Are Investors Undervaluing Asseco Poland S.A. (WSE:ACP) By 30%?
Jul 04
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Polish (WIG) Market Analysis & Valuation
UpdatedJul 08, 2025
DataAggregated Company Financials
Companies651
- 7D0.6%
- 3M13.4%
- 1Y14.1%
- YTD26.7%
Over the last 7 days, the market has risen 1.5%, driven by gains of 2.5% in the Financials sector. In the last year, the market has climbed 15%. Earnings are forecast to grow by 14% annually.
Market Valuation and Performance
Has the Polish Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 08 Jul 2025 | zł1.0t | zł1.2t | zł54.0b | 12.9x | 19.4x | 0.9x |
| Thu, 05 Jun 2025 | zł1.0t | zł1.2t | zł53.9b | 13.3x | 18.7x | 0.9x |
| Sat, 03 May 2025 | zł1.0t | zł1.2t | zł46.0b | 13.1x | 22.3x | 0.9x |
| Mon, 31 Mar 2025 | zł992.2b | zł1.2t | zł51.1b | 12.8x | 19.4x | 0.8x |
| Wed, 26 Feb 2025 | zł929.7b | zł1.2t | zł43.9b | 12.5x | 21.2x | 0.8x |
| Fri, 24 Jan 2025 | zł863.5b | zł1.2t | zł42.9b | 11.7x | 20.1x | 0.7x |
| Sun, 22 Dec 2024 | zł804.1b | zł1.2t | zł42.9b | 10.8x | 18.7x | 0.7x |
| Tue, 19 Nov 2024 | zł805.5b | zł1.2t | zł50.9b | 11.2x | 15.8x | 0.7x |
| Thu, 17 Oct 2024 | zł828.4b | zł1.2t | zł53.5b | 11.6x | 15.5x | 0.7x |
| Sat, 14 Sep 2024 | zł824.8b | zł1.2t | zł53.4b | 11.8x | 15.5x | 0.7x |
| Mon, 12 Aug 2024 | zł804.4b | zł1.2t | zł57.8b | 11.5x | 13.9x | 0.7x |
| Wed, 10 Jul 2024 | zł893.0b | zł1.2t | zł58.1b | 12.4x | 15.4x | 0.7x |
| Fri, 07 Jun 2024 | zł871.2b | zł1.2t | zł57.8b | 12.5x | 15.1x | 0.7x |
| Sun, 05 May 2024 | zł873.1b | zł1.3t | zł65.4b | 12x | 13.4x | 0.7x |
| Tue, 02 Apr 2024 | zł874.0b | zł1.3t | zł85.1b | 12.6x | 10.3x | 0.7x |
| Thu, 29 Feb 2024 | zł864.2b | zł1.3t | zł86.8b | 12.6x | 10x | 0.7x |
| Sat, 27 Jan 2024 | zł810.8b | zł1.3t | zł90.6b | 12.5x | 9x | 0.6x |
| Mon, 25 Dec 2023 | zł840.6b | zł1.3t | zł91.3b | 12.4x | 9.2x | 0.7x |
| Wed, 22 Nov 2023 | zł800.0b | zł1.3t | zł92.9b | 11.9x | 8.6x | 0.6x |
| Fri, 20 Oct 2023 | zł741.2b | zł1.3t | zł88.1b | 12x | 8.4x | 0.6x |
| Sun, 17 Sep 2023 | zł726.5b | zł1.3t | zł90.9b | 12.5x | 8x | 0.6x |
| Tue, 15 Aug 2023 | zł761.8b | zł1.2t | zł94.0b | 12.8x | 8.1x | 0.6x |
| Thu, 13 Jul 2023 | zł764.2b | zł1.2t | zł92.7b | 13.1x | 8.2x | 0.6x |
| Sat, 10 Jun 2023 | zł738.0b | zł1.2t | zł92.4b | 12x | 8x | 0.6x |
| Mon, 08 May 2023 | zł698.2b | zł1.2t | zł91.2b | 11.9x | 7.7x | 0.6x |
| Wed, 05 Apr 2023 | zł663.6b | zł1.1t | zł89.9b | 11.5x | 7.4x | 0.6x |
| Fri, 03 Mar 2023 | zł666.7b | zł1.1t | zł93.5b | 11.2x | 7.1x | 0.6x |
| Sun, 29 Jan 2023 | zł690.1b | zł1.0t | zł76.8b | 10.6x | 9x | 0.7x |
| Tue, 27 Dec 2022 | zł644.0b | zł1.0t | zł76.8b | 10.1x | 8.4x | 0.6x |
| Thu, 24 Nov 2022 | zł626.0b | zł1.0t | zł72.2b | 10.2x | 8.7x | 0.6x |
| Sat, 22 Oct 2022 | zł533.9b | zł1.1t | zł90.7b | 9.3x | 5.9x | 0.5x |
| Mon, 19 Sep 2022 | zł572.6b | zł1.1t | zł90.1b | 9.6x | 6.4x | 0.5x |
| Wed, 17 Aug 2022 | zł650.9b | zł1.0t | zł86.8b | 9.8x | 7.5x | 0.6x |
| Fri, 15 Jul 2022 | zł601.6b | zł1.0t | zł88.7b | 9.8x | 6.8x | 0.6x |
Price to Earnings Ratio
6.8x
Current Market PE
- Investors are optimistic on the Polish market, and appear confident in strong long term growth rates.
- The market is trading at a PE ratio of 19.4x which is higher than its 3-year average PE of 11.8x.
Past Earnings Growth
- The earnings for Polish listed companies have declined 15% per year over the last three years.
- Meanwhile revenues for these companies have grown 4.6% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.
Sector Trends
Which sectors have driven the changes within the Polish Market?
| PL Market | 0.60% | |
| Tech | 5.17% | |
| Energy | 2.83% | |
| Utilities | 2.24% | |
| Materials | 1.44% | |
| Financials | 0.52% | |
| Healthcare | -0.16% | |
| Consumer Staples | -0.35% | |
| Consumer Discretionary | -0.64% | |
| Real Estate | -0.90% | |
| Industrials | -0.95% | |
| Telecom | -1.46% | |
Sector PE
- Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 73.0x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 21.5% which is higher than its past year's earnings decline of 13.3% per year.
Forecasted Growth
- Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 33% over the next 5 years.
- This is better than its past earnings growth rate of 9.5% per year.
- In contrast, the Financials sector is expected to see its earnings grow by 3.7% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| PKN Orlen | zł84.44 | 2.9% +zł2.7b | 25.1% | PE33x | Energy | |
| PKO Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna | zł76.94 | 2.3% +zł2.1b | 25.2% | PB1.7x | Financials | |
| SPL Santander Bank Polska | zł513.00 | 3.9% +zł2.0b | -7.4% | PB1.5x | Financials | |
| ACP Asseco Poland | zł230.40 | 13.9% +zł1.9b | 180.6% | PE29.6x | Tech | |
| PEO Bank Polska Kasa Opieki | zł188.40 | 1.8% +zł892.4m | 11.8% | PB1.5x | Financials |
