ASOZF - Asseco Poland: Defense Payments And Cyber Exposures
2024-04-15 11:57:28 ET
Summary
- Asseco Poland is an under-the-radar pick in the Polish markets, strategically exposed to Israel's defense budget and cybersecurity.
- The company's tech consulting and software businesses are experiencing growth in revenues, particularly in financials and fintech, across its Eastern European geographies.
- Secular trends are strong, and a PLN that is being supported by the EU facing Tusk government should be an ongoing tailwind for the currency, also as rates remain high.
- The only issue is that their tech consulting model is facing pressure from general labor inflation. But the valuation angle is still attractive, especially considering the growth record.
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Asseco Poland: Defense, Payments, And Cyber Exposures