- Asseco Poland is essentially a more vigorous IBM, with none of the concerns around accounting gimmickry, while existing at a meaningfully lower multiple.
- A complicated corporate structure makes it difficult to value at first, providing the opacity that contributes to the mispricing and obvious value once parsed.
- Diversified Balkan/Baltic/CE exposure reduces risks related to these more unstable and often demographically challenged countries, although the majority of these geographies are first-world.
- Premier pure-tech cloud and cybersecurity exposure is 12.5% of their income contained in holding companies, and the rest is tech consulting in eastern Europe also growing at superb rates.
- Financial institution clients are resilient to higher rate risks, and secular tech growth means the business continues to have great growth prospects, without its low multiple requiring it: Clear buy.
For further details see:
Asseco Poland Is A High-Growth, High-Tech Compounder Valued At A Terminal Business' Multiple