Asseco Poland S.A. (ACP) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Asseco Poland S.A. PLN 396, price PLN 222, upside +78.6%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 53.96 PLN – 241.90 PLN · fair‑value band 297.01 PLN – 495.02 PLN · the 221.80 PLN price screens below the 396.02 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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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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.
Stock analysis
Asseco Poland S.A. (ACP) currently trades at 221.80 PLN, while our model-based Fair Value estimate is 396.02 PLN, implying the stock looks roughly 44.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 613.14 PLN per share, and 20 of the 24 models we run sit above the 221.80 PLN price.
Bear case: the Asset-Based group reads lowest at 61.80 PLN, and 4 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 297.01 PLN (bear) to 495.02 PLN (bull), the price of 221.80 PLN sits below 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 66/100 (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 15.1B PLN (≈ $3.9B) · P/E ratio 23.0 · P/S ratio 1.56 · EPS (TTM) 9.63 PLN · Dividend yield 5.9% · Net margin 6.8% · Return on equity 11.8% · Return on assets (EBIT) 8.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 48% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at 79%, ACP screens cheaper than that median.
Fair Value models
Bear 297.01 PLNFair Value 396.02 PLNBull 495.02 PLN
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = 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.
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.67/100
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.
≈ +17.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.3%
Dividend (yield on the price)5.9%
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% vs 15%, 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%
Start year 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 and less than analysts expect.
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).
−20.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about −22.9% a year for the price and +6.3% for the forecasts.
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 · 721 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+75% · Top 25%
Profitability
Return on equity (TTM)12% · Above median
Return on assets5% · Above median
Net margin (TTM)7% · Above median
Operating margin (TTM)12% · Above median
Growth and dividend
Revenue growth9% · Above median
Dividend yield (TTM)5.9% · Top 25%
Balance sheet
Debt / equity0.18× · Above median
Valuation Multiplesvs Software - Application median · lower = cheaper
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Is Asseco Poland S.A. (ACP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 396.02 PLN versus a price of 221.80 PLN, about +79% upside (undervalued).
What is the fair value of ACP?
Our model-based fair value for Asseco Poland S.A. is 396.02 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 221.80 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 price target for Asseco Poland S.A. (ACP)?
Our model-based price target is the fair value of 396.02 PLN (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 297.01 PLN, optimistic scenario 495.02 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 396.02 PLN, about +79% upside versus a price of 221.80 PLN (undervalued). Cautious scenario 297.01 PLN, optimistic scenario 495.02 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 17.1B PLN (latest available figure, as of Sep 24, 2026).
Does Asseco Poland S.A. pay a dividend?
Asseco Poland S.A. currently shows a dividend yield of about 5.88% relative to its recent price (as of Sep 24, 2026).
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 -20.5 % 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 Sep 24, 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 0.32, 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 -20.5 % per year a year over ten years, 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 -20.5 % per year free-cash-flow growth a 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 +8.2 % a year. That is the yardstick for the growth priced into Asseco Poland S.A. (-20.5 % per year a 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 17.12 %: 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 396.02 PLN per share (as of Sep 24, 2026), against a price of 221.80 PLN. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Asseco Poland S.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ACP trades below its calculated fair value: price 221.80 PLN, fair value 396.02 PLN, a gap of about +79% (undervalued). 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 (221.80 PLN); the fair value is what the company's own numbers justify (396.02 PLN). For Asseco Poland S.A. the two are 174.22 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 15.1B PLN (market capitalisation, as of Sep 24, 2026). Per share that is 221.80 PLN; our models calculate a fair value of 396.02 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 297.01 PLN, base 396.02 PLN, optimistic 495.02 PLN per share (as of Sep 24, 2026, price 221.80 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 23.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 396.02 PLN is built from several models across several years. Other multiples: PEG 13.3, P/B 2.1, P/S 0.9, EV/EBITDA 4.1.
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 Sep 24, 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 Sep 24, 2026): return on equity 11.8%, debt of 0.18 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is ACP from its 52-week high?
Asseco Poland S.A. trades at 221.80 PLN, about 8% below its 52-week high of 241.90 PLN and 48% above the low of 149.78 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 396.02 PLN is for.
Which stocks are comparable to Asseco Poland S.A.?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, 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 Sep 24, 2026: price 221.80 PLN, calculated fair value 396.02 PLN (+79%), Quality Score 66/100, from 24 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 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 396.02 PLN, 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 13.0 % above its aggregate fair value. Asseco Poland S.A. currently trades 79 % below its own fair value, and the market average says nothing about that. 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 Sep 24, 2026 was 221.80 PLN. Our model-based fair value is 396.02 PLN, about +79% upside (undervalued). 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 is below even our cautious bear case (297.01 PLN). The market is more pessimistic than our downside scenario. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
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 15.1B PLN (≈ $3.9B). 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 1.56 (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 9.63 PLN (price ÷ EPS = P/E 23.0). 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 5.9% (payout 136%). 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 11.8% (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 11.6% (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 +8.8% 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 +42.0% 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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Broad data
Sep 24, 2026