Asseco Jumps as Software Maker Net Beats Estimates: Warsaw Mover
The shares gained 4.6 percent to 42.90 zloty at the close in Warsaw, the highest since Oct. 9. Today’s volume was equivalent to 372 percent of the three-month daily average. The stock has slumped 12 percent this year, compared with an 11 percent gain on the benchmark WIG20 Index.
Third-quarter net income was 89.2 million zloty ($27 million), exceeding the 73.7 million-zloty mean estimate of five analysts in a Bloomberg survey. The Rzeszow, Poland-based company had 5.3 billion zloty of orders as of Nov. 7, which was 14 percent more than a year earlier, Chief Executive Officer Adam Goral said at a news conference in Warsaw today.
“Asseco has outpaced expectations,” Piotr Janik, a Warsaw-based analyst at KBC Securities, said in a note today. The stock’s decline this year “relates more to the recent lack of success in the battle for large public contracts.”
The company, which this year failed to acquire domestic competitor Sygnity SA (SGN), keeps searching for takeover targets “especially smaller ones as these deals don’t require antitrust approvals,” Goral said.
Asseco also plans to expand in Russia, according to Goral.
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