Asseco Poland

Asseco PL's Cash & Cash Equivalents rose 30.4% yoy to PLN 1,729 mil in 2015

By Helgi Analytics - April 2, 2020

Asseco Poland's total assets reached PLN 12,052 mil at the end of 2015, up 12.8% compared to the previous year. Cu...

Profit Statement 2013 2014 2015
Sales PLN mil 5,780 6,232 7,256
Gross Profit PLN mil 1,427 1,520 1,750
EBITDA PLN mil 869 908 1,047
EBIT PLN mil 599 640 785
Financing Cost PLN mil 40.8 3.90 37.6
Pre-Tax Profit PLN mil 557 648 743
Net Profit PLN mil 303 358 366
Dividends PLN mil 216 241 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 9,969 10,684 12,052
Non-Current Assets PLN mil 6,989 7,242 7,795
Current Assets PLN mil 2,979 3,441 4,257
Working Capital PLN mil 898 1,244 1,326
Shareholders' Equity PLN mil 7,425 7,973 8,343
Liabilities PLN mil 2,544 2,710 3,709
Total Debt PLN mil 895 1,011 1,573
Net Debt PLN mil -131 -314 -156
Ratios 2013 2014 2015
ROE % 4.15 4.66 4.48
ROCE % 3.89 4.38 4.15
Gross Margin % 24.7 24.4 24.1
EBITDA Margin % 15.0 14.6 14.4
EBIT Margin % 10.4 10.3 10.8
Net Margin % 5.24 5.75 5.04
Net Debt/EBITDA -0.151 -0.346 -0.149
Net Debt/Equity -0.018 -0.039 -0.019
Cost of Financing % 4.42 0.409 2.91
Valuation 2013 2014 2015
Market Capitalisation USD mil 1,266 1,196 1,208
Enterprise Value (EV) USD mil 1,223 1,107 1,169
Number Of Shares mil 83.0 83.0 83.0
Share Price PLN 46.0 51.0 56.8
EV/EBITDA 4.45 3.99 4.15
EV/Sales 0.668 0.582 0.599
Price/Earnings (P/E) 12.6 11.8 12.9
Price/Book Value (P/BV) 0.514 0.531 0.565
Dividend Yield % 5.66 5.69 ...

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales PLN mil ...                     3,050 3,238 4,960 5,529 5,780    
Gross Profit PLN mil ...                     1,043 1,064 1,399 1,477 1,427    
EBIT PLN mil ...                     526 563 637 652 599    
Net Profit PLN mil ...                     373 414 397 371 303    
ROE % ...                     9.18 7.75 5.93 5.21 4.15    
EBIT Margin % ...                     17.2 17.4 12.8 11.8 10.4    
Net Margin % ...                     12.2 12.8 8.01 6.70 5.24    
balance sheet                                    
Total Assets PLN mil ...                     5,748 8,466 9,484 9,643 9,969    
Non-Current Assets PLN mil ...                     4,458 6,005 6,612 6,795 6,989    
Current Assets PLN mil ...                     1,290 2,461 2,872 2,848 2,979    
Shareholders' Equity PLN mil ...                     4,351 6,341 7,053 7,182 7,425    
Liabilities PLN mil ...                     1,397 2,125 2,431 2,460 2,544    
Non-Current Liabilities PLN mil ...                     469 688 832 893 856    
Current Liabilities PLN mil ...                     928 1,437 1,599 1,528 1,666    
Net Debt/EBITDA ...                     -0.006 -0.390 -0.217 -0.138 -0.151    
Net Debt/Equity ...                     < -0.001 -0.043 -0.026 -0.017 -0.018    
Cost of Financing % ... ...                   9.30 4.53 -5.58 -1.47 4.42    
cash flow                                    
Total Cash From Operations PLN mil ... ...                   436 662 544 680 752    
Total Cash From Investing PLN mil ...                     -408 -536 -375 -248 -388    
Total Cash From Financing PLN mil ...                     -138 332 -47.5 -390 -321    
Net Change In Cash PLN mil ... ...                   -110 458 122 41.3 42.7    
valuation                                    
Market Capitalisation USD mil ...                     1,500 1,265 1,093 1,141 1,266    
Number Of Shares mil ...                     68.7 70.6 77.6 77.8 83.0    
Share Price PLN ...                     62.6 53.0 48.5 45.4 46.0    
Earnings Per Share (EPS) PLN ...                     5.44 5.87 5.12 4.76 3.65    
Book Value Per Share PLN ...                     63.4 89.8 90.9 92.3 89.5    
Dividend Per Share PLN ...                     2.03 2.41 3.74 2.57 2.60   ...
Price/Earnings (P/E) ...                     11.5 9.04 9.47 9.52 12.6    
Price/Book Value (P/BV) ...                     0.987 0.590 0.533 0.491 0.514    
Dividend Yield % ...                     3.25 4.54 7.72 5.67 5.66   ...
Earnings Per Share Growth % ... ...                   0.764 7.92 -12.7 -7.00 -23.4    
Book Value Per Share Growth % ... ...                   -0.169 41.7 1.27 1.48 -3.06    
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales PLN mil ...                     3,050 3,238 4,960 5,529 5,780    
Cost of Goods & Services PLN mil ...                     2,007 2,174 3,561 4,052 4,353    
Gross Profit PLN mil ...                     1,043 1,064 1,399 1,477 1,427    
EBITDA PLN mil ...                     646 691 831 891 869    
Depreciation PLN mil ...                     121 128 194 239 271    
EBIT PLN mil ...                     526 563 637 652 599    
Financing Cost PLN mil ...                     34.9 19.4 -36.6 -12.8 40.8    
Extraordinary Cost PLN mil ...                     -23.8 47.6 -44.9 0 0.300    
Pre-Tax Profit PLN mil ...                     514 496 719 665 557    
Tax PLN mil ...                     76.5 -0.400 111 110 112    
Minorities PLN mil ...                     64.5 82.2 210 187 144    
Net Profit PLN mil ...                     373 414 397 371 303    
Dividends PLN mil                       140 170 290 200 216   ...
growth rates                                    
Total Revenue Growth % ... ...                   9.46 6.15 53.2 11.5 4.54    
EBITDA Growth % ... ...                   8.32 6.98 20.2 7.20 -2.42    
EBIT Growth % ... ...                   5.35 7.14 13.1 2.32 -8.18    
Pre-Tax Profit Growth % ... ...                   4.31 -3.56 44.8 -7.50 -16.1    
Net Profit Growth % ... ...                   16.1 11.0 -4.15 -6.67 -18.3    
ratios                                    
ROE % ...                     9.18 7.75 5.93 5.21 4.15    
ROCE % ... ...                   7.85 7.18 5.59 4.89 3.89    
Gross Margin % ...                     34.2 32.9 28.2 26.7 24.7    
EBITDA Margin % ...                     21.2 21.3 16.8 16.1 15.0    
EBIT Margin % ...                     17.2 17.4 12.8 11.8 10.4    
Net Margin % ...                     12.2 12.8 8.01 6.70 5.24    
Payout Ratio % ...                     37.4 41.0 73.1 54.0 71.2   ...
Cost of Financing % ... ...                   9.30 4.53 -5.58 -1.47 4.42    
Net Debt/EBITDA ...                     -0.006 -0.390 -0.217 -0.138 -0.151    
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                    
Non-Current Assets PLN mil ...                     4,458 6,005 6,612 6,795 6,989    
Property, Plant & Equipment PLN mil ...                     367 517 610 687 707    
Intangible Assets PLN mil ...                     3,954 5,238 5,463 5,842 6,042    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 4,606 4,914 5,036    
Current Assets PLN mil ...                     1,290 2,461 2,872 2,848 2,979    
Inventories PLN mil ...                     45.7 66.7 62.1 77.2 95.9    
Receivables PLN mil ...                     569 1,053 1,169 1,165 1,239    
Cash & Cash Equivalents PLN mil ...                     343 787 975 1,074 1,026    
Total Assets PLN mil ...                     5,748 8,466 9,484 9,643 9,969    
Shareholders' Equity PLN mil ...                     4,351 6,341 7,053 7,182 7,425    
Of Which Minority Interest PLN mil ...                     636 1,882 2,192 2,027 2,177    
Liabilities PLN mil ...                     1,397 2,125 2,431 2,460 2,544    
Non-Current Liabilities PLN mil ...                     469 688 832 893 856    
Long-Term Debt PLN mil ...                     213 386 522 693 639    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 109 120    
Current Liabilities PLN mil ...                     928 1,437 1,599 1,528 1,666    
Short-Term Debt PLN mil ...                     126 131 273 258 256    
Trade Payables PLN mil ...                     261 404 365 364 437    
Equity And Liabilities PLN mil ...                     5,748 8,466 9,484 9,643 9,969    
growth rates                                    
Total Asset Growth % ... ...                   0.347 47.3 12.0 1.68 3.38    
Shareholders' Equity Growth % ... ...                   15.0 45.7 11.2 1.84 3.37    
Net Debt Growth % ... ...                   -90.8 7,394 -33.2 -31.6 6.41    
Total Debt Growth % ... ...                   -17.8 52.4 53.7 19.6 -5.89    
ratios                                    
Total Debt PLN mil ...                     339 517 795 951 895    
Net Debt PLN mil ...                     -3.60 -270 -180 -123 -131    
Working Capital PLN mil ...                     354 716 866 879 898    
Capital Employed PLN mil ...                     4,812 6,721 7,478 7,674 7,887    
Net Debt/Equity ...                     < -0.001 -0.043 -0.026 -0.017 -0.018    
Cost of Financing % ... ...                   9.30 4.53 -5.58 -1.47 4.42    
cash flow Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                    
Net Profit PLN mil ...                     373 414 397 371 303    
Depreciation PLN mil ...                     121 128 194 239 271    
Non-Cash Items PLN mil ... ...                   -139 482 103 82.4 198    
Change in Working Capital PLN mil ... ...                   80.9 -362 -150 -12.4 -19.3    
Total Cash From Operations PLN mil ... ...                   436 662 544 680 752    
Capital Expenditures PLN mil ...                     -126 -214 -232 -217 -216    
Other Investments PLN mil ...                     -282 -323 -143 -31.5 -173    
Total Cash From Investing PLN mil ...                     -408 -536 -375 -248 -388    
Dividends Paid PLN mil                       -140 -170 -290 -200 -216   ...
Issuance Of Debt PLN mil ... ...                   -73.3 178 278 156 -56.0    
Total Cash From Financing PLN mil ...                     -138 332 -47.5 -390 -321    
Net Change In Cash PLN mil ... ...                   -110 458 122 41.3 42.7    
ratios                                    
Days Sales Outstanding days ...                     68.1 119 86.0 76.9 78.2    
Days Sales Of Inventory days ...                     8.30 11.2 6.37 6.95 8.04    
Days Payable Outstanding days ...                     47.5 67.8 37.4 32.8 36.6    
Cash Conversion Cycle days ...                     28.9 62.2 55.0 51.1 49.7    
Cash Earnings PLN mil ...                     494 542 591 610 574    
Cash Earnings Per Share PLN ...                     7.19 7.68 7.62 7.83 6.91    
Price/Cash Earnings (P/CE) ...                     8.70 6.90 6.36 5.79 6.65    
Free Cash Flow PLN mil ... ...                   28.1 126 169 431 364    
Free Cash Flow Yield % ... ...                   0.602 3.30 5.23 11.6 9.08    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                    
ROA % ...                     6.51 5.83 4.42 3.88 3.09    
Gross Margin % ...                     34.2 32.9 28.2 26.7 24.7    
Effective Tax Rate % ...                     14.9 -0.081 15.5 16.6 20.2    
Enterprise Value (EV) USD mil ...                     1,499 1,174 1,040 1,101 1,223    
EV/EBITDA ...                     7.23 5.12 3.71 4.02 4.45    
EV/Capital Employed ...                     0.892 0.517 0.479 0.444 0.467    
EV/Sales ...                     1.53 1.09 0.622 0.648 0.668    
EV/EBIT ...                     8.89 6.29 4.84 5.50 6.46    
Capital Expenditures (As % of Sales) % ...                     4.14 6.60 4.68 3.92 3.73    

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Jan 2014
Company Report

Asseco Poland SA is a Poland-based integrator of information technology (IT) solutions. The Company was established in 1991 and provided computer software to the banking industry. The current corporation is the result of a merger between ASSET Soft AS and COMP Rzeszów SA. Nowadays, Asseco's business is divided into Finance, Public Institutions, Telco & Energy and Infrastructure segments. It offers software and hardware consultancy, production and application of software, data communication infrastructure, administrative services, as well as supply of software and hardware. From its home Polish market, the Company expanded into a number of markets including Germany, Slovakia, Israel, or Balkan, for example. Asseco shares are listed on the Warsaw Stock Exchange

Finance

Asseco Poland has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 8.67% a year during that time to total of PLN 1,047 mil in 2015, or 14.4% of sales. That’s compared to 15.4% average margin seen in last five years.

The company netted PLN 366 mil in 2015 implying ROE of 4.48% and ROCE of 4.15%. Again, the average figures were 4.88% and 4.58%, respectively when looking at the previous 5 years.

Asseco Poland’s net debt amounted to PLN -156 mil at the end of 2015, or -0.019 of equity. When compared to EBITDA, net debt was -0.149x, up when compared to average of -0.200x seen in the last 5 years.

Valuation

Asseco Poland stock traded at PLN 56.8 per share at the end of 2015 resulting in a market capitalization of USD 1,208 mil. Over the previous five years, stock price grew by 7.17% or 1.39% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 4.15x and price to earnings (PE) of 12.9x as of 2015.

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