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

Technology · PL · Market cap 14.6B PLN (≈ $3.9B) · ISIN PLSOFTB00016

What is Asseco Poland S.A. really worth?

AP Asseco Poland S.A. ACP · WAR
Price235.60 PLN
Fair Value396.02 PLN
Upside+68.1%
Quality66/100

A solid business, trading 41% below our fair value of 396.02 PLN.

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Strengths

Low debt · generates free cash flow
Ranks above peers (13/15)

Risks

!Mixed Growth (revenue 5y +6.6 %/yr)
!Thin margins · 7.2% net margin
!Moderate moat 48/100

For context

·5.54% dividend yield
Evidence: High Range 297.01 PLN – 495.02 PLN

Fair value as of: Aug 29, 2026

From 24 valuation models · updated 6 days ago

Share price +10.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters 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.

Price vs Fair Value (5 years)

241.90 PLN 53.96 PLN Fair Value 396.02 PLN May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 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 235.60 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 Aug 29, 2026.

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Analysis

Asseco Poland S.A. (ACP) currently trades at 235.60 PLN, while our model-based Fair Value estimate is 396.02 PLN, implying the stock looks roughly 40.5% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of 614.04 PLN per share, and 20 of the 24 models we run sit above the 235.60 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.

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 Aug 29, 2026

Our scenario range runs from 297.01 PLN (bear case) to 495.02 PLN (bull case); at 235.60 PLN, the current price sits below 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 near its 52-week high and 61% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −38% fair-value upside, at 68%, 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, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence 487.56 PLN 821.58 PLN 1,402 PLN 78
Growth DCF 484.67 PLN 791.80 PLN 1,311 PLN 76
Owner Earnings 327.48 PLN 532.35 PLN 888.17 PLN 74
All 24 models by family
DCF Models
FCF DCF best evidence 487.56 PLN 821.58 PLN 1,402 PLN 78
Owner Earnings 327.48 PLN 532.35 PLN 888.17 PLN 74
5Y Revenue Exit 335.61 PLN 497.13 PLN 710.25 PLN 72
5Y EBITDA Exit 463.06 PLN 759.53 PLN 1,130 PLN 74
5Y P/E Exit 392.39 PLN 614.04 PLN 864.49 PLN 70
10Y Revenue Exit 376.83 PLN 547.34 PLN 797.74 PLN 67
10Y EBITDA Exit 467.87 PLN 739.49 PLN 1,148 PLN 67
10Y P/E Exit 421.04 PLN 632.95 PLN 926.70 PLN 63
Earnings-Based
Graham-Dodd 96.18 PLN 444.19 PLN 609.96 PLN 64
Lynch FV 116.92 PLN 167.04 PLN 217.15 PLN 61
PEG = 1.0 116.92 PLN 167.04 PLN 217.15 PLN 57
EPV 238.73 PLN 266.26 PLN 290.34 PLN 74
Multiples
P/E Multiple 297.01 PLN 396.02 PLN 495.02 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 454.47 PLN 581.44 PLN 708.41 PLN 66
EV/EBITDA 483.45 PLN 620.07 PLN 756.70 PLN 67
EV/Revenue 266.14 PLN 348.66 PLN 431.19 PLN 54
Asset-Based
NCAV (Graham) 46.12 PLN 61.80 PLN 92.23 PLN 54
Growth DCF
Growth DCF 484.67 PLN 791.80 PLN 1,311 PLN 76
Rev-Margin DCF 335.61 PLN 496.63 PLN 704.95 PLN 73
Economic Profit
Residual Income 94.05 PLN 123.79 PLN 349.74 PLN 66
ROIC Compounder 247.85 PLN 287.82 PLN 330.63 PLN 72
Growth Earnings
Growth-Adj P/E 221.26 PLN 316.09 PLN 410.92 PLN 67

Widest divergence: DCF Models (614.04 PLN) versus Asset-Based (61.80 PLN). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 24.5
P/S ratio 1.66 P/E × margin
EPS (TTM) 9.63 PLN price ÷ EPS = P/E 24.5
Dividend yield 5.5% payout 136%
Net margin 6.8% FY2025
Return on equity 11.8% TTM
More key figures
Profitability
Return on assets (EBIT) 8.3% avg 5y
Operating margin 11.6% TTM
Growth
Revenue (TTM) 17.1B PLN TTM
Revenue growth (YoY) +8.8% 3y avg −1.1%
EPS growth (YoY) +42.0%
Balance sheet & cash flow
Free cash flow 2.6B PLN FY2025
Net cash 3.9B PLN FY2025

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 65 · Market factors (momentum, volatility) 80

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 71
Calm price path (market factor)
Momentum 81
Price trend over the last 3–12 months (market factor)
52W Momentum 89
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

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. revenue 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. revenue 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. revenue 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%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+16.8% (11.3 + 5.5)
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 %

of which total revenue +10.1 % · buybacks/dilution +1.6 %

EBIT margin +0.0 %
Tax rate +0.1 %
Residual (interest, one-offs) −1.5 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. 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 · 691 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 +68% · 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) 5.5% · Top 25%
Debt / equity 0.18× · Higher than median

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 24.5× · 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

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 0
FUTURE44 · sector 37
PAST47 · sector 12
HEALTH91 · sector 98
DIVIDEND100 · 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

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
SAP SE SAP €191.32 €169.59 −11%
Shopify Inc SHOP C$209.78 C$28.76 −86%
Uber Technologies, Inc UBER $78.82 $43.66 −45%
Salesforce, Inc CRM $252.05 $249.28 −1%
ServiceNow, Inc NOW $138.43 $43.73 −68%
Cadence Design Systems, Inc CDNS $340.39 $112.57 −67%
Snowflake Inc SNOW $329.11 $42.27 −87%
Adobe Inc ADBE $289.15 $454.04 +57%
Automatic Data Processing, Inc ADP $284.68 $177.51 −38%
Intuit Inc INTU $348.00 $363.46 +4%

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Frequently asked questions

Is Asseco Poland S.A. (ACP) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of 396.02 PLN versus a price of 235.60 PLN, about +68% 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 Aug 29, 2026), built from audited fundamentals. The current price: 235.60 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 Aug 29, 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 5.54% relative to its recent price (as of Aug 29, 2026).
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