Skarbiec Holding S.A. (SKH.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+555.8%

PLN 244.62

vs PLN 37.30 price

Levered DCF

PLN 206.84

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.22

Grey zone

Rating

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	2.16×	2.95×	31.05×	-5.26×	14.82×	3.96×	4.79×	3.86×
P/B	0.81×	0.75×	0.89×	0.74×	0.7×	1.27×	1.1×	1.17×
P/S	0.98×	1.63×	2.28×	2.35×	1.48×	1.46×	1.39×	1.07×
EV / EBITDA	1.22×	1.51×	9.76×	-6.19×	4.65×	1.55×	2.04×	1.71×
Gross margin	73.4%	73.1%	77.0%	72.8%	82.1%	84.1%	81.6%	80.3%
Operating margin	29.0%	49.7%	-6.6%	-24.0%	14.1%	46.2%	36.0%	34.0%
Net margin	45.1%	55.2%	7.4%	-44.6%	10.0%	36.9%	28.9%	27.6%
Current ratio	272.33×	1.16×	6.96×	8.33×	6.35×	3.77×	3.06×	2.6×
Debt / equity	0.03×	0.03×	0.01×	0.01×	0.02×	0.02×	0.04×	0×
Interest coverage	15.27×	41.41×	-70.71×	-140.19×	135.33×	797.34×	246.3×	12,800.67×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.4%	25.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.4%	97.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	37.2%	25.5%	2.9%	-14.1%	4.7%	32.1%	23.1%	30.2%
Return on invested capital	5.4%	18.6%	-2.6%	-7.5%	4.6%	31.4%	22.0%	29.8%
Return on assets	9.8%	4.3%	2.6%	-12.8%	4.2%	25.5%	17.8%	23.6%
Free cash flow yield	8.4%	270.5%	-1.7%	-12.5%	9.9%	28.4%	16.4%	27.5%
Earnings yield	46.2%	33.9%	3.2%	-19.0%	6.7%	25.3%	20.9%	25.9%
Enterprise value	PLN 169.1M	PLN 113M	PLN 68.2M	PLN 31.3M	PLN 72.1M	PLN 120.8M	PLN 80.1M	PLN 67.4M
Net debt / EBITDA	-0.45×	-0.92×	-13.25×	19.64×	-4.41×	-1.55×	-1.6×	-1.34×
Cash conversion cycle (days)	1,232	-13,289	-83	-92	-68	9	18	8