ACT — Action S.A.Technology · Computer HardwareGPW

PLN 417.7M

Mkt Cap

PLN 403.2M

Ent. Value

PLN 14.5M

Net Cash

PLN 30.00

52W PLN 20 – PLN 34

PLN 417.7M

Mkt Cap

PLN 403.2M

Ent. Value

PLN 14.5M

Net Cash

11.8×

P/E TTM

—

PEG

11.5×

P/FCF

1.0×

P/Book

0.1×

P/Sales

6.5×

EV/EBITDA

11.4×

EV/EBIT

11.8×

EV/FCF

0.2×

EV/Sales

10.0%

Earn Yld

8.7%

FCF Yld

—

Div Yld

PLN 30.00

All values in Polish Zloty (PLN)

PLN	FY2024	FY2023	FY2022	FY2021
Revenue	2.53B	2.51B	2.37B	2.31B
YoY Growth	+0.9%	+6.1%	+2.6%	—
Gross Profit	215.55M	220.89M	207.81M	201.69M
Gross Margin	8.5%	8.8%	8.8%	8.7%
R&D	—	—	—	—
SG&A	185.49M	178.29M	155.32M	130.48M
EBIT	35.27M	44.80M	54.90M	117.48M
EBIT Margin	1.4%	1.8%	2.3%	5.1%
D&A	8.98M	9.05M	8.58M	8.16M
EBITDA	61.96M	56.58M	67.73M	124.47M
EBITDA Margin	2.4%	2.3%	2.9%	5.4%
Net Income	41.17M	36.77M	48.97M	100.91M
Net Margin	1.6%	1.5%	2.1%	4.4%
EPS (diluted)	PLN 2.34	PLN 1.88	PLN 2.44	PLN 5.03
Shares (dil., M)	18	20	20	20

Company Brief

Action S.A., together with its subsidiaries, engages in the wholesale trade of computer accessories in Poland and internationally. The company provides distribution solutions in IT, network installations, ICT, photovoltaics, smart home, CCTV, and emergency power supply. It also operates e-commerce platform, such as pomoceDlaSeniora.pl, bron.pl, 1.pl, sferis.pl, krakvet.pl, gram.pl, testoria.pl, and tablety.pl. In addition, the company distributes home and office items, such as furniture, lighting, textiles, as well as home and outdoor training equipment; and computer equipment, inks, toners, lighting, power supply equipment, fans and air conditioners, shredders, photo paper, accessories, and cleaning products. Further, it offers its products under the Activejet, Actina, and Actis brands. Action S.A. was founded in 1991 and is headquartered in Piaseczno, Poland.

CEOMr. Piotr BielinskiEmployees393IPO Date2006-08-16CountryPolandWebsitewww.action.pl

Margins (TTM)

Gross Margin	8.6%
EBITDA Margin	2.2%
EBIT Margin	1.7%
Net Margin	1.5%
FCF Margin	1.3%

Returns on Capital

ROIC	9.4%
ROCE	10.4%
ROE	10.2%
ROA	6.4%
Asset Turnover	4.40×

Earnings Quality

FCF / Net Income	83.3%
SBC / Net Income	—
SBC / Revenue	—
Capex / D&A	0.65×

Growth (CAGR)

Metric	3yr
Revenue	3.2%
EPS	-22.5%
FCF	69.1%
Dividend	—

Ownership

Float	74.8%
Shares Out.	13.9M
Insiders %	81.4%
Institutions %	22.2%
Institutions (of float)	119.3%
Institution holders	349
Insider net buy 6M	-0.0%

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Balance Sheet

Cash & ST Invest.	PLN 28.5M
Total Debt	PLN 3.5M
Net Cash / (Debt)	PLN 14.5M
Total Assets	PLN 654.9M
Total Equity	PLN 410.4M
Goodwill & Intang.	PLN 14.5M
Tangible Book Value	PLN 395.8M
NCAV (Graham)	PLN 268.5M
Tangible Book/sh	PLN 28.43
NCAV/sh	PLN 19.29

Leverage

D/E Ratio	0.01×
Net Debt / EBITDA	-0.23×
Interest Coverage	19.47×
Current Ratio	2.67×
Quick Ratio	1.03×

Capital Allocation (last FY)

Capex	PLN 5.8M
Capex / Revenue	0.2%
SBC	—
Dividends Paid	PLN 300K
Buybacks	PLN 76.8M

Dividends

No dividend paid.

Valuation vs History

P/E vs 4Y	11.8×vs 13.8× median
Div yield vs 10Y	—vs 0.1% median

Buyback History

FY 2024PLN 76.8M-13.3%

FY 2023PLN 32.9M-9.3%

FY 2022PLN 8.0M-2.8%

FY 2021——

Margins (TTM)

Gross Margin	8.6%
EBITDA Margin	2.2%
EBIT Margin	1.7%
Net Margin	1.5%
FCF Margin	1.3%

Returns on Capital

ROIC	9.4%
ROCE	10.4%
ROE	10.2%
ROA	6.4%
Asset Turnover	4.40×

Earnings Quality

FCF / Net Income	83.3%
SBC / Net Income	—
SBC / Revenue	—
Capex / D&A	0.65×

Growth (CAGR)

Metric	3yr
Revenue	3.2%
EPS	-22.5%
FCF	69.1%
Dividend	—

Ownership

Float	74.8%
Shares Out.	13.9M
Insiders %	81.4%
Institutions %	22.2%
Institutions (of float)	119.3%
Institution holders	349
Insider net buy 6M	-0.0%

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PLN 30.00

All values in Polish Zloty (PLN)

PLN	FY2024	FY2023	FY2022	FY2021
Revenue	2.53B	2.51B	2.37B	2.31B
YoY Growth	+0.9%	+6.1%	+2.6%	—
Gross Profit	215.55M	220.89M	207.81M	201.69M
Gross Margin	8.5%	8.8%	8.8%	8.7%
R&D	—	—	—	—
SG&A	185.49M	178.29M	155.32M	130.48M
EBIT	35.27M	44.80M	54.90M	117.48M
EBIT Margin	1.4%	1.8%	2.3%	5.1%
D&A	8.98M	9.05M	8.58M	8.16M
EBITDA	61.96M	56.58M	67.73M	124.47M
EBITDA Margin	2.4%	2.3%	2.9%	5.4%
Net Income	41.17M	36.77M	48.97M	100.91M
Net Margin	1.6%	1.5%	2.1%	4.4%
EPS (diluted)	PLN 2.34	PLN 1.88	PLN 2.44	PLN 5.03
Shares (dil., M)	18	20	20	20

Company Brief

CEOMr. Piotr BielinskiEmployees393IPO Date2006-08-16CountryPolandWebsitewww.action.pl

Balance Sheet

Cash & ST Invest.	PLN 28.5M
Total Debt	PLN 3.5M
Net Cash / (Debt)	PLN 14.5M
Total Assets	PLN 654.9M
Total Equity	PLN 410.4M
Goodwill & Intang.	PLN 14.5M
Tangible Book Value	PLN 395.8M
NCAV (Graham)	PLN 268.5M
Tangible Book/sh	PLN 28.43
NCAV/sh	PLN 19.29

Leverage

D/E Ratio	0.01×
Net Debt / EBITDA	-0.23×
Interest Coverage	19.47×
Current Ratio	2.67×
Quick Ratio	1.03×

Capital Allocation (last FY)

Capex	PLN 5.8M
Capex / Revenue	0.2%
SBC	—
Dividends Paid	PLN 300K
Buybacks	PLN 76.8M

Dividends

No dividend paid.

Valuation vs History

P/E vs 4Y	11.8×vs 13.8× median
Div yield vs 10Y	—vs 0.1% median

Buyback History

FY 2024PLN 76.8M-13.3%

FY 2023PLN 32.9M-9.3%

FY 2022PLN 8.0M-2.8%

FY 2021——

Not investment adviceUpdated 4/17/2026