Asseco Poland’s 2022 results were in-line with our estimates and the PAP consensus. Again, the main growth driver was the Israeli subsidiary Formula Systems with highest share of revenues being generated in Israel (40.1%) and the USA (17.5%). Last year, the Free Cash Flow Yield equalled 20% (2021: 19.4%). However, according to the company the (political) situation in Israel, Czechia and Slovakia could negatively affect the results in 2023.
19 Apr 2023
(Political) situation in Israel, Czechia and Slovakia is a risk this year
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(Political) situation in Israel, Czechia and Slovakia is a risk this year
Asseco Poland’s 2022 results were in-line with our estimates and the PAP consensus. Again, the main growth driver was the Israeli subsidiary Formula Systems with highest share of revenues being generated in Israel (40.1%) and the USA (17.5%). Last year, the Free Cash Flow Yield equalled 20% (2021: 19.4%). However, according to the company the (political) situation in Israel, Czechia and Slovakia could negatively affect the results in 2023.