Skarbiec Holding (WSE:SKH) - Share price, News & Analysis

SKH fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	0/6
Past Performance	2/6
Financial Health	6/6
Dividends	0/6

SKH Stock Overview

Skarbiec Holding S.A. creates and manages investment funds in Poland.

Rewards

Trading at 78.5% below our estimate of its fair value

Risk Analysis

Profit margins (23%) are lower than last year (37.4%)

Does not have a meaningful market cap (PLN145M)

Skarbiec Holding Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Skarbiec Holding
Historical stock prices
Current Share Price	zł21.30
52 Week High	zł38.60
52 Week Low	zł20.00
Beta	1.02
1 Month Change	-6.58%
3 Month Change	-27.30%
1 Year Change	-42.28%
3 Year Change	21.71%
5 Year Change	-27.75%
Change since IPO	-35.57%

Shareholder Returns

	SKH	PL Capital Markets	PL Market
7D	1.9%	-0.1%	0.6%
1Y	-42.3%	-21.7%	-23.8%

Return vs Industry: SKH underperformed the Polish Capital Markets industry which returned -21.5% over the past year.

Return vs Market: SKH underperformed the Polish Market which returned -24.3% over the past year.

Price Volatility

Is SKH's price volatile compared to industry and market?
SKH volatility
SKH Average Weekly Movement	5.6%
Capital Markets Industry Average Movement	8.1%
Market Average Movement	6.3%
10% most volatile stocks in PL Market	11.3%
10% least volatile stocks in PL Market	4.2%

Stable Share Price: SKH is not significantly more volatile than the rest of Polish stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: SKH's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
n/a	103	Piotr Szulec	https://www.skarbiecholding.pl

Skarbiec Holding S.A. creates and manages investment funds in Poland. The company also engages in management activities, securities trading, and auxiliary financial activities and other financial intermediation, as well as provides financial instrument portfolio management services, and participation units and investment certificates of funds. It serves individual and corporate clients.

Skarbiec Holding Fundamentals Summary

How do Skarbiec Holding's earnings and revenue compare to its market cap?
SKH fundamental statistics
Market Cap	zł145.22m
Earnings (TTM)	zł28.54m
Revenue (TTM)	zł124.24m

5.1x

P/E Ratio

1.2x

P/S Ratio

Is SKH overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
SKH income statement (TTM)
Revenue	zł124.24m
Cost of Revenue	zł81.11m
Gross Profit	zł43.12m
Other Expenses	zł14.58m
Earnings	zł28.54m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	4.19
Gross Margin	34.71%
Net Profit Margin	22.97%
Debt/Equity Ratio	0%

How did SKH perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is SKH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SKH?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for SKH. This is calculated by dividing SKH's market cap by their current preferred multiple.
What is SKH's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	zł145.22m

SKH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does SKH's PE Ratio compare to its peers?

SKH PE Ratio vs Peers

The above table shows the PE ratio for SKH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	58.4x

Forward PE

Price-To-Earnings vs Peers: SKH is good value based on its Price-To-Earnings Ratio (5.1x) compared to the peer average (58.4x).

Price to Earnings Ratio vs Industry

How does SKH's PE Ratio compare vs other companies in the Polish Capital Markets Industry?

Price-To-Earnings vs Industry: SKH is good value based on its Price-To-Earnings Ratio (5.1x) compared to the Polish Capital Markets industry average (15.3x)

Price to Earnings Ratio vs Fair Ratio

What is SKH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SKH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SKH's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of SKH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SKH (PLN21.3) is trading below our estimate of fair value (PLN98.84)

Significantly Below Fair Value: SKH is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate SKH's PEG Ratio to determine if it is good value.

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Future Growth

How is Skarbiec Holding forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

10.3%

Forecasted Diversified Financials industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Skarbiec Holding has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Examine whether Skarbiec Holding is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
Skarbiec Holding competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has Skarbiec Holding performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

15.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SKH has high quality earnings.

Growing Profit Margin: SKH's current net profit margins (23%) are lower than last year (37.4%).

Past Earnings Growth Analysis

Earnings Trend: SKH's earnings have grown by 15.5% per year over the past 5 years.

Accelerating Growth: SKH's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: SKH had negative earnings growth (-52.9%) over the past year, making it difficult to compare to the Capital Markets industry average (32.5%).

Return on Equity

High ROE: SKH's Return on Equity (14.1%) is considered low.

Discover strong past performing companies

Financial Health

How is Skarbiec Holding's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: SKH's short term assets (PLN170.8M) exceed its short term liabilities (PLN30.0M).

Long Term Liabilities: SKH's short term assets (PLN170.8M) exceed its long term liabilities (PLN2.5M).

Debt to Equity History and Analysis

Debt Level: SKH is debt free.

Reducing Debt: SKH has not had any debt for past 5 years.

Debt Coverage: SKH has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: SKH has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Skarbiec Holding current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate SKH's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate SKH's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if SKH's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if SKH's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: SKH is not paying a notable dividend for the Polish market.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as SKH has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

0.4yrs

Average management tenure

CEO

Piotr Szulec

0.42

Tenure

Mr. Piotr Szulec serves as President of the Management Board of Skarbiec Holding S.A. since January 2022.

Leadership Team

Experienced Management: SKH's management team is not considered experienced ( 0.4 years average tenure), which suggests a new team.

Board Members

Experienced Board: SKH's board of directors are considered experienced (3.5 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/24 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/06/30