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Asseco South Eastern Europe S.A (ASE) Fair Value & Analysis

Technology · PL · Market cap 3.1B PLN

AS Asseco South Eastern Europe S.A ASE · WAR
Price75.90 PLN
Fair Value76.41 PLN
Upside+0.7%
Quality70/100
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Healthy Growth
Solidly profitable · 11.5% net margin
Low debt · generates free cash flow
Ranks above peers (12/14)
Moderate moat 56/100
Evidence: High Range 57.31 PLN – 95.51 PLN Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 26 days ago

Share price +27.6% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 57.31 PLN (bear) to 95.51 PLN (bull), base 76.41 PLN. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 70/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

80.22 PLN 31.90 PLN Fair Value 76.41 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 31.90 PLN – 80.22 PLN · fair‑value band 57.31 PLN – 95.51 PLN · the 75.90 PLN price screens below the 76.41 PLN fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Asseco South Eastern Europe S.A (ASE) currently trades at 75.90 PLN, while our model-based Fair Value estimate is 76.41 PLN, implying the stock looks roughly 0.7% fairly valued today. The Quality Score stands at 70/100 (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: high), always confirm before acting.

Over the trailing twelve months, Asseco South Eastern Europe S.A generated revenue of 1.8B PLN at a net margin of 11.5%. Revenue grew 8.5% year over year. It earns a return on equity of 16.0%. The balance sheet holds a net cash position of 45.9M PLN. Fundamentals as of Jul 15, 2026

Our scenario range runs from 57.31 PLN (bear case) to 95.51 PLN (bull case); at 75.90 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 9% below its 52-week high and 31% 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 1%, ASE 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 BearBaseBull Evidence
Highest evidence
Growth DCF 57.08 PLN 89.62 PLN 139.70 PLN 80
Residual Income 24.30 PLN 31.20 PLN 77.71 PLN 76
Rev-Margin DCF 50.88 PLN 81.02 PLN 118.11 PLN 74
All 26 models by family
DCF Models
FCF DCF 57.04 PLN 91.51 PLN 145.89 PLN 38
Owner Earnings 54.47 PLN 87.27 PLN 139.00 PLN 31
5Y Revenue Exit 50.88 PLN 81.31 PLN 121.25 PLN 39
5Y EBITDA Exit 62.77 PLN 104.77 PLN 155.75 PLN 41
5Y P/E Exit 56.48 PLN 92.37 PLN 131.75 PLN 38
10Y Revenue Exit 51.19 PLN 79.83 PLN 120.85 PLN 36
10Y EBITDA Exit 60.15 PLN 96.24 PLN 147.93 PLN 37
10Y P/E Exit 56.15 PLN 87.57 PLN 129.09 PLN 35
Earnings-Based
Graham-Dodd 25.98 PLN 102.72 PLN 139.52 PLN 54
Lynch FV 25.41 PLN 36.29 PLN 47.18 PLN 50
PEG = 1.0 25.41 PLN 36.29 PLN 47.18 PLN 46
EPV 40.77 PLN 46.53 PLN 51.49 PLN 59
Dividend Discount
Gordon GGM 15.37 PLN 30.63 PLN 46.38 PLN 70
DDM Multi-Stage 15.37 PLN 26.47 PLN 32.33 PLN 61
Multiples
P/E Multiple 57.31 PLN 76.41 PLN 95.51 PLN 63
P/S Multiple 48.71 PLN 64.95 PLN 81.18 PLN 58
P/B Multiple 48.71 PLN 64.95 PLN 81.18 PLN 55
EV/EBIT 70.56 PLN 92.64 PLN 114.72 PLN 53
EV/EBITDA 72.24 PLN 94.88 PLN 117.52 PLN 54
EV/Revenue 48.97 PLN 68.11 PLN 87.25 PLN 43
Asset-Based
NCAV (Graham) 11.78 PLN 15.79 PLN 23.56 PLN 50
Growth DCF
Growth DCF 57.08 PLN 89.62 PLN 139.70 PLN 80
Rev-Margin DCF 50.88 PLN 81.02 PLN 118.11 PLN 74
Economic Profit
Residual Income 24.30 PLN 31.20 PLN 77.71 PLN 76
ROIC Compounder 44.55 PLN 56.47 PLN 71.17 PLN 72
Growth Earnings
Growth-Adj P/E 43.75 PLN 62.50 PLN 81.25 PLN 68

Widest divergence: DCF Models (87.57 PLN) versus Asset-Based (15.79 PLN). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 1.8B PLN
Revenue growth (YoY) +8.5%
Net margin 11.5%
Return on equity 16.0%
Free cash flow 237M PLN FY2025
P/E ratio 14.9
More key figures
Operating margin 13.2%
EPS (TTM) 4.05 PLN
EPS growth (YoY) +32.7%
Net cash 45.9M PLN FY2024

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 70/100

Of which business quality 69 · Market factors (momentum, volatility) 62

Profitability 53
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 66
Distance to the 52-week high (market factor)
Net Issuance 82
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 South Eastern Europe S.A., together with its subsidiaries, provides software implementation, integration, and outsourcing services. The company operates through Banking Solutions, Payment Solutions, and Dedicated Solutions segments.

Full company description

Asseco South Eastern Europe S.A., together with its subsidiaries, provides software implementation, integration, and outsourcing services. The company operates through Banking Solutions, Payment Solutions, and Dedicated Solutions segments. It offers omnichannel solutions for distributing banking services, and online services and consultancy in mobile and electronic banking, along with digital transformation. The company also provides telecommunication services, such as AI, billing solutions, customer communication management, data lakes, digital signatures, content services platforms, ERP, security, service desks, asset and construction management, and business process management. In addition, it offers public and utility services, such as notary, postal, content services platform, multifactor authentication, mobile app security, digital board meetings, customer communication management, and mobile app development services. Further, the company provides payment services, such as 3D Secure technology, versatile card processing solutions, and integrated end-to-end payment systems. It operates in Central Europe, Southeastern Europe, the Iberian Peninsula, Turkey, Colombia, Peru, and the Dominican Republic, as well as in India and the United Arab Emirates. Asseco South Eastern Europe S.A. was incorporated in 2007 and is headquartered in Rzeszów, Poland. The company operates as a subsidiary of Asseco International a.s.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Asseco South Eastern Europe S.A reported revenue of 1.8B PLN in FY2025 versus 1.1B PLN in FY2021, a compound +11.9%/yr. Reported net income was 198M PLN in FY2025, compounding +7.4%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.8B PLN
Latest YoY
+5.3%
Avg. growth/yr (3Y)
+4.7%
Avg. growth/yr (5Y)
+11.9%
Avg. growth/yr (17Y)
+10.3%
Revenue +11.9%/yr
FY21 1.1B PLN
FY22 1.6B PLN
FY23 1.6B PLN
FY24 1.7B PLN
FY25 1.8B PLN
Net income +7.4%/yr
FY21 149M PLN
FY22 188M PLN
FY23 200M PLN
FY24 199M PLN
FY25 198M PLN

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Cite: Fair Value Calculator (2026). "Asseco South Eastern Europe S.A Fair Value". https://www.fairvalue-calculator.com/stock/ASE

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 70 · Top 25%
Fair Value upside +1% · Above median
Return on equity (TTM) 16% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 11% · Above median
Operating margin (TTM) 13% · Above median
Revenue growth 9% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.07× · Higher than median

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 14.9× · Cheaper than median
P/B 0.69× · Cheaper than 75% of peers
P/S (TTM) 0.46× · Cheaper than 75% of peers
P/FCF 3.6× · Cheaper than median
EV/EBITDA 1.9× · Cheaper 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 34 · sector 0
FUTURE 43 · sector 38
PAST 64 · sector 13
HEALTH 96 · sector 98
DIVIDEND 0 · sector 28

Insider activity: 40/100

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 15, 2026).

Stock Price Fair Value vs Fair Value
SAP SE SAPS C$12.69 C$16.26 +28%
Shopify Inc SHOP C$173.23 C$20.54 -88%
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 South Eastern Europe S.A (ASE) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 76.41 PLN versus a price of 75.90 PLN, about +1% (fairly valued).
What is the fair value of ASE?
Our model-based fair value for Asseco South Eastern Europe S.A is 76.41 PLN (as of Jul 15, 2026), built from audited fundamentals. The current price is 75.90 PLN.
What is the quality score of ASE?
Asseco South Eastern Europe S.A has a Quality Score of 70/100. 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 South Eastern Europe S.A (ASE)?
Asseco South Eastern Europe S.A reported trailing-twelve-month revenue of about 1.8B PLN (latest available figure, as of Jul 15, 2026).
What is the net profit margin of ASE?
The net profit margin of Asseco South Eastern Europe S.A is about 11.5%, meaning it keeps roughly 11.5% of revenue as net income. Based on the latest reported figures.

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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