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Asseco Poland S.A (ACP) Fair Value & Analysis

Technology · PL · Market cap 14.6B PLN

AP Asseco Poland S.A ACP · WAR
Price219.30 PLN
Fair Value282.87 PLN
Upside+29.0%
Quality66/100
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Mixed Growth
Thin margins · 7.2% net margin
Low debt · generates free cash flow
7.21% dividend yield
Ranks above peers (13/15)
Moderate moat 48/100
Evidence: Medium Range 212.15 PLN – 353.59 PLN Share as image

Fair value as of: Jul 16, 2026

From 24 valuation models · updated 25 days ago

Share price +23.4% over the past month.

A solid business, screening 29% undervalued on our models.

What matters now

  • Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from 212.15 PLN (bear) to 353.59 PLN (bull), base 282.87 PLN. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 66/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

228.59 PLN 52.91 PLN Fair Value 282.87 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 52.91 PLN – 228.59 PLN · fair‑value band 212.15 PLN – 353.59 PLN · the 219.30 PLN price screens below the 282.87 PLN fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Asseco Poland S.A (ACP) currently trades at 219.30 PLN, while our model-based Fair Value estimate is 282.87 PLN, implying the stock looks roughly 29.0% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Asseco Poland S.A generated revenue of 17.1B PLN at a net margin of 7.2%. Revenue grew 8.8% year over year. It earns a return on equity of 11.8%. The balance sheet holds a net cash position of 3.9B PLN. Fundamentals as of Jul 16, 2026

Our scenario range runs from 212.15 PLN (bear case) to 353.59 PLN (bull case); at 219.30 PLN, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 50% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at 29%, ACP screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF 484.67 PLN 791.80 PLN 1,311 PLN 80
Residual Income 94.05 PLN 123.79 PLN 349.74 PLN 76
Rev-Margin DCF 335.61 PLN 496.63 PLN 704.95 PLN 74
All 24 models by family
DCF Models
FCF DCF 487.56 PLN 821.58 PLN 1,402 PLN 38
Owner Earnings 327.48 PLN 532.35 PLN 888.17 PLN 31
5Y Revenue Exit 335.61 PLN 497.13 PLN 710.25 PLN 39
5Y EBITDA Exit 391.77 PLN 612.76 PLN 885.91 PLN 41
5Y P/E Exit 339.26 PLN 504.65 PLN 689.55 PLN 38
10Y Revenue Exit 376.83 PLN 547.34 PLN 797.74 PLN 36
10Y EBITDA Exit 420.63 PLN 632.02 PLN 944.61 PLN 37
10Y P/E Exit 385.83 PLN 552.85 PLN 780.43 PLN 35
Earnings-Based
Graham-Dodd 96.18 PLN 444.19 PLN 609.96 PLN 54
Lynch FV 116.92 PLN 167.04 PLN 217.15 PLN 50
PEG = 1.0 116.92 PLN 167.04 PLN 217.15 PLN 46
EPV 238.73 PLN 266.26 PLN 290.34 PLN 59
Multiples
P/E Multiple 212.15 PLN 282.87 PLN 353.59 PLN 63
P/S Multiple 180.33 PLN 240.44 PLN 300.55 PLN 58
P/B Multiple 180.33 PLN 240.44 PLN 300.55 PLN 55
EV/EBIT 359.25 PLN 454.47 PLN 549.70 PLN 53
EV/EBITDA 369.59 PLN 468.27 PLN 566.94 PLN 54
EV/Revenue 266.14 PLN 348.66 PLN 431.19 PLN 43
Asset-Based
NCAV (Graham) 46.12 PLN 61.80 PLN 92.23 PLN 50
Growth DCF
Growth DCF 484.67 PLN 791.80 PLN 1,311 PLN 80
Rev-Margin DCF 335.61 PLN 496.63 PLN 704.95 PLN 74
Economic Profit
Residual Income 94.05 PLN 123.79 PLN 349.74 PLN 76
ROIC Compounder 247.85 PLN 287.82 PLN 330.63 PLN 72
Growth Earnings
Growth-Adj P/E 182.10 PLN 260.14 PLN 338.18 PLN 68

Widest divergence: DCF Models (547.34 PLN) versus Asset-Based (61.80 PLN). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 17.1B PLN
Revenue growth (YoY) +8.8%
Net margin 7.2%
Return on equity 11.8%
Free cash flow 2.6B PLN FY2025
P/E ratio 18.9
More key figures
Operating margin 11.6%
EPS (TTM) 9.63 PLN
Dividend yield 7.2%
EPS growth (YoY) +42.0%
Net cash 3.9B PLN FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 65 · Market factors (momentum, volatility) 63

Profitability 43
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 58
Price trend over the last 3–12 months (market factor)
52W Momentum 66
Distance to the 52-week high (market factor)
Net Issuance 90
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Growth Quality 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
16.8B PLN
Latest YoY
−2.1%
Avg. growth/yr (3Y) 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.
−1.1%
Avg. growth/yr (5Y) 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.
+6.6%
Avg. growth/yr (21Y) 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.
+18.4%
Revenue +3.7%/yr
FY21 14.5B PLN
FY22 17.4B PLN
FY23 16.9B PLN
FY24 17.1B PLN
FY25 16.8B PLN
Net income +24.9%/yr
FY21 468M PLN
FY22 502M PLN
FY23 483M PLN
FY24 520M PLN
FY25 1.1B PLN
Character of growth · EPS growth decomposed (2014-2025) +10.3 % p.a.
Revenue per share +11.9 pp

of which total revenue +10.1 pp · buybacks/dilution +1.8 pp

EBIT margin +0.0 pp
Tax rate +0.1 pp
Residual (interest, one-offs) −1.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Asseco Poland S.A Fair Value". https://www.fairvalue-calculator.com/stock/ACP

Peer Group

Software - Application · 709 stocks

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.

Quality Score 66 · Top 25%
Fair Value upside +29% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 5% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 12% · Above median
Revenue growth 9% · Above median
Dividend yield (TTM) 7.2% · Top 25%
Debt / equity 0.18× · Higher than median

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 18.9× · Cheaper than median
P/B 1.97× · Cheaper than median
P/S (TTM) 0.85× · Cheaper than median
P/FCF 1.5× · Cheaper than 75% of peers
EV/EBITDA 3.8× · Cheaper than 75% of peers
PEG 13.31× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 72 · sector 0
FUTURE 44 · sector 38
PAST 47 · sector 13
HEALTH 91 · sector 98
DIVIDEND 100 · sector 28

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

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Uber Technologies, Inc UBER $72.67 $51.11 -30%
Salesforce, Inc CRM $170.77 $182.10 +7%
ServiceNow, Inc NOW $107.71 $33.12 -69%
Cadence Design Systems, Inc CDNS $384.17 $80.41 -79%
Snowflake Inc SNOW $271.87 $34.04 -87%
Adobe Inc ADBE $230.61 $379.48 +65%
Automatic Data Processing, Inc ADP $241.92 $177.51 -27%
Intuit Inc INTU $291.09 $258.69 -11%

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Frequently asked questions

Is Asseco Poland S.A (ACP) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 282.87 PLN versus a price of 219.30 PLN, about +29% (undervalued).
What is the fair value of ACP?
Our model-based fair value for Asseco Poland S.A is 282.87 PLN (as of Jul 16, 2026), built from audited fundamentals. The current price is 219.30 PLN.
What is the quality score of ACP?
Asseco Poland S.A has a Quality Score of 66/100. 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 revenue of Asseco Poland S.A (ACP)?
Asseco Poland S.A reported trailing-twelve-month revenue of about 17.1B PLN (latest available figure, as of Jul 16, 2026).
What is the net profit margin of ACP?
The net profit margin of Asseco Poland S.A is about 7.2%, meaning it keeps roughly 7.2% of revenue as net income. Based on the latest reported figures.
Does Asseco Poland S.A pay a dividend?
Asseco Poland S.A currently shows a dividend yield of about 6.80% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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