olivLaw · European equity research
Asbisc Enterprises Plc ASB.WA
Poland · GPW Warszawa · Vertical: Listed companies from Poland
Asbisc Enterprises Plc, a company incorporated in Cyprus and listed on the Warsaw Stock Exchange, trades and distributes computer hardware and software across several geographic regions. For fiscal 2022, the annual report shows parent-company revenue falling from the prior year while inventories grew sharply, leaving operating cash flow negative.
At the close of 05 Nov 2026, Asbisc Enterprises Plc (ASB.WA) stock was 141.60 PLN (−9.81% on the day), with beta 0.84, 52-week range 27.26–193.00 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.7
- weak (30–45)
- Bollinger (20, 2)
- 138.02 – 193.22
- in the lower half of the band · %B 0.06 · band width 33.3%
- SMA 50 / 200
- 161.40 / 95.65
- mixed trend
- MACD (12, 26, 9)
- -3.73 / -1.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −24.0% | −0.6% | −23.4 pp | — |
| 3 months | +25.2% | −4.2% | +29.4 pp | — |
| 6 months | +108.2% | +4.3% | +103.9 pp | — |
| Year to date | +330.7% | +7.5% | +323.1 pp | — |
| 1 year | +378.1% | +9.9% | +368.1 pp | +7.1% |
| 3 years | +373.6% | +49.8% | +323.7 pp | +3.3% |
| 5 years | +453.1% | +42.8% | +410.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 2.4 bn | 3.1 bn | 2.7 bn |
| Revenue YoY | unavailable | +30.1% | −12.6% |
| Net income | 36.5 m | 77.0 m | 75.9 m |
| Net income YoY | unavailable | +110.9% | −1.5% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 1.5% | 2.5% | 2.8% |
| Free cash flow | 38.6 m | 28.1 m | -67.2 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 134.6 m USD
- Financial debt
- 214.5 m USD
- Net debt
- 79.9 m USD
- Equity
- 244.2 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- 0.88x
- Current ratio
- 1.24x
- ROE
- 35.0%
- ROA
- 7.6%
- FCF margin
- -2.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.4 bn | 3.1 bn | 2.7 bn | esef· 04 May 2023verified |
| Cost of revenue | 2.2 bn | 2.9 bn | 2.5 bn | esef· 04 May 2023verified |
| Gross profit | 138.3 m | 218.5 m | 227.8 m | esef· 04 May 2023verified |
| Operating income | 56.7 m | 113.7 m | 111.0 m | esef· 04 May 2023verified |
| Interest expense | 16.7 m | 24.3 m | 25.7 m | esef· 04 May 2023verified |
| Pre-tax income | 44.7 m | 94.2 m | 91.0 m | esef· 04 May 2023verified |
| Income tax | 8.2 m | 17.2 m | 15.2 m | esef· 04 May 2023verified |
| Net income | 36.5 m | 77.0 m | 75.9 m | esef· 04 May 2023verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 158.9 m | 184.6 m | 134.6 m | esef· 04 May 2023verified |
| Inventories | 277.6 m | 324.6 m | 514.8 m | esef· 04 May 2023verified |
| Current assets | 751.8 m | 874.8 m | 1.0 bn | esef· 04 May 2023verified |
| Property, plant & equipment, net | 32.7 m | 43.7 m | 50.3 m | esef· 04 May 2023verified |
| Goodwill | 629.0 k | 595.0 k | 372.0 k | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 2.4 m | 1.9 m | 1.1 m | esef· 04 May 2023verified |
| Total assets | 788.9 m | 923.2 m | 1.1 bn | esef· 04 May 2023verified |
| Short-term debt | 161.0 m | 178.7 m | 205.3 m | esef· 04 May 2023verified |
| Long-term debt | 5.7 m | 5.1 m | 9.2 m | esef· 04 May 2023verified |
| Current liabilities | 646.5 m | 727.5 m | 809.2 m | esef· 04 May 2023verified |
| Total liabilities | 653.3 m | 733.7 m | 819.3 m | esef· 04 May 2023verified |
| Equity | 135.6 m | 189.5 m | 244.2 m | esef· 04 May 2023verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 42.2 m | 41.4 m | -56.0 m | esef· 04 May 2023verified |
| Capex | 3.6 m | 13.3 m | 11.1 m | esef· 04 May 2023verified |
| Free cash flow | 38.6 m ≈ | 28.1 m ≈ | -67.2 m ≈ | esef· 04 May 2023derived |
| Investing cash flow | -4.8 m | -15.0 m | -11.1 m | esef· 04 May 2023verified |
| Financing cash flow | -2.0 m | 10.9 m | 8.6 m | esef· 04 May 2023verified |
| Dividends paid | 9.7 m | 22.2 m | 16.6 m | esef· 04 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 36.1% | 93 (vs peers) | 31% |
| Net margin · Quality | 2.8% | 49 (vs peers) | 19% |
| FCF conversion · Quality | -88.5% | 0 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.3x | 43 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.2x | 37 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet41/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ASBISC ENTERPRISES PLC (ASB.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 2.7 bn USD in 2022; YoY growth -12.6%; net margin 2.8%; ROE 35.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 36.1%
What contradicts it
- FCF conversion: -88.5%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for ASB.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Asbisc Enterprises Plc, a company incorporated in Cyprus and listed on the Warsaw Stock Exchange, trades and distributes computer hardware and software across several geographic regions. For fiscal 2022, the annual report shows parent-company revenue falling from the prior year while inventories grew sharply, leaving operating cash flow negative.
SWOT
Strengths
- Multi-regional distribution model described as the group's core activity.
- Financial statements prepared under IFRS as adopted by the EU, which eases comparison.
- Listing on a European exchange since 2007 and a clearly identified main shareholder.
Weaknesses
- Very thin gross margins leave little room to absorb cost shocks.
- Negative operating cash flow in the year reviewed, linked to inventory growth.
- Reliance on working capital and factoring facilities for operations.
Opportunities
- If inventory turnover improves, released cash could support current liabilities.
- Expansion into regions with growing demand could offset weakness in current markets.
- Cost control in selling and administrative expenses could improve profitability.
Threats
- Price pressure and weaker demand could further reduce revenue.
- Inventory write-down risk could affect results if demand falls.
- Changes in Cypriot tax rules could alter the tax burden on shareholders.
Risks
- Inventory riskhigh
Large inventories could lead to value losses if sales do not keep pace with supply.
- Liquidity riskhigh
Negative operating cash flows could strain liquidity if not quickly offset.
- Margin riskmedium
Thin gross margins make profitability sensitive to any rise in purchase costs.
- Factoring financing riskmedium
Dependence on factoring facilities could become a problem if financing terms worsen.
- Currency and consolidation risklow
Operating in several currencies and regions could create exchange differences affecting consolidated results.
Investment thesis
What would need to be true (bull case)
- If inventory turns faster and revenue stabilises, the company could recover operating cash flow.
- A multi-regional distribution footprint could offer growth in expanding markets.
- Control of selling and administrative costs could support profitability despite thin margins.
What would break the thesis
- If demand stays weak, large inventories could generate losses and cash pressure.
- Very thin margins leave little room for errors or cost increases.
- Reliance on factoring and working capital could expose the company to harsher financing conditions.
What to watch
- Inventory levels and turnovernext 10-K
- Cash flow from operating activities2027
- Parent-company revenue and gross margin2027
- Use of factoring facilities and short-term borrowingsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Group's principal activity is the trading and distribution of computer hardware and software, according to note 1 of the financial statements. The company was incorporated in Cyprus in 1995 and has been listed on the Warsaw Stock Exchange since 2007. The main shareholder is K.S. Holdings Limited, also a Cyprus company.
The statements are prepared in US dollars under IFRS as adopted by the European Union, which allows comparison with other distributors. The annual report for 31 December 2022 includes both consolidated and parent-company statements.
The structure, including subsidiaries and equity-accounted associates, points to a distribution model spread across several regions, with details set out in note 26 of the report.
Segments
Hardware and software distribution
The reported core activity is trading and distribution of computer equipment and software. The segment's revenue is reflected in parent-company revenue, which was 1787,965 thousand USD in 2022.
Investments in associates and subsidiaries
The company holds stakes in subsidiaries and associates accounted for under the equity method. These holdings produced a small loss in 2022, compared with a small profit in 2021.
Market context
The hardware and software distribution market runs on thin margins, visible in parent-company gross profit of 70,956 thousand USD in 2022 against 84,842 thousand USD in 2021. Small margins make volume and inventory management decisive for results.
Inventories rising to 221,481 thousand USD at end-2022 point to demand or purchasing plans that could affect future results if sales do not keep pace with supply.
Trends
- Falling revenueheadwind
Parent-company revenue declined in 2022 compared with 2021, signalling weaker demand or price pressure in the distribution market.
- Inventory build-upheadwind
Inventories grew substantially in 2022, which could absorb cash and lead to write-downs if sales do not follow supply.
- Operating cash flowmixed
Cash flow from operating activities was negative in 2022 after a positive result in 2021, showing sensitivity to working capital.
- Lower net profitheadwind
Parent-company net profit fell in 2022 from 2021, mainly due to margin pressure and smaller other gains.
Competitive position
The supplied sources do not identify the company's direct competitors. Competition in computer equipment distribution is generally made up of regional distributors and large international distributors, but these names do not appear in the report reviewed.
Without market-share data in the sources, the company's relative position cannot be stated. Comparisons with other players would require additional reports.
- Competitors not named in source
The annual report does not name competitors, so no ticker can be assigned.
- Regional IT distributors
General category of local competitors, not identified in the source reviewed.
- International IT distributors
General category of global competitors, not identified in the source reviewed.
- Other distributors on the Warsaw Stock Exchange
Companies listed on the same exchange, not identified in the source reviewed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202204 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Asbisc Enterprises Plc · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.