olivLaw · European equity research
Asseco South Eastern Europe Spółka Akcyjna ASE.WA
Poland · GPW Warszawa · ISIN PLASSEE00014 · Vertical: Listed companies from Poland
Asseco South Eastern Europe is a Polish IT group that develops and supplies software solutions for banks and payment operators in Central and South-Eastern Europe. The 2022 annual report shows a group with operating revenue of about 1.15 billion PLN in 2021 and significant exposure to Turkey, treated as a hyperinflationary economy.
At the close of 04 Nov 2026, Asseco South Eastern Europe Spółka Akcyjna (ASE.WA) stock was 73.30 PLN (−4.81% on the day), with market capitalisation 3.8 bn PLN, P/E 20.2 on diluted EPS of 3.63 PLN over the last 12 months, dividend yield 1.75%, beta 0.44, 52-week range 59.00–81.00 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)
- 44.9
- weak (30–45)
- Bollinger (20, 2)
- 70.78 – 80.03
- in the lower half of the band · %B 0.27 · band width 12.3%
- SMA 50 / 200
- 76.29 / 68.04
- mixed trend
- MACD (12, 26, 9)
- -0.01 / 0.20
- 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 | −1.2% | −1.5% | +0.3 pp | — |
| 3 months | −2.0% | −5.3% | +3.3 pp | — |
| 6 months | +21.0% | +4.7% | +16.3 pp | — |
| Year to date | +16.3% | +6.0% | +10.3 pp | — |
| 1 year | +11.1% | +8.2% | +2.9 pp | +6.3% |
| 3 years | +57.6% | +47.2% | +10.4 pp | +3.0% |
| 5 years | +53.3% | +41.8% | +11.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 12.0, median 17.9, max 19.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 1.0 bn | 1.1 bn | 1.6 bn |
| Revenue YoY | unavailable | +11.7% | +36.5% |
| Net income | 116.0 m | 149.2 m | 188.3 m |
| Net income YoY | unavailable | +28.7% | +26.1% |
| Diluted EPS | 2.24 | 2.88 | 3.63 |
| Diluted EPS YoY | unavailable | +28.6% | +26.0% |
| net % | 11.3% | 13.0% | 12.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 298.0 m PLN
- Financial debt
- 48.6 m PLN
- Net debt
- -249.4 m PLN
- Equity
- 1.1 bn PLN
- Total assets
- 1.9 bn PLN
- Debt / equity
- 0.04x
- Current ratio
- 1.44x
- ROE
- 18.0%
- ROA
- 11.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.0 bn | 1.1 bn | 1.6 bn | esef· 02 May 2023verified |
| Cost of revenue | 764.8 m | 829.5 m | 1.2 bn | esef· 02 May 2023verified |
| Gross profit | 261.8 m | 315.2 m | 393.2 m | esef· 02 May 2023verified |
| Operating income | 144.9 m | 180.0 m | 215.9 m | esef· 02 May 2023verified |
| Interest expense | 12.6 m | 12.0 m | 21.9 m | esef· 02 May 2023verified |
| Pre-tax income | 140.9 m | 192.3 m | 238.2 m | esef· 02 May 2023verified |
| Income tax | 23.4 m | 38.2 m | 42.2 m | esef· 02 May 2023verified |
| Net income | 116.0 m | 149.2 m | 188.3 m | esef· 02 May 2023verified |
| Diluted EPS | 2.24 | 2.88 | 3.63 | esef· 02 May 2023verified |
| Dividend per share | — | 1.00 | 1.28 | esef· 02 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 249.0 m | 229.8 m | 298.0 m | esef· 02 May 2023verified |
| Inventories | 27.9 m | 36.6 m | 57.0 m | esef· 02 May 2023verified |
| Current assets | 560.0 m | 577.6 m | 812.5 m | esef· 02 May 2023verified |
| Property, plant & equipment, net | 143.2 m | 129.3 m | 136.0 m | esef· 02 May 2023verified |
| Goodwill | 569.8 m | 680.8 m | 801.6 m | esef· 02 May 2023verified |
| Intangibles (excl. goodwill) | 30.1 m | 68.3 m | 51.8 m | esef· 02 May 2023verified |
| Total assets | 1.4 bn | 1.5 bn | 1.9 bn | esef· 02 May 2023verified |
| Long-term debt | 29.1 m | 39.6 m | 48.6 m | esef· 02 May 2023verified |
| Current liabilities | 354.7 m | 405.4 m | 565.0 m | esef· 02 May 2023verified |
| Total liabilities | 469.3 m | 552.1 m | 749.8 m | esef· 02 May 2023verified |
| Equity | 913.2 m | 970.5 m | 1.1 bn | esef· 02 May 2023verified |
| Shares outstanding at year end | 51.8 m | 51.8 m | 51.9 m | esef· 02 May 2023derived |
Cash flow · PLN
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: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.8 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 21.5% | 79 (vs peers) | 28% |
| Net margin · Quality | 12.0% | 77 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.9x | 100 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.4x | 53 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 20.2x | 32 (vs peers) | 28% |
| 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 sheet81/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial32/100 · 1/3 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
Asseco South Eastern Europe Spółka Akcyjna (ASE.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 1.6 bn PLN in 2022; YoY growth 36.5%; net margin 12.0%; ROE 18.1%.
The estimated value range is 17.84–40.06 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 27.13 PLN, the price of 73.30 PLN leaves a potential of -63.0% (value / price − 1) and a margin of safety of -170.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 21.5%
- Net margin: 12.0%
- Interest coverage: 9.9x
What contradicts it
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.7 bn | 39.2 | 7.8% | 2.9% | +19.8% | +22% / +211% |
| BDX.WABudimex Spółka Akcyjna | 19.2 bn | 36.0 | 41.5% | 6.2% | +8.9% | +20% / +36% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.9 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 15.5 bn | 22.1 | 17.0% | 3.9% | +18.0% | +94% / +87% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.8 bn | 20.2 | 18.1% | 12.0% | +36.5% | +9% / +55% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −16% / −27% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 11.9 | 15.9% | 22.1% | −21.6% | +11% / +85% |
| ACT.WAAction S.A. | 1.1 bn | 28.7 | 8.3% | 1.5% | +6.1% | +80% / +186% |
| BRS.WABoryszew Spółka Akcyjna | 887.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −27% |
| AGO.WAAgora Spółka Akcyjna | 585.6 m | — | -14.2% | -9.2% | +15.2% | +36% / +17% |
| AMB.WAAmbra S.A. | 463.4 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 386.3 m | 1.6 | 16.3% | 7.0% | −27.5% | −33% / −73% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 301.0 m | 11.1 | 8.9% | 11.6% | −22.0% | −10% / +3% |
| ART.WAArtifex Mundi S.A. | 231.4 m | 17.8 | 35.7% | 33.3% | +51.9% | +49% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 196.8 m | 9.6 | 11.4% | 13.8% | +21.8% | +0% / −20% |
| BMC.WABumech Spółka Akcyjna | 159.1 m | — | -3.4% | -3.9% | −40.0% | −35% / −48% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BBT.WABoomBit Spółka Akcyjna | 72.4 m | 4.6 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 51.9 m | 1.0 | 36.0% | 208.3% | +50.2% | −4% / +5% |
| ALG.WAAll in! Games Spółka Akcyjna | 38.1 m | — | — | -156.9% | −72.2% | −30% / −58% |
| BMX.WABioMaxima Spółka Akcyjna | 37.4 m | 63.8 | 1.2% | 1.3% | −67.5% | −29% / −44% |
| 06N.WAMagna Polonia Spółka Akcyjna | 32.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −26% / −40% |
| BCM.WABETACOM Spółka Akcyjna | 26.4 m | 17.4 | 8.0% | 0.9% | +21.3% | +6% / +3% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for ASE.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 47.90 Total return -33% · Per year -33% | 84.29 Total return 17% · Per year 17% | 126.44 Total return 75% · Per year 75% |
| 3 years | 56.82 Total return -18% · Per year -6% | 111.48 Total return 59% · Per year 17% | 182.08 Total return 157% · Per year 37% |
| 5 years | 67.39 Total return 1% · Per year 0% | 147.43 Total return 115% · Per year 17% | 262.19 Total return 276% · Per year 30% |
- Exit P/E± 27.87
- Net margin± 19.51
- Annual revenue growth± 14.55
- Annual dilution± 1.64
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
Asseco South Eastern Europe is a Polish IT group that develops and supplies software solutions for banks and payment operators in Central and South-Eastern Europe. The 2022 annual report shows a group with operating revenue of about 1.15 billion PLN in 2021 and significant exposure to Turkey, treated as a hyperinflationary economy 1.
SWOT
Strengths
- Diversified portfolio across three business lines, with sales spread across banking, payments and dedicated solutions 1.
- Consolidated regional presence through subsidiaries in several Central and South-Eastern European countries 1.
- Reporting in line with IFRS as adopted by the EU, which eases international comparison.
Weaknesses
Opportunities
- Modernisation of banking systems in the region could generate new contracts for existing solutions.
- Growth in digital payments could support demand for the payment solutions line.
- Cooperation with local fintechs could extend the offer into new segments.
Threats
- Economic instability in Turkey could affect results of local subsidiaries.
- Competition from global providers can put pressure on prices and margins.
- Currency fluctuations can change the value of revenues and assets outside the zloty area.
Risks
- Turkey exposurehigh
Turkish subsidiaries are reported in a hyperinflationary economy, which complicates comparability of results 1.
- Currency riskmedium
Foreign subsidiaries have functional currencies other than PLN, and conversion differences accumulate in equity 1.
- Client concentrationmedium
If a large client reduces orders, revenue in one business line could fall quickly.
- Accounting estimateslow
The report notes that actual results may differ from management estimates, which adds uncertainty to reported figures 1.
- New accounting standardslow
Applying IFRS 17 and other amendments could change how results are presented, and the impact is still being analysed 1.
Investment thesis
What would need to be true (bull case)
- If banking modernisation in the region continues, the three-line portfolio could generate recurring revenue for the group.
- The payment line, the group's largest, could benefit from faster digitalisation of transactions 1.
- A presence in several countries could reduce dependence on a single market.
What would break the thesis
- If inflation in Turkey stays high, IAS 29 adjustments could reduce year-on-year comparability of results 1.
- Competition from global providers could limit margin growth in standardised segments.
- Dependence on large banking contracts can expose the group to sudden losses if a client cuts demand.
What to watch
- Trajectory of inflation and the exchange rate in Turkey and its effect on subsidiaries2023
- Impact of IFRS 17 adoption on the financial statements2023
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
According to the annual report for the year ended 31 December 2022, the group is organised around three business lines: banking solutions, payment solutions and dedicated solutions 1. Financial statements are prepared in PLN, and for Turkish subsidiaries IAS 29 was applied by restating data for purchasing power at the balance sheet date 1. 2021 results were adjusted after the purchase price allocation of subsidiaries, which reduced goodwill by 28 645 thousand PLN 1.
Segments
Banking solutions
External sales from this line were 255 847 thousand PLN in 2021, the smallest of the three lines 1. Gross profit for the segment was 97 399 thousand PLN in the same year 1.
Payment solutions
This is the group's largest line, with 2021 sales of 542 571 thousand PLN and gross profit of 149 174 thousand PLN after adjustments 1. It covers payment processing activity in the region.
Dedicated solutions
Sales were 388 029 thousand PLN in 2021, with gross profit of 68 602 thousand PLN after adjustments 1. The segment complements the portfolio for clients with specific needs.
Market context
The group operates in Central and South-Eastern Europe, a region where banks and payment operators are modernising IT systems. The annual report does not give a market size estimate, so conclusions about market share remain limited to accounting data 1.
Exposure to Turkey adds a macroeconomic risk component, since the country has been treated as a hyperinflationary economy from 2022 1.
Trends
- Hyperinflation in Turkeyheadwind
If inflation in Turkey stays high, the restated value of Turkish assets could affect group results 1.
- Exchange ratesmixed
Exchange differences from translating foreign subsidiaries are recorded in other comprehensive income, which makes profit sensitive to currency moves 1.
- Digitalisation of paymentstailwind
Demand for payment solutions could grow if banks in the region accelerate the shift to digital services.
- New accounting standardsmixed
IFRS 17 and other amendments will bring reporting effects, and the group is still analysing their impact 1.
Competitive position
The banking software market in Central and South-Eastern Europe includes local and international suppliers. The annual report does not name competitors, so the list below rests on general categories.
The group's position depends on keeping banking and payment clients against global providers with standardised offers.
- Global banking software vendors
Companies offering standardised banking platforms; the report does not name them, so the comparison stays general.
- Regional payment processors
Local operators competing for payment processing contracts in the region.
- Local IT integrators
Smaller firms delivering dedicated projects for banks and payment institutions.
- Fintech solution developers
Start-ups and fintech companies that may capture new payment segments.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202202 May 2023
- Annual report 202108 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Asseco South Eastern Europe Spółka Akcyjna · 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.