend (yield on the price)5.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.24.3% vs 14.5%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 173% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−15.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about −18.0% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 628 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−6.5% · Below median
Profitability
Return on equity (12 months)14.0% · Above median
Return on assets8.3% · Top 25%
Net margin (12 months)12.0% · Above median
Operating margin (12 months)12.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)23.0% · Top 25%
Dividend yield (12 months)5.7% · Top 25%
Balance sheet
Debt / equity0.18× · Above median
Valuation Multiplesvs Software - Application median · lower = cheaper
P/E (12 months)22.7× · Cheaper than median
P/B2.48× · Pricier than median
P/S (12 months)1.72× · Cheaper than median
Price / free cash flow (fiscal year)12.0× · Cheaper than median
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Is Asseco Poland S.A. (ACP) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 213.93 PLN versus a price of 228.80 PLN, about 7% lower (fairly valued).
What is the fair value of ACP?
Our model-based fair value for Asseco Poland S.A. is 213.93 PLN (as of Nov 9, 2026), built from audited fundamentals. The current price: 228.80 PLN.
What is the quality score of ACP?
Asseco Poland S.A. has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Asseco Poland S.A. (ACP)?
Our model-based price target is the fair value of 213.93 PLN (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 133.43 PLN, optimistic scenario 322.06 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Asseco Poland S.A. stock forecast for 2026?
Our models put fair value at 213.93 PLN, about 7% lower versus a price of 228.80 PLN (fairly valued). Cautious scenario 133.43 PLN, optimistic scenario 322.06 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Asseco Poland S.A. (ACP)?
Asseco Poland S.A. reported trailing-twelve-month revenue of about 18.0B PLN (latest available figure, as of Nov 9, 2026).
Does Asseco Poland S.A. pay a dividend?
Asseco Poland S.A. currently shows a dividend yield of 5.70% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Asseco Poland S.A. (ACP) and when is the ex-dividend date?
Asseco Poland S.A. pays a dividend of 13.05 PLN per share a year, a dividend yield of 5.7%. The last ex-dividend date was May 13, 2026. A dividend has been paid every year since 2006. The payout ratio is 130% of earnings. Free cash flow covers the dividend 2.46 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Asseco Poland S.A. (ACP)?
For today's price to be fair in a discounted-cash-flow model, Asseco Poland S.A. would have to grow free cash flow by -15.5 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.6 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of ACP use?
Our models discount Asseco Poland S.A. at 9.3 %: a base by market capitalisation (mid), damped by beta 0.34, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Asseco Poland S.A. that is -15.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Asseco Poland S.A. (ACP) delivered so far?
Over the past 5 years revenue at Asseco Poland S.A. grew +6.6 % a year. The price currently implies free-cash-flow growth of -15.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Asseco Poland S.A. (ACP) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Asseco Poland S.A. (-15.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Asseco Poland S.A. (ACP)?
The free-cash-flow yield on the price is 14.06 %: that much free cash flow Asseco Poland S.A. produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Asseco Poland S.A. (ACP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Asseco Poland S.A. it is 213.93 PLN per share (as of Nov 9, 2026), against a price of 228.80 PLN. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Asseco Poland S.A. stock overvalued or undervalued in 2026?
As of Nov 9, 2026, ACP trades above its calculated fair value: price 228.80 PLN, fair value 213.93 PLN, a gap of about −7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ACP?
No. The price is what the market pays today (228.80 PLN); the fair value is what the company's own numbers justify (213.93 PLN). For Asseco Poland S.A. the two are 14.87 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Asseco Poland S.A. worth?
The market values Asseco Poland S.A. at about 18.4B PLN (market capitalisation, as of Nov 9, 2026). Per share that is 228.80 PLN; our models calculate a fair value of 213.93 PLN per share.
What do the bullish and bearish scenarios say about ACP?
Our models span a range for Asseco Poland S.A.: cautious scenario 133.43 PLN, base 213.93 PLN, optimistic 322.06 PLN per share (as of Nov 9, 2026, price 228.80 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ACP?
Asseco Poland S.A. trades at a price-to-earnings ratio of 22.7 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 213.93 PLN is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 12.3. Other multiples: PEG 13.3, P/B 2.5, P/S 1.7, EV/EBITDA 8.4.
What is the PEG ratio of ACP?
The PEG ratio of Asseco Poland S.A. is 13.31 (P/E divided by earnings growth, as of Nov 9, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Asseco Poland S.A. (ACP)?
Balance-sheet figures for Asseco Poland S.A. (as of Nov 9, 2026): return on equity 14.0%, debt of 0.18 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is ACP from its 52-week high?
Asseco Poland S.A. trades at 228.80 PLN, about 9% below its 52-week high of 250.90 PLN and 53% above the low of 149.78 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 213.93 PLN is for.
Which stocks are comparable to Asseco Poland S.A.?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Asseco Poland S.A. stock attractive at the current price?
The data as of Nov 9, 2026: price 228.80 PLN, calculated fair value 213.93 PLN (−7%), Quality Score 58/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ACP calculated?
We run Asseco Poland S.A. through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 213.93 PLN builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Asseco Poland S.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Asseco Poland S.A. (ACP)?
The closing price on Nov 6, 2026 was 228.80 PLN. Our model-based fair value is 213.93 PLN, about 7% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Asseco Poland S.A. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (133.43 PLN to 322.06 PLN) leaves room in how you read the outcome.
Where does the earnings growth of Asseco Poland S.A. (ACP) come from?
Earnings per share at Asseco Poland S.A. grew +10.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.9 %, EBIT margin +0.0 %, tax rate +0.1 %, residual (interest, one-offs) −1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Asseco Poland S.A.
How large is the market capitalisation of Asseco Poland S.A. (ACP)?
The market capitalisation of Asseco Poland S.A. is 18.4B PLN (≈ $4.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Asseco Poland S.A. (ACP)?
The price-to-sales ratio of Asseco Poland S.A. is 1.54 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Asseco Poland S.A. (ACP)?
Earnings per share at Asseco Poland S.A. are 10.06 PLN (price ÷ EPS = P/E 22.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Asseco Poland S.A. (ACP)?
The dividend yield of Asseco Poland S.A. is 5.7% (payout 130%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Asseco Poland S.A. (ACP)?
The net margin of Asseco Poland S.A. is 6.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Asseco Poland S.A. (ACP)?
The return on equity (ROE) of Asseco Poland S.A. is 14.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Asseco Poland S.A. (ACP)?
On an EBIT basis the return on assets of Asseco Poland S.A. is 8.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Asseco Poland S.A. (ACP)?
The operating margin of Asseco Poland S.A. is 12.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Asseco Poland S.A. (ACP)?
Revenue at Asseco Poland S.A. is growing +23.0% versus a year earlier (3y avg −1.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Asseco Poland S.A. (ACP)?
Earnings per share at Asseco Poland S.A. are growing +16.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Asseco Poland S.A. (ACP) hold?
Asseco Poland S.A. holds more cash than debt, 3.9B PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 9, 2026