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Asseco South Eastern Europe

WSE:ASE
Snowflake Description

Solid track record with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ASE
WSE
PLN778M
Market Cap
  1. Home
  2. PL
  3. Software
Company description

Asseco South Eastern Europe S.A., together with its subsidiaries, sells its own and third-party software in Poland, South Eastern Europe, and Turkey. The last earnings update was 18 days ago. More info.


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ASE Share Price and Events
7 Day Returns
0%
WSE:ASE
1.5%
PL IT
0.3%
PL Market
1 Year Returns
29.9%
WSE:ASE
18.8%
PL IT
-6.1%
PL Market
ASE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Asseco South Eastern Europe (ASE) 0% -1.3% 11.1% 29.9% 54.5% 87.5%
PL IT 1.5% 1.2% 14.8% 18.8% 34.7% 47.3%
PL Market 0.3% -6.4% -6.9% -6.1% 7.5% -10.5%
1 Year Return vs Industry and Market
  • ASE outperformed the IT industry which returned 18.8% over the past year.
  • ASE outperformed the Market in Poland which returned -6.1% over the past year.
Price Volatility
ASE
Industry
5yr Volatility vs Market

ASE Value

 Is Asseco South Eastern Europe undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Asseco South Eastern Europe to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Asseco South Eastern Europe.

WSE:ASE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.8%
Perpetual Growth Rate 10-Year PL Government Bond Rate 2.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WSE:ASE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.1%
IT Unlevered Beta Simply Wall St/ S&P Global 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.048 (1 + (1- 19%) (13.27%))
1.107
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (1.107 * 7.14%)
10.76%

Discounted Cash Flow Calculation for WSE:ASE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Asseco South Eastern Europe is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

WSE:ASE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (PLN, Millions) Source Present Value
Discounted (@ 10.76%)
2019 58.50 Analyst x1 52.82
2020 68.30 Analyst x1 55.68
2021 73.82 Est @ 8.08% 54.33
2022 78.63 Est @ 6.51% 52.25
2023 82.88 Est @ 5.41% 49.73
2024 86.73 Est @ 4.64% 46.99
2025 90.30 Est @ 4.11% 44.16
2026 93.66 Est @ 3.73% 41.36
2027 96.91 Est @ 3.47% 38.64
2028 100.09 Est @ 3.28% 36.03
Present value of next 10 years cash flows PLN471.99
WSE:ASE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= PLN100.09 × (1 + 2.85%) ÷ (10.76% – 2.85%)
PLN1,301.88
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= PLN1,301.88 ÷ (1 + 10.76%)10
PLN468.65
WSE:ASE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= PLN471.99 + PLN468.65
PLN940.64
Equity Value per Share
(PLN)
= Total value / Shares Outstanding
= PLN940.64 / 51.89
PLN18.13
WSE:ASE Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN18.13
Current discount Discount to share price of PLN15.00
= -1 x (PLN15.00 - PLN18.13) / PLN18.13
17.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Asseco South Eastern Europe is available for.
Intrinsic value
17%
Share price is PLN15 vs Future cash flow value of PLN18.13
Current Discount Checks
For Asseco South Eastern Europe to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Asseco South Eastern Europe's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Asseco South Eastern Europe's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Asseco South Eastern Europe's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Asseco South Eastern Europe's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:ASE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in PLN PLN1.38
WSE:ASE Share Price ** WSE (2019-05-24) in PLN PLN15
Poland IT Industry PE Ratio Median Figure of 21 Publicly-Listed IT Companies 8.82x
Poland Market PE Ratio Median Figure of 464 Publicly-Listed Companies 10.61x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Asseco South Eastern Europe.

WSE:ASE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:ASE Share Price ÷ EPS (both in PLN)

= 15 ÷ 1.38

10.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Asseco South Eastern Europe is overvalued based on earnings compared to the PL IT industry average.
  • Asseco South Eastern Europe is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does Asseco South Eastern Europe's expected growth come at a high price?
Raw Data
WSE:ASE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
15.4%per year
Europe IT Industry PEG Ratio Median Figure of 84 Publicly-Listed IT Companies 1.53x
Poland Market PEG Ratio Median Figure of 112 Publicly-Listed Companies 0.99x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Asseco South Eastern Europe, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Asseco South Eastern Europe's assets?
Raw Data
WSE:ASE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in PLN PLN14.78
WSE:ASE Share Price * WSE (2019-05-24) in PLN PLN15
Poland IT Industry PB Ratio Median Figure of 30 Publicly-Listed IT Companies 1.22x
Poland Market PB Ratio Median Figure of 689 Publicly-Listed Companies 0.97x
WSE:ASE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:ASE Share Price ÷ Book Value per Share (both in PLN)

= 15 ÷ 14.78

1.01x

* Primary Listing of Asseco South Eastern Europe.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Asseco South Eastern Europe is good value based on assets compared to the PL IT industry average.
X
Value checks
We assess Asseco South Eastern Europe's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the IT industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the IT industry average (and greater than 0)? (1 check)
  5. Asseco South Eastern Europe has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

ASE Future Performance

 How is Asseco South Eastern Europe expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

  • No analysts cover Asseco South Eastern Europe, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Asseco South Eastern Europe expected to grow at an attractive rate?
  • Asseco South Eastern Europe's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Asseco South Eastern Europe's earnings growth is expected to exceed the Poland market average.
  • Asseco South Eastern Europe's revenue growth is positive but not above the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:ASE Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:ASE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 15.4%
WSE:ASE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 4.4%
Poland IT Industry Earnings Growth Rate Market Cap Weighted Average 11.9%
Europe IT Industry Revenue Growth Rate Market Cap Weighted Average 5.5%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.4%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WSE:ASE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:ASE Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 828 1
2020-12-31 774 116 3
2019-12-31 767 102 2
WSE:ASE Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-03-31 711 120 72
2018-12-31 670 121 65
2018-09-30 609 114 63
2018-06-30 585 81 56
2018-03-31 576 97 56
2017-12-31 571 94 55
2017-09-30 590 100 57
2017-06-30 593 90 57
2017-03-31 584 100 53
2016-12-31 571 88 51
2016-09-30 531 54 42
2016-06-30 527 75 44

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Asseco South Eastern Europe's earnings are expected to grow by 15.4% yearly, however this is not considered high growth (20% yearly).
  • Asseco South Eastern Europe's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WSE:ASE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Asseco South Eastern Europe Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:ASE Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
WSE:ASE Past Financials Data
Date (Data in PLN Millions) EPS *
2019-03-31 1.38
2018-12-31 1.25
2018-09-30 1.21
2018-06-30 1.07
2018-03-31 1.07
2017-12-31 1.05
2017-09-30 1.09
2017-06-30 1.09
2017-03-31 1.03
2016-12-31 0.99
2016-09-30 0.82
2016-06-30 0.85

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Asseco South Eastern Europe will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Asseco South Eastern Europe's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Poland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Asseco South Eastern Europe has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ASE Past Performance

  How has Asseco South Eastern Europe performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Asseco South Eastern Europe's growth in the last year to its industry (IT).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Asseco South Eastern Europe's year on year earnings growth rate has been positive over the past 5 years.
  • Asseco South Eastern Europe's 1-year earnings growth exceeds its 5-year average (28.4% vs 12.6%)
  • Asseco South Eastern Europe's earnings growth has exceeded the PL IT industry average in the past year (28.4% vs 10.7%).
Earnings and Revenue History
Asseco South Eastern Europe's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Asseco South Eastern Europe Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:ASE Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 710.59 71.58 90.00
2018-12-31 670.38 64.72 86.08
2018-09-30 609.10 62.86 82.20
2018-06-30 585.38 55.73 81.04
2018-03-31 576.26 55.73 79.30
2017-12-31 570.86 54.65 77.69
2017-09-30 590.06 56.76 79.48
2017-06-30 593.42 56.63 78.85
2017-03-31 583.97 53.40 79.88
2016-12-31 570.63 51.47 80.46
2016-09-30 530.93 42.38 75.82
2016-06-30 526.84 44.18 76.98
2016-03-31 508.53 43.60 74.20
2015-12-31 487.21 43.58 73.41
2015-09-30 512.96 46.16 75.48
2015-06-30 501.03 42.69 73.30
2015-03-31 500.20 40.15 73.21
2014-12-31 500.93 39.04 71.62
2014-09-30 485.60 37.52 71.25
2014-06-30 477.44 36.89 70.70
2014-03-31 469.05 35.16 70.47
2013-12-31 470.40 35.95 70.79
2013-09-30 457.57 38.75 71.52
2013-06-30 453.94 41.10 71.23
2013-03-31 457.81 44.73 72.89
2012-12-31 462.45 49.63 72.63
2012-09-30 471.44 53.01 72.58
2012-06-30 484.22 55.31 71.44

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Asseco South Eastern Europe has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Asseco South Eastern Europe used its assets more efficiently than the PL IT industry average last year based on Return on Assets.
  • Asseco South Eastern Europe has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Asseco South Eastern Europe's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the IT industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Asseco South Eastern Europe has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ASE Health

 How is Asseco South Eastern Europe's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Asseco South Eastern Europe's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Asseco South Eastern Europe is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Asseco South Eastern Europe's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Asseco South Eastern Europe's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Asseco South Eastern Europe Company Filings, last reported 1 month ago.

WSE:ASE Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 769.08 103.30 138.75
2018-12-31 765.09 49.93 168.65
2018-09-30 733.24 53.64 118.06
2018-06-30 741.77 58.00 112.12
2018-03-31 731.80 48.68 115.37
2017-12-31 719.31 47.54 116.50
2017-09-30 724.98 47.03 83.64
2017-06-30 703.04 40.75 103.91
2017-03-31 685.65 40.43 105.77
2016-12-31 732.41 47.45 122.59
2016-09-30 705.68 49.59 78.11
2016-06-30 714.57 45.04 102.40
2016-03-31 677.85 45.57 82.80
2015-12-31 688.28 47.62 103.74
2015-09-30 677.45 43.99 82.61
2015-06-30 663.34 41.70 86.25
2015-03-31 643.69 41.84 79.45
2014-12-31 679.17 44.40 91.62
2014-09-30 658.03 42.14 54.50
2014-06-30 652.04 38.09 70.42
2014-03-31 656.93 36.02 61.50
2013-12-31 648.42 14.46 59.39
2013-09-30 651.84 6.74 53.52
2013-06-30 671.04 2.75 89.25
2013-03-31 691.93 0.67 92.61
2012-12-31 664.85 0.86 95.25
2012-09-30 654.80 0.80 75.18
2012-06-30 662.38 1.11 132.03
  • Asseco South Eastern Europe's level of debt (13.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (5.5% vs 13.4% today).
  • Debt is well covered by operating cash flow (116.5%, greater than 20% of total debt).
  • Asseco South Eastern Europe earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Asseco South Eastern Europe's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Asseco South Eastern Europe has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

ASE Dividends

 What is Asseco South Eastern Europe's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.47%
Current annual income from Asseco South Eastern Europe dividends. Estimated to be 3.71% next year.
If you bought PLN2,000 of Asseco South Eastern Europe shares you are expected to receive PLN69 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Asseco South Eastern Europe's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.91%).
  • Asseco South Eastern Europe's dividend is below the markets top 25% of dividend payers in Poland (7.65%).
Upcoming dividend payment

Purchase Asseco South Eastern Europe before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WSE:ASE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Poland IT Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 2%
Poland Market Average Dividend Yield Market Cap Weighted Average of 201 Stocks 4.2%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.9%
Poland Top 25% Dividend Yield 75th Percentile 7.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WSE:ASE Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.59 1.00
2020-12-31 0.58 2.00
2019-12-31 0.52 2.00
WSE:ASE Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2019-05-08 0.520 3.478
2019-04-10 0.520 3.516
2018-05-07 0.520 4.358
2018-02-19 0.520 4.081
2017-04-26 0.480 3.899
2017-02-16 0.480 4.056
2016-04-22 0.420 4.433
2016-02-18 0.420 4.499
2015-04-23 0.400 4.189
2015-02-18 0.400 4.484
2014-10-20 0.320 4.007
2014-08-05 0.320 4.193
2014-05-05 0.320 4.151
2014-02-20 0.320 3.637
2013-10-23 0.810 8.573
2013-08-07 0.810 8.736
2013-04-25 0.810 8.458
2013-02-20 0.810 7.185
2012-10-24 0.360 3.884
2012-08-16 0.360 4.449
2012-02-23 0.360 4.356
2011-10-27 0.260 3.210
2011-08-24 0.260 3.377
2011-03-16 0.260 2.762
2010-11-08 0.110 0.970
2010-08-25 0.110 0.976
2010-05-11 0.110 1.085
2010-03-17 0.110 0.705

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Asseco South Eastern Europe has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Asseco South Eastern Europe only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Asseco South Eastern Europe's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Asseco South Eastern Europe's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Asseco South Eastern Europe afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Asseco South Eastern Europe has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

ASE Management

 What is the CEO of Asseco South Eastern Europe's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Piotr Jelenski
COMPENSATION PLN2,406,000
TENURE AS CEO 11.8 years
CEO Bio

Mr. Piotr Jelenski serves as Chief Executive Officer of Asseco SEE Teknoloji A.S. Mr. Jelenski serves as President of the Management Board at Asseco South Eastern Europe S.A. since July 2007. Mr. Jelenski serves as a Member of the Executive Board of Softbank Sa. He served as Vice President of the Management Board at Mediabank SA since June 2007. He served as Vice President of the Management Board at Asseco Poland SA since June 2007 until July 1, 2009 and as its Member of the Executive Board until July 1, 2009. He served as Member of the Executive Board and Chief Financial Officer at Mediabank SA. He served as Chairman of the Executive Board at Asseco Germany SA from September 2007 to August 2008. From January 2008 to April 2008, he served as the Vice-Chairman of Executive Board at Prokom Software S.A. From 1992 to 1993, he served as an Analyst at PriceWaterhouse Coopers sp. z o.o. From 1996 to 2001, he served as the Vice-Manager for merger and take-over projects for CAIB Financial Advisers sp. z o.o. He serves as Chairman of the Supervisory Board at Logos d.o.o. He has been Chairman of the Supervisory Board of Arbor Informatika d.o.o., since December 2007, Matrix42 since January 2008, Logos d.o.o. since March 2008 and AP Automation + Productivity AG since February 2008. Mr. Jelenski served as Chairman of matrix42 AG. He served as Chairman of the Supervisory Board of UAB Sintagma from August 2007 to March 2008. He served as a Member of Supervisory Board at Mediabank SA at Asseco Poland SA from December 2001 to January 2008, Koma Nord sp. z o.o., from January 2006 to June 2007, UAB Sintagma from March 2008 to July 2008, Softbank Serwis sp. z o.o. (now Asseco Systems S.A.) from April 2006 to August 2007, Incenti SA (now Asseco Business Solutions S.) from December 2005 to June 2007 and Koma S.A. from December 2005 to January 2007. He is a graduate of the University of Warsaw, Faculty of Economic Science and from Aston Business School, Birmingham, Great Britain with M.Sc. in Business Studies from 1995 to 1996.

CEO Compensation
  • Piotr's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Piotr's remuneration is higher than average for companies of similar size in Poland.
Management Team

Piotr Jelenski

TITLE
President of the Management Board
COMPENSATION
PLN2M
TENURE
11.8 yrs

Marcin Rulnicki

TITLE
CFO & Member of the Management Board
COMPENSATION
PLN756K
AGE
42

Miljan Mališ

TITLE
Member of the Management Board
COMPENSATION
PLN667K
TENURE
10.8 yrs

Miodrag Mircetic

TITLE
Member of the Management Board
COMPENSATION
PLN619K
AGE
50

Torben Falholt

TITLE
Chief Executive Officer of Asseco Denmark A/S
Board of Directors Tenure

Average tenure of the Asseco South Eastern Europe board of directors in years:

2
Average Tenure
  • The average tenure for the Asseco South Eastern Europe board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jozef Klein

TITLE
Chairman of Supervisory Board
COMPENSATION
PLN41K
TENURE
2 yrs

Adam Góral

TITLE
Vice Chairman of Supervisory Board
COMPENSATION
PLN23K
TENURE
2 yrs

Artur Kucharski

TITLE
Member of Supervisory Board
COMPENSATION
PLN83K
AGE
50
TENURE
3.2 yrs

Jacek Duch

TITLE
Member of Supervisory Board
COMPENSATION
PLN42K
AGE
71
TENURE
9.1 yrs

Adam Pawlowicz

TITLE
Member of Supervisory Board
COMPENSATION
PLN12K
TENURE
1.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (PLN) Value (PLN)
X
Management checks
We assess Asseco South Eastern Europe's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Asseco South Eastern Europe has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ASE News

Simply Wall St News

Understanding Your Return On Investment In Asseco South Eastern Europe SA (WSE:ASE)

and looking to gauge the potential return on investment in Asseco South Eastern Europe SA (WSE:ASE). … Asseco South Eastern Europe stock represents an ownership share in the company. … Thus, to understand how your money can grow by investing in Asseco South Eastern Europe, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Is There An Opportunity With Asseco South Eastern Europe SA's (WSE:ASE) 41.55% Undervaluation?

I am going to run you through how I calculated the intrinsic value of Asseco South Eastern Europe SA (WSE:ASE). … by taking the expected future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

What Should Investors Know About Asseco South Eastern Europe SA's (WSE:ASE) Return On Capital?

and want a simplistic look at the return on Asseco South Eastern Europe SA (WSE:ASE) stock. … Thus, to understand how your money can grow by investing in Asseco South Eastern Europe, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE) … View our latest analysis for Asseco South Eastern Europe

Simply Wall St -

How Did Asseco South Eastern Europe SA's (WSE:ASE) 7.67% ROE Fare Against The Industry?

and want to begin learning the link between Asseco South Eastern Europe SA (WSE:ASE)’s return fundamentals and stock market performance. … Asseco South Eastern Europe SA’s (WSE:ASE) most recent return on equity was a substandard 7.67% relative to its industry performance of 10.68% over the past year. … Though ASE's recent performance is underwhelming, it is useful to understand what ROE is made up of and how it should be interpreted.

Simply Wall St -

At zł012, Is It Time To Buy Asseco South Eastern Europe SA (WSE:ASE)?

Asseco South Eastern Europe SA (WSE:ASE), a it company based in Poland,. … A question to answer is whether Asseco South Eastern Europe's current trading price of PLN12 reflective of the actual value of the? … Let’s take a look at Asseco South Eastern Europe’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

What Makes Asseco South Eastern Europe SA (WSE:ASE) An Attractive Investment?

Asseco South Eastern Europe SA (WSE:ASE) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … Below, I've touched on some key aspects you should know on a high level

Simply Wall St -

What Should Investors Know About Asseco South Eastern Europe SA.'s (WSE:ASE) Return On Capital?

Thus, to understand how your money can grow by investing in Asseco South Eastern Europe, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE). … Check out our latest analysis for Asseco South Eastern Europe ROCE: Explanation and Calculation You only have a finite amount of capital to invest, so there are only so many companies that you can add to your portfolio. … I have calculated Asseco South Eastern Europe’s ROCE for you below: ROCE Calculation for ASE Return on Capital Employed (ROCE) = Earnings Before Tax (EBT) ÷ (Capital Employed) Capital Employed = (Total Assets - Current Liabilities) ∴ ROCE = ZŁ68.52M ÷ (ZŁ898.51M - ZŁ138.85M) = 9.02% The calculation above shows that ASE’s earnings were 9.02% of capital employed.

Simply Wall St -

Who Owns Asseco South Eastern Europe SA. (WSE:ASE)?

General Public Ownership The general public holds a substantial 24.85% stake in ASE, making it a highly popular stock among retail investors. … With this size of ownership, retail investors can collectively play a role in major company policies that affect shareholders returns, including executive remuneration and the appointment of directors. … Thus, potential investors should look into these business relations and check how it can impact long-term shareholder returns.Next Steps: ASE's considerably high level of institutional ownership calls for further analysis into its margin of safety.

Simply Wall St -

How Should You Think About Asseco South Eastern Europe SA.'s (WSE:ASE) Risks?

A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one. … ASE's beta implies it may be a stock that investors with high-beta portfolios might find relevant if they wanted to reduce their exposure to market risk, especially during times of downturns. … How ASE's assets could affect its beta During times of economic downturn, low demand may cause companies to readjust production of their goods and services.

Simply Wall St -

Is Asseco South Eastern Europe SA. (WSE:ASE) A Financially Sound Company?

At this current level of debt, ASE's cash and short-term investments stands at ZŁ116.42M , ready to deploy into the business. … Moreover, ASE has generated cash from operations of ZŁ94.34M in the last twelve months, leading to an operating cash to total debt ratio of 198.46%, meaning that ASE’s debt is appropriately covered by operating cash. … Next Steps: ASE has demonstrated its ability to generate sufficient levels of cash flow, while its debt hovers at a safe level.

Simply Wall St -

ASE Company Info

Description

Asseco South Eastern Europe S.A., together with its subsidiaries, sells its own and third-party software in Poland, South Eastern Europe, and Turkey. The company offers banking software solutions and services, including omni-channel solutions; and integrated core banking systems based on the Oracle and Microsoft platforms, as well as authentication security solutions, reporting systems for regulatory compliance and managerial information, and risk management systems. It also provides payment industry solutions for financial and non-financial institutions supporting card and card-less transactions, including e-commerce related solutions, m-payments, and processing, as well as ATM and POS related services. In addition, the company offers system integration solutions and services for financial, industry, and public administration sectors, including the development of IT infrastructure, implementations and support, business processes continuity, operations automation, and customized software development. The company was founded in 2007 and is headquartered in Warsaw, Poland. Asseco South Eastern Europe S.A. is a subsidiary of Asseco Poland S.A.

Details
Name: Asseco South Eastern Europe S.A.
ASE
Exchange: WSE
Founded: 2007
PLN778,413,765
51,894,251
Website: http://www.asseco.com/see
Address: Asseco South Eastern Europe S.A.
Branickiego 13,
Warsaw,
02-972,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE ASE Ordinary Shares Warsaw Stock Exchange PL PLN 28. Oct 2009
Number of employees
Current staff
Staff numbers
1,653
Asseco South Eastern Europe employees.
Industry
IT Consulting and Other Services
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/26 21:25
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/04/26
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.