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IT services and banking-software provider (part of Asseco Group) serving banks, payments and public sector clients in Southeastern Europe.
IT services and banking-software provider (part of Asseco Group) serving banks, payments and public sector clients in Southeastern Europe.
Earns from licences, upkeep and customisation of banking and payments software that banks run their daily operations on, plus project work for public bodies. Maintenance and support fees recur because replacing a core banking system is slow and risky for a bank. It is a subsidiary of Poland's Asseco group, working across Southeastern Europe.
In one line: A Southeast European IT services and banking software provider (Asseco Group).
Moat: narrow (process know-how, customer qualification). Long-term embedded core banking/payments software with high switching costs.
Headquarters: Belgrade, Serbia · Founded: 2008 · Employees: 3,986
Size Asseco South Eastern Europe (ASE.WA) is a Poland Information Technology company (Information Technology Services) with a market value of $940M, the 41st largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 71.00 on 6 Nov 2026.
Performance Over six months the shares gained 19.9%, against -13.2% for the median peer and +14.3% for the Poland market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 6.7% over the last twelve months (peer median +5.4%); the operating margin is 16.4% (peer median 0.8%).
Valuation It trades at 16.0× forward earnings against a peer median of 18.0× (6th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.0 points above its cost of capital (9.4% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 1.88B | PLN 1.80B | PLN 1.71B | PLN 1.64B | PLN 1.57B |
| Revenue growth | — | +5% | +4% | +5% | — |
| Gross profit | PLN 567M | PLN 524M | PLN 471M | PLN 430M | PLN 395M |
| EBITDA | PLN 419M | PLN 358M | PLN 324M | PLN 313M | PLN 308M |
| Net income | PLN 221M | PLN 198M | PLN 199M | PLN 200M | PLN 188M |
| Free cash flow | PLN 348M | PLN 236M | PLN 101M | PLN 243M | PLN 178M |
| Capital expenditure | PLN 63.8M | PLN 80.0M | PLN 93.2M | PLN 61.8M | PLN 59.2M |
| Total debt | PLN 198M | PLN 221M | PLN 228M | PLN 153M | PLN 160M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Asseco South Eastern Europe ASE.WA | $940M | +20% | +7% | 16% | 16.0× | -0.9% |
| Asseco Poland ACP.WA | $4.85B | +31% | +2% | 11% | 23.5× | 4.0% |
| Diebold Nixdorf DBD | $1.96B | -25% | +6% | 9% | 10.5× | -2.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ASE.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.3% | -1.4% | 10th lowest of 21 |
| 6-month return | +19.9% | -13.2% | 7th highest of 21 |
| Distance from 52-week high | -13.5% | -42.1% | 5th highest of 21 |
| Revenue growth (TTM) | +6.7% | +5.4% | 7th highest of 21 |
| Operating margin | 16.4% | 0.8% | 3rd highest of 21 |
| Forward P/E | 16.0× | 18.0× | 6th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -0.9% | 14.9% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +11.9% | +11.4% | 7th highest of 13 |
| Hurdle (Req g minus delivered) | -12.8 pp | +1.9 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | +11.0 pp | -4.6 pp | 4th highest of 20 |
| EV / EBITDA | 8.6× | 10.1× | 2nd cheapest of 8 |
| Net debt / EBITDA | -0.3× | -0.6× | 4th most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Asseco South Eastern Europe ASE.WA | Poland | $940M | +20% | +7% | 16% | 16.0× | -0.9% | +11.9% |
| Insigma Technology 600797.SS | China | $943M | -28% | -13% | 0% | n/a | 20.0% | -2.9% |
| 4DMedical 4DX.AX | Australia | $952M | -33% | +21% | -814% | n/a | n/a | n/a |
| Nanjing Sciyon Wisdom Technology 002380.SZ | China | $957M | -22% | +7% | 12% | 16.2× | 11.3% | +17.4% |
| Strait Innovation Internet 300300.SZ | China | $964M | -23% | -8% | -66% | n/a | n/a | n/a |
| Tanla Platforms TANLA.NS | India | $915M | +14% | +18% | 14% | 14.6× | 15.0% | +13.5% |
| ArcherMind Technology 300598.SZ | China | $906M | -24% | +7% | -5% | n/a | n/a | n/a |
| Shanghai Ganglian E-Commerce 300226.SZ | China | $979M | -21% | +1% | 0% | 19.9× | 6.1% | +3.9% |
| Rapid7 RPD | United States | $989M | +113% | 0% | 2% | 7.7× | 21.4% | +15.9% |
| Shenzhen Das Intellitech 002421.SZ | China | $996M | +5% | -17% | -17% | n/a | 14.8% | -8.8% |
| Chutian Dragon 003040.SZ | China | $869M | -15% | -23% | -7% | 40.5× | n/a | n/a |
| Systena 2317.T | Japan | $1.02B | +4% | +6% | 16% | 14.5× | -10.9% | +9.2% |
| Addnode ANOD-B.ST | Sweden | $859M | +35% | +5% | 10% | 16.0× | 4.5% | +8.8% |
| China Reform Health Management & Services 000503.SZ | China | $1.03B | -11% | +6% | -45% | n/a | n/a | n/a |
| MediaAlpha MAX | United States | $841M | +56% | +15% | 7% | 12.1× | -0.7% | +13.7% |
| Grid Dynamics GDYN | United States | $1.05B | +88% | +7% | 4% | 21.8× | 27.8% | +29.9% |
| Wonders Information 300168.SZ | China | $1.05B | -16% | +3% | -17% | 487.0× | 51.6% | -7.6% |
| Beijing Watertek Information Technology 300324.SZ | China | $834M | -35% | -44% | -32% | n/a | n/a | n/a |
| E2E Networks E2E.NS | India | $1.06B | +49% | +252% | 28% | 60.1× | n/a | n/a |
| Global Security Experts 4417.T | Japan | $822M | +239% | +25% | 21% | 50.8× | 34.4% | +30.2% |
| Qiming Information Technology 002232.SZ | China | $822M | -24% | -4% | 1% | n/a | n/a | n/a |