ASB GPW mWIG40 Periodic report · PAP Biznes
ASBISc Enterprises (ASB) · H1 2026 results and valuation
Share price: 164.90 zł · 2026-11-10
ASBISc Enterprises is engaged in the trading and distribution of computer hardware and software. The company operates in multiple geographical regions. Source: Half-year report (2026-08-06)
Results H1 2026 vs H1 2025 · year over year · published 6 Aug 2026 and 7 Aug 2025
Net income up 315.1% year on year. The language turned more upbeat.
1 · Numbers
+315.1%
Net income vs H1 2025
Net income 81.0M vs 19.5M
Revenue +75.9%
2 · How the report reads
More upbeat
Language tone vs last period
Report language: very upbeat for a company report — more upbeat than in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
In January 2026, ASBISc Enterprises Plc acquired the Samsung Brand retail store chain in Poland for a total amount of 11,719 USD.
Valuation
Is ASBISc Enterprises undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 12.8% growth a year (3-year revenue growth), the model's fair value is 140.97 zł a share — the stock trades 17% above it. Today's price assumes 14.9% growth a year.
Current price
164.90 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.
+14.9% for 10 yrs
Fair value / share
140.97 zł
Buy below
105.73 zł
Price vs fair value
Overvalued 17%
Price vs buy-below price
Overvalued 56%
Read between the lines
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Figure
Net cash from operating activities rose to 77,336 USD for the six months ended June 30, 2026, from 58,788 USD in 2025 due to improved working capital management.
Source quote
“Net cash flows from operating activities amounted to 77,336 USD for the six months ended June 30, 2026, compared to expenditures of 58,788 USD in the same period of 2025, primarily due to improved working capital management.”
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Figure
In January 2026, the Group acquired the Samsung Brand retail store chain in Poland for a total amount of 11,719 USD.
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Figure
The average weighted cost of debt decreased from 8.3% to 7.6% in the first quarter of 2026 due to falling base rates, particularly Euribor.
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Figure
Operating costs increased by 43% in the second quarter of 2026 and 49% in the first half of 2026 compared to the same periods in 2025.
Source quote
“Operating costs increased in both Q2 2026 and the first half of 2026 by 43% and 49% respectively compared to the same periods in 2025.”
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Key theme
Of this agreement, the ASBIS Group, through its subsidiaries, is an authorized distributor of Apple products in twenty-five countries worldwide.
2 more
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Key theme
ASB reported its best second quarter and its best quarter since the beginning of its operations.
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Key theme
ASBIS is expanding its Bulgarian portfolio by adding smartphones, tablets, and multimedia projectors to its existing range of televisions, monitors, and soundbars.
Source quote
“As part of this expansion, three high-demand product categories—smartphones, tablets, and multimedia projectors—will be added to the existing ASBIS portfolio, which previously focused on TCL televisions, monitors, and soundbars in the Bulgarian market." — key theme this quarter (salience: 83) As part of this expansion, three high-demand product categories—smartphones, tablets, and multimedia projectors—will be added to the existing ASBIS portfolio, which previously focused on TCL televisions, monitors, and soundbars in the Bulgarian market.”
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: H1 2026. Ring: H1 2025.
Very upbeat for a company report — more upbeat than in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“Price pressure may exert a significant, adverse impact on our achieved profit margins and our overall profitability, particularly due to the fact that the gross margins we report on...”
“The increase in net sales on a quarterly basis reflected strong growth in all of the Company's reporting geographic segments.”
Full figures
USD · PAP Biznes report (2026-08-06), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 2.97B | 1.69B | +75.9% |
| Gross profit | 229.3M | 115.1M | +99.2% |
| Operating income | 117.1M | 39.9M | +193.5% |
| Net income | 81.0M | 19.5M | +315.1% |
| P/E today 18.2 | 11.6 | 6.3 | +5.3 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- The acquisition contributed to the development of the Group's retail business in Poland.
- Its task was to formulate conclusions regarding these Condensed consolidated interim financial statements based on the review ASBISc…
- Such a situation increases the risk that the accumulated inventory will lose value or become obsolete.
- As ASBISc expands its scope of operations and, in particular, as the importance of effective inventory management grows
Faded since H1 2025
- Fading Price pressure may have a significant adverse impact on the profit margins achieved by us and ASBISc's overall profitability, particularly…
- Fading The net carrying amount of assets and liabilities transferred to the Group that can be identified separately as of the acquisition date was…
- Fading ASBISc believes that the upward sales trend will continue alongside the boom in AI infrastructure and data centers, which will allow us to…
- Fading Gross profit is the residual profit calculated by subtracting selling costs from revenues.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Quarterly report · ESPI periodic · routine
- Decyzja Rady Dyrektorów o wypłacie zaliczki na poczet dywidendy za 2026 rok. · ESPI 25/2026
- Informacja o szacunkowych miesięcznych skonsolidowanych przychodach za wrzesień 2026 r. · ESPI 24/2026
- Informacja o szacunkowych miesięcznych skonsolidowanych przychodach za sierpień 2026 r. · ESPI 23/2026
Estimated consolidated revenues for August 2026 were approximately 604 million USD, which is approximately 91% higher than the 316 million USD reported in August 2025.
- Korekta raportu bieżącego nr 21/2026 z dnia 24 sierpnia 2026 r. · ESPI 21/2026 · routine
- Informacja o transakcji na akcjach ASBISc Enterprises Plc · ESPI 22/2026
Constantinos Tziamalis, a member of the management board, disposed of 40,000 shares of ASBISc Enterprises Plc at a price of 118 PLN on August 24, 2026.
- Informacja o transakcji na akcjach ASBISc Enterprises Plc · ESPI 21/2026
The Board of Directors of ASBISc Enterprises Plc received a notification from Kristian Tear on August 22, 2026, regarding a transaction of the company's shares.
- Informacja o szacunkowych miesięcznych skonsolidowanych przychodach za lipiec 2026 r. · ESPI 20/2026
Estimated consolidated revenues for July 2026 were approximately 531 million USD, which is an 89% increase compared to 281 million USD reported in July 2025.