AC Spólka Akcyjna

ACG.WA

Auto - Parts · Consumer Cyclical

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Exceptional

Stability

Mixed

Valuation

Mixed

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Winston Score History

The full picture

AC Spółka Akcyjna is a Polish company that makes alternative fuel systems for cars, mainly liquefied petroleum gas (LPG) and compressed natural gas (CNG) conversion kits. These systems let drivers run their vehicles on cheaper gas instead of petrol. The company sells its products to car workshops, distributors, and vehicle manufacturers across Europe and beyond.

AC earns money by selling hardware — the physical kits, controllers, and components that get installed into vehicles. It is headquartered in Białystok, Poland, and sells in dozens of countries, with Eastern Europe being its strongest market. Its main competitive edge is its established brand and technical know-how in a fairly specialized niche with limited direct competition. The key growth driver is rising fuel costs pushing more drivers toward LPG conversions, but the main risk is that the long-term shift toward battery electric vehicles could shrink demand for gas conversion systems over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-14.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-33.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

14.3%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

4M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

AC Spólka Akcyjna's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

31.9%

Modest — 31.9% gross margin

Profit after running costs

Operating Margin

9.9%

Modest — 9.9% operating margin

Return on the money invested

ROCE

8.6%

Below par — 8.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-13.5%

Shrinking sales (-13.5% YoY)

Profit growth

EPS YoY

-54.8%

Earnings shrinking (-54.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

337%

Turns 337% of profit into real cash

Spare cash per sale

FCF Margin

17.9%

Converts sales into free cash efficiently (17.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

4.60x

Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.0x

no trend

Fair value — P/E 16.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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