ABS — Asseco Business Solutions SATechnology · Software - ApplicationGPW

PLN 3.0B

Mkt Cap

PLN 3.0B

Ent. Value

PLN 38.0M

Net Cash

PLN 90.60

52W PLN 67 – PLN 98

PLN 3.0B

Mkt Cap

PLN 3.0B

Ent. Value

PLN 38.0M

Net Cash

21.2×

P/E TTM

1.29

PEG

18.2×

P/FCF

7.0×

P/Book

6.3×

P/Sales

15.8×

EV/EBITDA

20.5×

EV/EBIT

17.9×

EV/FCF

6.2×

EV/Sales

4.7%

Earn Yld

5.8%

FCF Yld

3.6%

Div Yld

PLN 90.60

All values in Polish Zloty (PLN)

PLN	FY2025	FY2024	FY2023	FY2022
Revenue	476.77M	428.81M	380.54M	338.51M
YoY Growth	+11.2%	+12.7%	+12.4%	—
Gross Profit	211.42M	183.20M	155.07M	139.65M
Gross Margin	44.3%	42.7%	40.7%	41.3%
R&D	—	—	—	—
SG&A	68.09M	59.69M	46.51M	39.59M
EBIT	143.98M	123.43M	109.44M	100.77M
EBIT Margin	30.2%	28.8%	28.8%	29.8%
D&A	40.70M	40.14M	35.63M	30.03M
EBITDA	186.69M	166.30M	147.51M	131.11M
EBITDA Margin	39.2%	38.8%	38.8%	38.7%
Net Income	132.88M	115.03M	95.03M	85.29M
Net Margin	27.9%	26.8%	25.0%	25.2%
EPS (diluted)	PLN 4.03	PLN 3.46	PLN 2.84	PLN 2.55
Shares (dil., M)	33	33	33	33

Company Brief

Asseco Business Solutions S.A. designs and develops enterprise software solutions in Poland and internationally. The company offers enterprise resource planning (ERP) systems, including softlab ERP, macrologic ERP, and wapro ERP for business management of large, medium, and small enterprises, as well as business cloud solutions. It also provides mobile touch, a sales force automation solution; connector, a data integration and management platform, as well as faktor, a factoring solution; and direct portal, an online store platform. In addition, the company offers e-commerce platforms, such as e-commerce standard and e-commerce enterprise; and Faktor, a system designed to support factoring transactions of banks and financial institutions. It serves FMCG, food production, retail, wholesale, construction, automotive, furniture, electrotechnology, and steel industries, as well as HR in logistics and accounting firms. The company was founded in 2001 and is based in Lublin, Poland.

CEOMr. Wojciech BarczentewiczEmployees1,110IPO Date2007-11-19CountryPolandWebsitewww.assecobs.pl

Margins (TTM)

Gross Margin	44.3%
EBITDA Margin	39.2%
EBIT Margin	30.2%
Net Margin	27.9%
FCF Margin	34.5%

Returns on Capital

ROIC	28.3%
ROCE	31.1%
ROE	31.2%
ROA	24.0%
Asset Turnover	0.86×

Earnings Quality

FCF / Net Income	123.8%
SBC / Net Income	—
SBC / Revenue	—
Capex / D&A	0.63×

Growth (CAGR)

Metric	3yr
Revenue	12.1%
EPS	16.5%
FCF	21.3%
Dividend	—

Ownership

Float	52.9%
Shares Out.	33.0M
Insiders %	—
Institutions %	—
Institutions (of float)	—
Institution holders	—
Insider net buy 6M	—

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Balance Sheet

Cash & ST Invest.	PLN 80.6M
Total Debt	PLN 42.7M
Net Cash / (Debt)	PLN 38.0M
Total Assets	PLN 553.1M
Total Equity	PLN 425.9M
Goodwill & Intang.	PLN 303.6M
Tangible Book Value	PLN 122.3M
NCAV (Graham)	PLN 32.6M
Tangible Book/sh	PLN 3.71
NCAV/sh	PLN 0.99

Leverage

D/E Ratio	0.10×
Net Debt / EBITDA	-0.20×
Interest Coverage	82.37×
Current Ratio	1.78×
Quick Ratio	1.78×

Capital Allocation (last FY)

Capex	PLN 25.8M
Capex / Revenue	5.4%
SBC	—
Dividends Paid	PLN 108.9M
Buybacks	PLN 0

Dividends

Annual DPS	PLN 3.30
Yield (fwd)	3.64%
Payout Ratio	81.9%
Ex-div Date	2025-05-21

Valuation vs History

P/E vs 4Y	21.2×vs 15.0× median
Div yield vs 10Y	399.0%vs 5.6% median

Buyback History

FY 2025—+0.6%

FY 2024PLN 36.1M-1.8%

FY 2023—0.0%

FY 2022——

Margins (TTM)

Gross Margin	44.3%
EBITDA Margin	39.2%
EBIT Margin	30.2%
Net Margin	27.9%
FCF Margin	34.5%

Returns on Capital

ROIC	28.3%
ROCE	31.1%
ROE	31.2%
ROA	24.0%
Asset Turnover	0.86×

Earnings Quality

FCF / Net Income	123.8%
SBC / Net Income	—
SBC / Revenue	—
Capex / D&A	0.63×

Growth (CAGR)

Metric	3yr
Revenue	12.1%
EPS	16.5%
FCF	21.3%
Dividend	—

Ownership

Float	52.9%
Shares Out.	33.0M
Insiders %	—
Institutions %	—
Institutions (of float)	—
Institution holders	—
Insider net buy 6M	—

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PLN 90.60

All values in Polish Zloty (PLN)

PLN	FY2025	FY2024	FY2023	FY2022
Revenue	476.77M	428.81M	380.54M	338.51M
YoY Growth	+11.2%	+12.7%	+12.4%	—
Gross Profit	211.42M	183.20M	155.07M	139.65M
Gross Margin	44.3%	42.7%	40.7%	41.3%
R&D	—	—	—	—
SG&A	68.09M	59.69M	46.51M	39.59M
EBIT	143.98M	123.43M	109.44M	100.77M
EBIT Margin	30.2%	28.8%	28.8%	29.8%
D&A	40.70M	40.14M	35.63M	30.03M
EBITDA	186.69M	166.30M	147.51M	131.11M
EBITDA Margin	39.2%	38.8%	38.8%	38.7%
Net Income	132.88M	115.03M	95.03M	85.29M
Net Margin	27.9%	26.8%	25.0%	25.2%
EPS (diluted)	PLN 4.03	PLN 3.46	PLN 2.84	PLN 2.55
Shares (dil., M)	33	33	33	33

Company Brief

CEOMr. Wojciech BarczentewiczEmployees1,110IPO Date2007-11-19CountryPolandWebsitewww.assecobs.pl

Balance Sheet

Cash & ST Invest.	PLN 80.6M
Total Debt	PLN 42.7M
Net Cash / (Debt)	PLN 38.0M
Total Assets	PLN 553.1M
Total Equity	PLN 425.9M
Goodwill & Intang.	PLN 303.6M
Tangible Book Value	PLN 122.3M
NCAV (Graham)	PLN 32.6M
Tangible Book/sh	PLN 3.71
NCAV/sh	PLN 0.99

Leverage

D/E Ratio	0.10×
Net Debt / EBITDA	-0.20×
Interest Coverage	82.37×
Current Ratio	1.78×
Quick Ratio	1.78×

Capital Allocation (last FY)

Capex	PLN 25.8M
Capex / Revenue	5.4%
SBC	—
Dividends Paid	PLN 108.9M
Buybacks	PLN 0

Dividends

Annual DPS	PLN 3.30
Yield (fwd)	3.64%
Payout Ratio	81.9%
Ex-div Date	2025-05-21

Valuation vs History

P/E vs 4Y	21.2×vs 15.0× median
Div yield vs 10Y	399.0%vs 5.6% median

Buyback History

FY 2025—+0.6%

FY 2024PLN 36.1M-1.8%

FY 2023—0.0%

FY 2022——

Not investment adviceUpdated 4/17/2026