Asseco Poland (ACP) · Q2 2026 results and valuation

At −1.1% growth a year (3-year revenue growth), the model's fair value is 103.35 zł a share — the stock trades 123% above it. Today's price assumes 11.4% growth a year.

1. Figure

   In the 6-month period ended June 30, 2026, and in the comparable period, revenues from any of the Group's customers did not exceed 10% of the sales revenue generated by the Group.

2. Figure

   Of this transaction, the share of Magic Software Enterprises Ltd in Comblack IT Ltd is 100%.

3. Figure

   Matrix IT Systems Ltd signed an agreement on July 9, 2026, to acquire an 80% stake in the Israeli company Laor Energy (1993) Ltd.

   Source quote

   “On July 9, 2026, Matrix IT Systems Ltd signed an agreement to acquire 80% of the shares in Laor Energy (1993) Ltd, headquartered in Israel.”

Very upbeat for a company report — about as upbeat as in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone

“A stable financial situation, strong product, sectoral, and geographical diversification, and a consistently implemented development strategy support the long-term growth of the Group's value.”

“EBIT non-IFRS 13.4% (an increase of 1.7 p.p.), and net profit margin non-IFRS 10.5% (an increase of 0.1 p.p.).”

“Functioning systems, including integrated management structures and an effective internal audit, successfully mitigate the negative impact of the risk factors and threats listed below on the Company's operations and”