olivLaw · European equity research
AUSTRIACARD HOLDINGS AG ACAG.VI
Austria · Wiener Börse · ISIN AT0000A325L0 · Vertical: Listed companies from Austria
AUSTRIACARD HOLDINGS AG makes payment and identity cards, document lifecycle management and digital services for clients in Europe, Türkiye, the Middle East, Africa and the US. Revenue in fiscal 2025 fell to 360.2 million EUR, mainly because the Turkish card market normalised and European fintech metal card sales declined, so investors will watch whether growth returns in 2026.
At the close of 05 Nov 2026, AUSTRIACARD HOLDINGS AG (ACAG.VI) stock was 9.73 EUR (−0.31% on the day), with market capitalisation 347.8 m EUR, P/E 25.6 on diluted EPS of 0.38 EUR over the last 12 months, beta 0.35, 52-week range 4.73–10.20 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 9.51 – 10.33
- in the lower half of the band · %B 0.27 · band width 8.3%
- SMA 50 / 200
- 9.85 / 7.90
- mixed trend
- MACD (12, 26, 9)
- -0.02 / 0.02
- 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 | −0.7% | +0.4% | −1.1 pp | — |
| 3 months | +1.4% | −3.3% | +4.6 pp | — |
| 6 months | +19.4% | +4.0% | +15.4 pp | — |
| Year to date | +68.9% | +8.1% | +60.8 pp | — |
| 1 year | +105.9% | +10.7% | +95.2 pp | +5.3% |
| 3 years | +60.8% | +50.1% | +10.7 pp | +3.6% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 2-quarter history (min 11.9, median 13.5, max 15.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 392.3 m | 360.2 m |
| Revenue YoY | unavailable | −8.2% |
| Net income | 19.0 m | 14.7 m |
| Net income YoY | unavailable | −22.7% |
| Diluted EPS | 0.49 | 0.38 |
| Diluted EPS YoY | unavailable | −22.4% |
| net % | 4.8% | 4.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 25.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 135.9 m EUR
- Total assets
- 327.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.98x
- ROE
- 11.2%
- ROA
- 4.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 392.3 m | 360.2 m | esef· 24 Mar 2026verified |
| Cost of revenue | 297.7 m | 273.4 m | esef· 24 Mar 2026verified |
| Gross profit | 94.6 m | 86.8 m | esef· 24 Mar 2026verified |
| Research & development | 8.5 m | 9.9 m | esef· 24 Mar 2026verified |
| Operating income | 34.1 m | 29.7 m | esef· 24 Mar 2026verified |
| Interest expense | 9.4 m | 9.6 m | esef· 24 Mar 2026verified |
| Pre-tax income | 25.9 m | 21.6 m | esef· 24 Mar 2026verified |
| Income tax | 6.6 m | 5.4 m | esef· 24 Mar 2026verified |
| Net income | 19.0 m | 14.7 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.49 | 0.38 | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 21.7 m | 25.1 m | esef· 24 Mar 2026verified |
| Inventories | 72.8 m | 67.1 m | esef· 24 Mar 2026verified |
| Current assets | 166.4 m | 168.7 m | esef· 24 Mar 2026verified |
| Total assets | 331.6 m | 327.8 m | esef· 24 Mar 2026verified |
| Current liabilities | 89.5 m | 85.0 m | esef· 24 Mar 2026verified |
| Total liabilities | 206.8 m | 191.8 m | esef· 24 Mar 2026verified |
| Equity | 124.8 m | 135.9 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 36.5 m | 35.7 m | esef· 24 Mar 2026derived |
Cash flow · EUR
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%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 347.8 m EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.35 – 7.63 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E4.35 – 7.63 (Mid 6.36)24 companies used · median multiple 16.7x · quartiles 11.4x – 20.1x1AST.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.1% | 54 (vs peers) | 19% |
| 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 | 3.1x | 25 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.0x | 99 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 25.6x | 19 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 2 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet54/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial54/100 · 1/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation· partial19/100 · 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
AUSTRIACARD HOLDINGS AG (ACAG.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 360.2 m EUR in 2025; YoY growth -8.2%; net margin 4.1%; ROE 11.4%.
The estimated value range is 4.35–7.63 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.36 EUR, the price of 9.73 EUR leaves a potential of -34.6% (value / price − 1) and a margin of safety of -53.0% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- Interest coverage: 3.1x
- P/E (TTM): 25.6x
- Shareholder yield (distributions): 0.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · 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 | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for ACAG.VI 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 (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.61 Total return -42% · Per year -42% | 9.97 Total return 3% · Per year 3% | 15.09 Total return 55% · Per year 55% |
| 3 years | 4.46 Total return -54% · Per year -23% | 9.00 Total return -7% · Per year -3% | 15.09 Total return 55% · Per year 16% |
| 5 years | 3.54 Total return -64% · Per year -18% | 8.12 Total return -17% · Per year -4% | 15.09 Total return 55% · Per year 9% |
- Exit P/E± 2.25
- Net margin± 1.58
- Annual revenue growth± 1.42
- Annual dilution± 0.13
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
AUSTRIACARD HOLDINGS AG makes payment and identity cards, document lifecycle management and digital services for clients in Europe, Türkiye, the Middle East, Africa and the US. Revenue in fiscal 2025 fell to 360.2 million EUR 1, mainly because the Turkish card market normalised and European fintech metal card sales declined, so investors will watch whether growth returns in 2026.
SWOT
Strengths
- A diversified portfolio across three solution categories and several regions, which reduces reliance on one industry or market 1.
- Controlled leverage and rising operating cash generation in the second half of 2025 1.
- Certifications for payment industry standards and for global card brands, supporting client trust 1.
Weaknesses
Opportunities
Risks
- Client concentrationhigh
A small number of major clients significantly influences revenue stability, and losing one could have a material effect 1.
- Data securityhigh
The group handles sensitive client data, and a security breach could affect operations and reputation 1.
- Supplier dependencemedium
Some components come from limited suppliers, and delays could affect deliveries to clients 1.
- Technological changemedium
The payments market changes quickly, and failing to adapt to digital wallets could reduce competitiveness 1.
- Macroeconomic contextmedium
Inflation, geopolitical tensions and instability in Türkiye could affect demand and costs 1.
Investment thesis
What would need to be true (bull case)
- Management expects a return to growth in 2026, targeting high-single-digit revenue growth supported by Greek projects and expansion in the US 1.
- Operating cash flow improved and renegotiated supplier contracts could support cash generation in 2026 1.
- The GaiaB™ platform and the Dell partnership could open a new revenue source from AI solutions for public and private clients 1.
What would break the thesis
- Revenue fell in 2025, and the recovery expected for 2026 depends on a project pipeline that could be delayed 1.
- The MEA segment and the Turkish market remain volatile, and normalisation could continue if economic instability persists 1.
- Competition from large and non-traditional players could limit pricing and margin expansion 1.
What to watch
- Whether revenue growth reaches the high-single-digit target versus 20252026
- Development of adjusted EBITDA margin versus 14.4% in 20252026
- Card volumes in Türkiye and the MEA segment performanceQ1 2026
- Timing of metal card campaigns from European fintech clients2026
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 organises its activities into three solution categories: Identity & Payment Solutions, Document Lifecycle Management and Digital Technologies 1. Its clients are mainly banks, fintechs and neobanks, and public authorities, for which it produces cards, secure documents and digitisation projects. In 2025 it launched its proprietary GaiaB™ AI-driven platform and announced a collaboration with Dell Technologies to market it 1.
The business model combines physical card and document production with personalisation, distribution and software solutions. The group is gradually shifting its revenue mix towards higher-margin services and solutions, which lifted gross profit I margin to 49.5% 1. It relies on a limited number of component suppliers, such as chip suppliers, whose contracts were renegotiated in 2025 1.
The organisational structure was adjusted in 2025 with new functional leadership hires, aiming at a more agile organisation and an optimised regional footprint 1. On the financial side the group reduced debt and kept leverage at a level it describes as healthy, with net debt to adjusted EBITDA of 1.6x 1.
Segments
Central Eastern Europe & DACH (CEE)
The largest segment by revenue, at 203.0 million EUR in 2025, down 9.7% from 2024 1. Public sector digitisation in Greece partly offset lower card volumes shipped to the MEA segment.
Market context
Payment cards remain the largest underlying payment method, although digital wallets and real-time payments are growing. Industry reports expect high-single-digit growth to 2030 in premium card formats, including metal cards, estimated at 12% CAGR through 2032 1. Card-as-a-Service demand is growing quickly, with North America holding 40% of the market 1.
The digital transformation market is estimated to grow around 29% CAGR until 2030, supported by cloud migration, AI and compliance demand 1. For AUSTRIACARD these trends could open opportunities in digital and identity solutions if public and banking projects continue.
Trends
- Metal cards and fintech clientsmixed
Metal cards remain a premium product with estimated growth, but the timing of fintech client campaigns can create quarterly volatility, as seen in 2025 1.
- Public sector digitisationtailwind
Digitisation projects in Greece and digital identity programmes in the EU and the Gulf support growth in the Digital Technologies category 1.
- Inflation and geopolitical uncertaintyheadwind
Inflation, new US tariffs and geopolitical tensions could raise costs and slow client demand, according to the annual report 1.
Competitive position
Competition comes from larger card and document manufacturers with more resources, and from smaller firms with strong regional bases. The group also names non-traditional competitors such as Apple, PayPal and Google, which offer payment methods that bypass traditional card networks 1.
Challenger banks and traditional banks issue cards as a marketing tool, which can create price pressure, particularly in certain countries and regions 1.
- AppleAAPL
Non-traditional player offering digital wallet payments, named by the group as a competitor 1.
- PayPalPYPL
Digital payment platform mentioned as an alternative to card-based payments 1.
- GoogleGOOGL
Digital wallet and mobile payments provider named as a non-traditional competitor 1.
- Large card and secure document manufacturers
Larger competitors with more resources and name recognition, referred to in the report without being named 1.
News & filings
In the press
- Veniturile AUSTRIACARD HOLDINGS AG au fost de 186,6 milioane euro, în semestrul I, în creștere cu 14% față de primul semestru 2025Financial Intelligence (RO) · 27 Aug 2026 · RO
Annual reports (ESEF)
- Annual report 202524 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / AUSTRIACARD HOLDINGS AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.