Caspar Asset Management S.A.

CSR.WA

Asset Management · Financial Services

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Mixed

Valuation

Mixed

Dividends

Weak

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Winston Score History

The full picture

Caspar Asset Management S.A. is a Polish investment firm that manages money on behalf of clients. It offers asset management services, including investment funds and portfolio management, primarily serving individual and institutional investors in Poland. The company operates in the broader Central and Eastern European financial services market.

Caspar earns revenue through management fees charged as a percentage of assets under management, along with performance-based fees when funds exceed their benchmarks. It is a small firm with a market capitalization of around $0.1 billion, operating mainly in Poland where it competes against larger domestic and international asset managers. The company's thin gross margin of roughly 3% reflects the competitive pressure on fees in the Polish market, and its main challenge is growing its asset base at a time when low-cost passive investing is gaining ground across Europe.

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

+38.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+27.6% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

85.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

16M PLN cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

Caspar Asset Management S.A. grew revenue 38% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

8.2%

Thin — 8.2% gross margin

Profit after running costs

Operating Margin

8.4%

Modest — 8.4% operating margin

Return on the money invested

ROCE

11.0%

Below par — 11.0% 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

+37.7%

Fast-growing sales (+37.7% YoY)

Profit growth

EPS YoY

+14.2%

Earnings growing (+14.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

227%

Turns 227% of profit into real cash

Spare cash per sale

FCF Margin

7.9%

Modest free cash flow (7.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

5.66x

Adequate interest coverage (5.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

28.6x

no trend

Growth-priced — P/E 28.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.97%

no trend

Small dividend — 1.97% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-91.9%

no trend

Dividend cut (-91.9% YoY) — warning sign

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