# Asseco Poland (ACP.WAR)

Canonical: https://gigainvestors.com/s/ACP.WAR

Analysis as of: 2026-10-16T07:37:45.136Z. Financial observations: FY2004–FY2025.

Listing currency: PLN. Reporting currency: PLN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: PLN 224.50 per share; close as of 2026-10-15.

Estimated value: low PLN 131.09 per share, central PLN 143.58 per share, high PLN 159.96 per share. Buy at or below the central value PLN 143.58 per share. Valuation as of 2026-10-16T07:37:45.136Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% a year at today's price (required return 10.4%). required return 10.4% a year (PL 10-year bond 6.4% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.06×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.10×

- FY2021: 0.10×

- FY2022: 0.10×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 47.7%

- ROIC, second-lowest year: 8.0%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 21.8%

- Recent gross margin (lower of latest and 3-year median): 21.6%

- Years with nonpositive capital: 4

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.0%

- FY2017: 5.3%

- FY2018: 47.7%

- FY2019: 47.6%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: 15.1%

- FY2025: 12.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.39×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: PLN 4.3B

- Net income, five-year total: PLN 3.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -2.2 pp

- Working capital / revenue, final three-year average: 20.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.06×

- FY2022: 1.23×

- FY2023: 1.43×

- FY2024: 1.21×

- FY2025: 1.25×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.0% vs 15.1%

- Per-share earnings: 4.40 to 7.62 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.9%

- Ordinary dilution, 5-year annual growth: -3.9%

- Market cap gain: PLN 11B

- Cumulative retained earnings: PLN 2.3B

- Diluted shares, 10-year annual growth: -1.9%

- Diluted shares, 5-year annual growth: -3.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.1%

- Per-share value change: PLN 3.22

- Per-share value, starting three-year median: PLN 4.40

- Per-share value, ending three-year median: PLN 7.62

- Average buyback yield: 23.8%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: PLN 5.5B

- Cumulative net income, 10 years: PLN 5.8B

- ROIC, first three-year median: 8.0%

- ROIC, last three-year median: 15.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: PLN 3.63

- FY2017: PLN 7.89

- FY2018: PLN 7.13

- FY2019: PLN 8.40

- FY2020: PLN 4.84

- FY2021: PLN 5.63

- FY2022: PLN 6.05

- FY2023: PLN 7.09

- FY2024: PLN 7.62

- FY2025: PLN 16.70

### accounting: pass

- Sloan accruals: -7.6%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.96×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: -0.2%

- FY2018: -3.2%

- FY2019: -5.5%

- FY2020: -9.3%

- FY2021: -6.1%

- FY2022: -6.7%

- FY2023: -10.6%

- FY2024: -9.0%

- FY2025: -7.6%

## Holders

## Price story

Price needs cash profits to grow 8% a year for ten years · sales -2.1%

Story as of 2026-10-16T10:00:09.429Z; price observation 2026-10-15.

Price needs cash profits to grow 8% a year for ten years

### Sales · FY2024–2025

sales -2.1%; source https://filings.xbrl.org/259400O79EWIK4XZPL40/2022-12-31/ESEF/PL/0/GrupaACP-2022-12-31-pl/reports/GrupaACP-2022-12-31-pl.xhtml; observed 2023-05-10.

- FY2016: PLN 7.9B 

- FY2017: PLN 7.8B 

- FY2018: PLN 9.3B 

- FY2019: PLN 11B 

- FY2020: PLN 12B 

- FY2021: PLN 14B 

- FY2022: PLN 17B 

- FY2023: PLN 17B 

- FY2024: PLN 17B 

- FY2025: PLN 17B 

### Gross margin · FY2025

gross margin 21.6%; source https://filings.xbrl.org/259400O79EWIK4XZPL40/2022-12-31/ESEF/PL/0/GrupaACP-2022-12-31-pl/reports/GrupaACP-2022-12-31-pl.xhtml; observed 2023-05-10.

- FY2016: 23.5% 

- FY2017: 21.3% 

- FY2018: 21.4% 

- FY2019: 21.6% 

- FY2020: 21.9% 

- FY2021: 22.4% 

- FY2022: 21.8% 

- FY2023: 22.1% 

- FY2024: 22.7% 

- FY2025: 21.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are PLN 16.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2025: revenue 16779800000; grossProfit 3618200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACP.WAR: 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.

### Why customers stay

Margins ranged from 21.6% to 22.7% during 2023–25; it earns 47.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2023: grossProfit / revenue = 22.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2024: grossProfit / revenue = 22.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2025: grossProfit / revenue = 21.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); 10-year return on capital observations [[2016,0.07983042747513486],[2017,0.05267215681950938],[2018,0.4770754405393328],[2019,0.4764364215434819],[2020,1.152064604477753],[2021,1.2501827116313797],[2022,1.6951608478009745],[2023,5.685921715188073],[2024,0.15052612843899713],[2025,0.12625090712215115]]; median 0.47675593104140734. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 22% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/259400O79EWIK4XZPL40/2022-12-31/ESEF/PL/0/GrupaACP-2022-12-31-pl/reports/GrupaACP-2022-12-31-pl.xhtml (filed 2023-05-10); Gross margin observations: [[2021,0.22376725226064104],[2022,0.21785136527711413],[2023,0.22050128724883852]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2016: growth capex 0; upkeep 210700000; owner earnings 390700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2017: growth capex 0; upkeep 224500000; owner earnings 767100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2018: growth capex 0; upkeep 240300000; owner earnings 810900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2019: growth capex 0; upkeep 319700000; owner earnings 876600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2020: growth capex 0; upkeep 314000000; owner earnings 649380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2021: growth capex 0; upkeep 123700000; owner earnings 964980000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/259400O79EWIK4XZPL40/2022-12-31/ESEF/PL/0/GrupaACP-2022-12-31-pl/reports/GrupaACP-2022-12-31-pl.xhtml (filed 2023-05-10); FY2022: growth capex 0; upkeep 422900000; owner earnings 616904401.265916. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2023: growth capex 0; upkeep 207300000; owner earnings 688319498.5567011. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2024: growth capex 0; upkeep 358900000; owner earnings 628944593.4807044. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); FY2025: growth capex 0; upkeep 291300000; owner earnings 1418900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); Dividend observations: [[2016,249800000],[2017,249800000],[2018,249800000],[2019,254800000],[2020,249800000],[2021,258100000],[2022,278900000],[2023,290500000],[2024,249600000],[2025,268700000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 34.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACP.WAR SharesStats.PercentInsiders = 34.23 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8% yearly over ten years; actual growth was 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-05-10); Ten-year compound average after fade. Initial solved rate 0.10160059407345268. Price 224.5; FX 1; discount 0.10372; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.25660750623793 → FY2025 20.807609170657884. Closing-price date 2026-10-15.

## Monthly share-price history (PLN per share)

- 2016-10: PLN 52.35 per share

- 2016-11: PLN 52.59 per share

- 2016-12: PLN 53.96 per share

- 2017-01: PLN 57.50 per share

- 2017-02: PLN 56.00 per share

- 2017-03: PLN 54.30 per share

- 2017-04: PLN 54.60 per share

- 2017-05: PLN 48.40 per share

- 2017-06: PLN 48.77 per share

- 2017-07: PLN 45.22 per share

- 2017-08: PLN 45.30 per share

- 2017-09: PLN 46.29 per share

- 2017-10: PLN 47.70 per share

- 2017-11: PLN 44.47 per share

- 2017-12: PLN 43.98 per share

- 2018-01: PLN 46.46 per share

- 2018-02: PLN 47.26 per share

- 2018-03: PLN 45.00 per share

- 2018-04: PLN 44.00 per share

- 2018-05: PLN 45.90 per share

- 2018-06: PLN 40.04 per share

- 2018-07: PLN 46.12 per share

- 2018-08: PLN 45.90 per share

- 2018-09: PLN 47.66 per share

- 2018-10: PLN 48.30 per share

- 2018-11: PLN 48.04 per share

- 2018-12: PLN 46.12 per share

- 2019-01: PLN 48.00 per share

- 2019-02: PLN 53.10 per share

- 2019-03: PLN 51.90 per share

- 2019-04: PLN 53.00 per share

- 2019-05: PLN 51.10 per share

- 2019-06: PLN 53.30 per share

- 2019-07: PLN 54.85 per share

- 2019-08: PLN 55.95 per share

- 2019-09: PLN 51.05 per share

- 2019-10: PLN 51.30 per share

- 2019-11: PLN 56.65 per share

- 2019-12: PLN 63.65 per share

- 2020-01: PLN 64.00 per share

- 2020-02: PLN 60.70 per share

- 2020-03: PLN 58.00 per share

- 2020-04: PLN 66.90 per share

- 2020-05: PLN 73.00 per share

- 2020-06: PLN 66.00 per share

- 2020-07: PLN 64.00 per share

- 2020-08: PLN 71.00 per share

- 2020-09: PLN 69.50 per share

- 2020-10: PLN 64.10 per share

- 2020-11: PLN 66.30 per share

- 2020-12: PLN 68.10 per share

- 2021-01: PLN 68.00 per share

- 2021-02: PLN 66.60 per share

- 2021-03: PLN 67.60 per share

- 2021-04: PLN 70.45 per share

- 2021-05: PLN 73.30 per share

- 2021-06: PLN 77.15 per share

- 2021-07: PLN 80.20 per share

- 2021-08: PLN 83.90 per share

- 2021-09: PLN 87.60 per share

- 2021-10: PLN 98.25 per share

- 2021-11: PLN 87.85 per share

- 2021-12: PLN 86.45 per share

- 2022-01: PLN 82.05 per share

- 2022-02: PLN 74.00 per share

- 2022-03: PLN 80.65 per share

- 2022-04: PLN 77.95 per share

- 2022-05: PLN 77.05 per share

- 2022-06: PLN 75.50 per share

- 2022-07: PLN 72.20 per share

- 2022-08: PLN 71.70 per share

- 2022-09: PLN 69.15 per share

- 2022-10: PLN 68.75 per share

- 2022-11: PLN 73.10 per share

- 2022-12: PLN 72.60 per share

- 2023-01: PLN 76.15 per share

- 2023-02: PLN 79.85 per share

- 2023-03: PLN 76.10 per share

- 2023-04: PLN 84.40 per share

- 2023-05: PLN 82.35 per share

- 2023-06: PLN 80.25 per share

- 2023-07: PLN 79.85 per share

- 2023-08: PLN 73.30 per share

- 2023-09: PLN 71.70 per share

- 2023-10: PLN 77.05 per share

- 2023-11: PLN 76.40 per share

- 2023-12: PLN 73.10 per share

- 2024-01: PLN 73.15 per share

- 2024-02: PLN 74.95 per share

- 2024-03: PLN 77.50 per share

- 2024-04: PLN 80.00 per share

- 2024-05: PLN 82.65 per share

- 2024-06: PLN 80.05 per share

- 2024-07: PLN 84.00 per share

- 2024-08: PLN 90.30 per share

- 2024-09: PLN 86.90 per share

- 2024-10: PLN 90.10 per share

- 2024-11: PLN 90.75 per share

- 2024-12: PLN 96.20 per share

- 2025-01: PLN 118.30 per share

- 2025-02: PLN 138.80 per share

- 2025-03: PLN 158.00 per share

- 2025-04: PLN 155.60 per share

- 2025-05: PLN 183.60 per share

- 2025-06: PLN 202.20 per share

- 2025-07: PLN 202.80 per share

- 2025-08: PLN 188.90 per share

- 2025-09: PLN 200.40 per share

- 2025-10: PLN 214.80 per share

- 2025-11: PLN 194.60 per share

- 2025-12: PLN 228.40 per share

- 2026-01: PLN 216.60 per share

- 2026-02: PLN 176.30 per share

- 2026-03: PLN 169.40 per share

- 2026-04: PLN 182.05 per share

- 2026-05: PLN 196.75 per share

- 2026-06: PLN 167.15 per share

- 2026-07: PLN 199.75 per share

- 2026-08: PLN 239.60 per share

- 2026-09: PLN 219.00 per share

- 2026-10: PLN 226.50 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 94.57 per share, central PLN 115.65 per share, high PLN 131.11 per share

- FY2017: low PLN 91.26 per share, central PLN 109.97 per share, high PLN 124.59 per share

- FY2018: low PLN 105.61 per share, central PLN 123.04 per share, high PLN 138.95 per share

- FY2019: low PLN 151.92 per share, central PLN 190.29 per share, high PLN 216.70 per share

- FY2020: low PLN 172.68 per share, central PLN 207.27 per share, high PLN 234.63 per share

- FY2021: low PLN 206.75 per share, central PLN 258.47 per share, high PLN 294.24 per share

- FY2022: low PLN 180.32 per share, central PLN 228.15 per share, high PLN 262.15 per share

- FY2023: low PLN 155.61 per share, central PLN 173.70 per share, high PLN 197.43 per share

- FY2024: low PLN 125.30 per share, central PLN 139.30 per share, high PLN 157.67 per share

- FY2025: low PLN 163.80 per share, central PLN 177.51 per share, high PLN 195.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/259400O79EWIK4XZPL40/2022-12-31/ESEF/PL/0/GrupaACP-2022-12-31-pl/reports/GrupaACP-2022-12-31-pl.xhtml); period 2022-12-31, filed 2023-05-10.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.