ABE GPW mWIG40 Periodic report · PAP Biznes
AB SA (ABE) · Q3 2026 results and valuation
Share price: 137.40 zł · 2026-11-10
AB SA is a Polish distributor of IT products, consumer electronics, household appliances, and toys. The company supplies these goods to various customers, including public entities, and operates in the Polish market. Sources: Quarterly report (2026-08-26) · Wikipedia
Results Q3 2026 vs Q3 2025 · year over year · published 26 Aug 2026 and 27 Aug 2025
Net income up 65.6% year on year. The language turned more upbeat.
1 · Numbers
+65.6%
Net income vs Q3 2025
Net income 55.9M vs 33.7M
Revenue +44.1%
2 · How the report reads
More upbeat
Language tone vs last period
Report language: upbeat for a company report — more upbeat than in Q3 2025.
Weak signal: formal report language, not a call.
3 · What stood out
AB SA issued new bonds at a lower margin of 160 pb compared to previous bond series.
Valuation
Is AB SA undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-09-30), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −0.6% growth a year (3-year revenue growth), the model's fair value is 107.43 zł a share — the stock trades 28% above it. Today's price assumes 2.7% growth a year.
Current price
137.40 zł
close of 2026-11-10
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+2.7% for 10 yrs
Fair value / share
107.43 zł
Buy below
80.57 zł
Price vs fair value
Overvalued 28%
Price vs buy-below price
Overvalued 71%
Read between the lines
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Figure
Quarterly sales grew by 44% year-on-year, totaling 1.4 billion PLN, which directly increased interest-bearing debt to 552,540 thousand PLN as of June 30, 2026.
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Figure
The company issued new bonds at a lower margin of 160 pb compared to previous bond series.
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Figure
On July 14, 2026, the company issued 11,000 unsubordinated coupon bonds with a total nominal value of 110,000,000 PLN to provide capital.
Source quote
“On July 14, 2026, the issuance of 11,000 units of dematerialized, unsecured coupon bonds in bearer form, series AB08 150730, with a nominal value of 10,000 PLN each and a total nominal value of the issue amounting to 110,000,000 PLN, took effect, which the Company reported in current report no. 22/2026 on July 14, 2026.”
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Figure
As of June 30, 2026, the Group had available credit limits totaling 723,457 thousand PLN.
Source quote
“As of 30.06.2026, the Group had available credit lines in the amount of 723,457 thousand PLN.”
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Figure
The maximum amount allocated for the Program to fund share acquisitions and related costs is 100,000,000.00 PLN.
Source quote
“The maximum amount of money allocated to the Program (financing the acquisition of Shares including the costs of their acquisition) is 100,000,000.00 PLN.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q3 2025.
Upbeat for a company report — more upbeat than in Q3 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“Factors negatively impacting the Slovak economy are trade tensions, high levels of global uncertainty, and consolidation measures in fiscal policy.”
“Further development of the product portfolio, with a particular focus on value-added products (VAD) – is an element of the adopted market strategy aimed at increasing sales and increasing partner loyalty.”
“Key drivers of the Polish economy's growth were private consumption, which increased by +3.7% y/y in 2025, and investments, which increased by +4.4% y/y.”
Full figures
PLN · PAP Biznes report (2026-08-26)
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | 4.58B | 3.18B | +44.1% |
| Gross profit | 97.1M | 65.5M | +48.2% |
| Operating income | 90.7M | 53.7M | +69.1% |
| Net income | 55.9M | 33.7M | +65.6% |
| P/E today 12.3 | 14.2 | 8.6 | +5.6 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- At the same time, a conservative approach to the valuation of these assets does not pose a risk of their improper classification.
- Sales revenue is stated at the fair value of the consideration received or receivable, less expected discounts, customer returns, and…
- Cash flow hedging is a hedge against the risk of variability in cash flows associated with an asset or liability component, for which a…
- Statement of the status of shares held by the Issuer or rights to them by persons
- In the case of valuing a reserve using the estimated cash flow method required to settle a current liability, its carrying amount…
Faded since Q3 2025
- Fading This group includes financial assets whose cash flows consist solely of payments of principal and interest and which, according to the…
- Fading Investment income derived from short-term investing of obtained external funds prior to investing them in the discussed assets reduces the…
- Fading The actual date of benefit payout results from the final agreements with the contractor and, consequently, from the date of actual…
- Fading Other financial liabilities, including bank loans and borrowings, are initially measured at fair value less transaction costs.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Terminy przekazywania przez Spółkę raportów okresowych w roku obrotowym 2026/2027 · ESPI 25/2026
The Company will publish reports for the first quarter (22-02-2027), third quarter (23-08-2027), first half (08-06-2027), and annual reports (07-01-2028) in the 2026/2027 financial year.
- Rejestracja zmian Statutu Spółki · ESPI 24/2026 · routine
- Quarterly report · ESPI periodic · routine
- Powołanie nowych Wiceprezesów Zarządu · ESPI 23/2026
The Supervisory Board appointed Patrycja Gawarecka and Jarosław Słowiński as Vice Presidents of the Management Board effective October 1, 2026.
- Emisja obligacji · ESPI 22/2026
On July 14, 2026, the issuance of 11,000 units of series AB08 150730 bonds with a nominal value of 10,000 PLN each and a total value of 110,000,000 PLN was completed.
- Ustalenie parametrów emisji Obligacji · ESPI 21/2026
The Management Board of AB S.A. established the parameters for a new series of unsecured bonds with a total nominal value of 110,000,000 PLN and an issue price of 10,000 PLN per bond.
- Half-year report · ESPI periodic · routine
- Podjęcie kierunkowej decyzji o zamiarze emisji Obligacji · ESPI 20/2026
The Management Board of AB S.A. decided to initiate actions to prepare a planned issuance of a new series of unsecured bonds worth 270,000,000 PLN.