WSE:SKH

Stock Analysis Report

Executive Summary

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

Snowflake

Outstanding track record and good value.

Share Price & News

How has Skarbiec Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SKH has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.6%

SKH

1.8%

PL Capital Markets

-1.6%

PL Market


1 Year Return

-26.4%

SKH

-0.3%

PL Capital Markets

1.0%

PL Market

Return vs Industry: SKH underperformed the Polish Capital Markets industry which returned -0.3% over the past year.

Return vs Market: SKH underperformed the Polish Market which returned 1% over the past year.


Shareholder returns

SKHIndustryMarket
7 Day-0.6%1.8%-1.6%
30 Day3.5%2.9%2.0%
90 Day3.8%-2.1%3.2%
1 Year-24.2%-26.4%7.1%-0.3%4.2%1.0%
3 Year-28.4%-46.5%-14.2%-26.1%15.4%7.0%
5 Year-16.0%-47.5%-26.1%-40.1%2.9%-9.7%

Price Volatility Vs. Market

How volatile is Skarbiec Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Skarbiec Holding undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SKH (PLN17.6) is trading below our estimate of fair value (PLN39.65)

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


Price To Earnings Ratio

PE vs Industry: SKH is good value based on its PE Ratio (3.9x) compared to the Capital Markets industry average (16.6x).

PE vs Market: SKH is good value based on its PE Ratio (3.9x) compared to the Polish market (10.4x).


Price to Earnings Growth Ratio

PEG Ratio: SKH's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: SKH is overvalued based on its PB Ratio (1.2x) compared to the PL Capital Markets industry average (1x).


Next Steps

Future Growth

How is Skarbiec Holding forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-41.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SKH's earnings are forecast to decline over the next 3 years (-41.5% per year).

Earnings vs Market: SKH's earnings are forecast to decline over the next 3 years (-41.5% per year).

High Growth Earnings: SKH's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SKH's revenue is expected to decline over the next 3 years (-9.9% per year).

High Growth Revenue: SKH's revenue is forecast to decline over the next 3 years (-9.9% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SKH's Return on Equity is forecast to be high in 3 years time (20.3%)


Next Steps

Past Performance

How has Skarbiec Holding performed over the past 5 years?

8.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SKH has high quality earnings.

Growing Profit Margin: SKH's current net profit margins (27.6%) are higher than last year (19.3%).


Past Earnings Growth Analysis

Earnings Trend: SKH's earnings have grown by 8.6% per year over the past 5 years.

Accelerating Growth: SKH's earnings growth over the past year (58.9%) exceeds its 5-year average (8.6% per year).

Earnings vs Industry: SKH earnings growth over the past year (58.9%) exceeded the Capital Markets industry -51.3%.


Return on Equity

High ROE: SKH's Return on Equity (30.2%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Skarbiec Holding's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: SKH has a low level of unsold assets or inventory.

Debt Coverage by Assets: SKH's debt is not covered by short term assets (assets are -102.8x debt).


Financial Institutions Analysis

Asset Level: SKH's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if SKH has a sufficient allowance for bad loans.

Low Risk Liabilities: SKH reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if SKH has an acceptable proportion of non-loan assets held.

Low Risk Deposits: SKH has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if SKH has an appropriate level of bad loans.


Next Steps

Dividend

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

25.28%

Current Dividend Yield


Dividend Yield vs Market

company25.3%marketbottom25%2.7%markettop25%7.3%industryaverage3.3%forecastin3Years18.1%

Current dividend yield vs market & industry

Notable Dividend: SKH's dividend (25.28%) is higher than the bottom 25% of dividend payers in the Polish market (2.65%).

High Dividend: SKH's dividend (25.28%) is in the top 25% of dividend payers in the Polish market (7.3%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, SKH has been paying a dividend for less than 10 years.

Growing Dividend: SKH's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (97.4%), SKH's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

What is the CEO of Skarbiec Holding's salary, the management and board of directors tenure and is there insider trading?

1.0yrs

Average board tenure


CEO

Anna Milewska 0

0yrs

Tenure

0

Ms. Anna Stanislawa Milewska served as a Member of Supervisory Board of Skarbiec Holding S.A. since 2018 until March 2019 and serves as its Member of Management Board since December 19, 2018. She serves as ...


Board Age and Tenure

1.0yrs

Average Tenure

Experienced Board: SKH's board of directors are not considered experienced ( 1 years average tenure), which suggests a new board.


Insider Trading

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.


Management Team

  • Anna Milewska

    President of Management Board

    • Tenure: 0yrs
  • Pawel Tokarski

    Member of Management Board

    • Tenure: 0.9yrs

Board Members

  • Chris Biedermann (51yo)

    Member of Supervisory Board

    • Tenure: 0yrs
  • Raimondo Eggink

    Member of Supervisory board

    • Tenure: 1.1yrs
  • Boguslaw Rajca

    Member of Supervisory Board

    • Tenure: 1.8yrs
  • Stanislaw Kluza

    Chairman of the Supervisory Board

    • Tenure: 0.9yrs
  • Alicja Kornowicz

    Member of Supervisory Board

    • Tenure: 0.7yrs
  • Jacek Ksen

    Member of Supervisory Board

    • Tenure: 0yrs

Company Information

Skarbiec Holding S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Skarbiec Holding S.A.
  • Ticker: SKH
  • Exchange: WSE
  • Founded:
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: zł119.312m
  • Shares outstanding: 6.82m
  • Website: https://www.skarbiecholding.pl

Location

  • Skarbiec Holding S.A.
  • 26 Lecha Kaczynskiego Street
  • Warsaw
  • 695
  • Poland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SKHWSE (Warsaw Stock Exchange)YesCommon Bearer SharesPLPLNNov 2014
0R4CLSE (London Stock Exchange)YesCommon Bearer SharesGBPLNNov 2014

Biography

Skarbiec Holding S.A. creates and manages investment funds in Poland. It also provides securities portfolio management, auxiliary financial, and other financial intermediation services, as well as advisory ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/20 21:45
End of Day Share Price2019/11/20 00:00
Earnings2019/06/30
Annual Earnings2019/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.