olivLaw · European equity research
BEST Spółka Akcyjna BST.WA
Poland · GPW Warszawa · ISIN PLBEST000010 · Vertical: Listed companies from Poland
BEST S.A. is a Gdańsk-based group that buys and collects portfolios of overdue receivables, with operations in Poland and Italy. In 2022 the group reported its highest-ever collections from its portfolios, at 419.6 mln PLN, within a funding model built on bonds and bank loans, which makes monitoring its refinancing capacity relevant.
At the close of 05 Nov 2026, BEST Spółka Akcyjna (BST.WA) stock was 29.00 PLN (+0.69% on the day), with market capitalisation 1.2 bn PLN, P/E 24.6 on diluted EPS of 1.18 PLN over the last 12 months, beta 0.20, 52-week range 24.60–36.30 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.1
- weak (30–45)
- Bollinger (20, 2)
- 28.61 – 33.04
- in the lower half of the band · %B 0.09 · band width 14.4%
- SMA 50 / 200
- 33.13 / 31.49
- mixed trend
- MACD (12, 26, 9)
- -1.13 / -1.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.6% | −0.6% | −10.9 pp | — |
| 3 months | −13.2% | −4.2% | −9.0 pp | — |
| 6 months | +3.6% | +4.3% | −0.8 pp | — |
| Year to date | −14.2% | +7.5% | −21.7 pp | — |
| 1 year | +5.8% | +9.9% | −4.1 pp | +7.3% |
| 3 years | +45.0% | +49.8% | −4.8 pp | +4.1% |
| 5 years | +11.5% | +42.8% | −31.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 12.8, median 17.0, max 21.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 34.3 m | 49.3 m | 142.3 m |
| Net income YoY | unavailable | +43.6% | +188.5% |
| Diluted EPS | 1.48 | 1.18 | unavailable |
| Diluted EPS YoY | unavailable | −20.3% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 52.2 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 689.0 m PLN
- Total assets
- 1.3 bn PLN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 23.0%
- ROA
- 11.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 87.3 m | 98.7 m | 224.2 m | esef· 09 May 2023verified |
| Depreciation & amortisation | 8.2 m | 8.6 m | 9.0 m | esef· 09 May 2023verified |
| EBITDA | 95.5 m ≈ | 107.3 m ≈ | 233.2 m ≈ | esef· 09 May 2023derived |
| Interest expense | 48.5 m | 44.0 m | 71.5 m | esef· 09 May 2023verified |
| Pre-tax income | 42.4 m | 54.7 m | 155.4 m | esef· 09 May 2023verified |
| Income tax | 7.6 m | 4.7 m | 12.4 m | esef· 09 May 2023verified |
| Net income | 34.3 m | 49.3 m | 142.3 m | esef· 09 May 2023verified |
| Diluted EPS | 1.48 | 1.18 | — | esef· 19 Apr 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 65.6 m | 47.3 m | 52.2 m | esef· 09 May 2023verified |
| Goodwill | 12.0 k | 12.0 k | 12.0 k | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 18.0 m | 16.4 m | 16.4 m | esef· 09 May 2023verified |
| Total assets | 1.1 bn | 1.2 bn | 1.3 bn | esef· 09 May 2023verified |
| Total liabilities | 629.8 m | 624.5 m | 660.3 m | esef· 09 May 2023verified |
| Equity | 505.1 m | 549.1 m | 689.0 m | esef· 09 May 2023verified |
| Shares outstanding at year end | 23.0 m | 41.4 m | — | esef· 09 May 2023derived |
Cash flow · PLN
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.1x | 25 (on a fixed band) | 27% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 8.4x | 65 (vs peers) | 45% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.8% | 12 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial25/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial12/100 · 1/2 factors with a value
- Valuation· partial65/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BEST SPÓŁKA AKCYJNA (BST.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: ROE 23.0%.
The estimated value range is 22.95–66.18 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 39.80 PLN, the price of 29.00 PLN leaves a potential of 37.3% (value / price − 1) and a margin of safety of 27.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 3.1x
- Shareholder yield (distributions): 0.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for BST.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BEST S.A. is a Gdańsk-based group that buys and collects portfolios of overdue receivables, with operations in Poland and Italy. In 2022 the group reported its highest-ever collections from its portfolios, at 419.6 mln PLN 1, within a funding model built on bonds and bank loans, which makes monitoring its refinancing capacity relevant.
SWOT
Strengths
- The group has consolidated experience in acquiring and collecting receivables portfolios, with record collections in the latest reported financial year 1.
- The funding structure is diversified across public bonds, bank loans and credit limits dedicated to portfolio acquisitions 1.
- Presence in two countries and in alternative investment funds gives the operating base geographic and functional spread 1.
Weaknesses
- Assets are concentrated almost entirely in acquired receivables, which makes the balance sheet sensitive to recovery quality 1.
- Financial liabilities are significant, and refinancing costs could become a burden if interest rates stay high 1.
- Exposure to the euro, generated by the Italian activity, introduces volatility into financial results 1.
Opportunities
- If the market for overdue receivables expands, the group could acquire new portfolios at attractive prices, using its accumulated experience 1.
- Expanding activity in Italy could diversify revenue sources away from the Polish market.
- Modernising the funding framework, including the move to an alternative reference index, could reduce long-term costs.
Risks
- Quality of acquired receivableshigh
Portfolios are bought with the risk that the initial valuation was wrong or that debtors become insolvent. Because receivables make up most of the assets, a deterioration in recoveries could materially affect results 1.
- Refinancing of debthigh
Financial liabilities are material and near-term maturities could require refinancing on more expensive terms. If access to bonds or loans narrows, the acquisition plan could be postponed 1.
- Currency riskmedium
The Italian activity and euro-denominated receivables create exposure to the EUR/PLN rate. A 10% change in the rate would produce measurable effects on results and other comprehensive income 1.
- Interest rate riskmedium
The cost of variable funding is sensitive to the reference rate. The group's analysis shows that a 1 pp change would have an effect of a few million zloty on post-tax result 1.
- Regulatory and geopolitical risklow
Legislative changes on receivables recovery and the effects of the war in Ukraine on capital markets are factors management considers relevant, but whose impact cannot yet be quantified 1.
Investment thesis
What would need to be true (bull case)
- If collections from portfolios stay near the record level of the latest reported year, the group could finance new acquisitions without excessively raising its debt 1.
- Experience in two markets and access to diversified funding could allow acquisition volume to grow when portfolio prices are favourable.
- If funding costs stabilise, margins between acquisition price and collections could widen over time.
What would break the thesis
- If debtors become less solvent, recoveries could fall below initial estimates, with a direct impact on results.
- Significant financial liabilities combined with high interest rates could make refinancing more expensive and limit acquisition capacity.
- Currency exposure and sensitivity to interest rates add volatility to results, and an unstable financial environment could amplify these effects 1.
What to watch
- Collections from portfolios compared with initial estimates2023
- Refinancing terms for bonds and bank loans2023
- Volume and price of new portfolio acquisitions, at nominal valuenext annual report
- Timetable for legislative changes on receivables recovery and the WIBOR replacement2024
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The core business of the BEST group is acquiring portfolios of receivables, meaning large packages of overdue debts bought at a significantly lower price than their nominal value, and collecting them. Acquired receivables represented 88% of the group's assets at 31.12.2022, showing that the balance sheet is dominated by this type of investment 1. The company also manages closed alternative investment funds that hold stakes in these portfolios, while subsidiaries in Italy operate in the Italian market.
The financial model relies on funding through public bonds, bank loans and, for the investment side, the capital of consolidated funds. The group issued bonds under a public programme of up to 250 mln PLN and repurchased bonds and loans totalling 244 mln PLN in 2022 1. Revenue depends on actual collections compared with forecasts, and differences are reflected in operating profit for the period.
Beyond the core activity, the group holds interests in other entities, including an investment in Kredyt Inkaso S.A., which it re-measured in 2022 and presented in other comprehensive income 1. The governance structure includes a supervisory board and a management board, and a komplementariusz is responsible for managing the law office associated with the group.
Segments
Receivables portfolios in Poland
Most receivables are acquired and collected in Poland, where the basic servicing period for portfolios is 180 months 1. The record collections in 2022 and new purchases with a nominal value of 522.4 mln PLN support the group's main revenue driver 1.
Receivables portfolios in Italy
The subsidiaries BEST Capital Italy and BEST Italia acquire portfolios in the Italian market, with a basic servicing period of 120 months 1. Operations are accounted for in euro, and exposure to EUR is monitored through sensitivity analyses at a 10% change in the exchange rate 1.
Alternative investment funds
The group manages five closed investment funds, which hold stakes in receivables portfolios and are consolidated in the financial statements 1. They contribute to financing acquisitions and bring obligations to participants onto the balance sheet.
Market context
The group operates in the market for acquiring overdue receivables, where creditors need liquidity and specialised buyers can estimate their return on expected collections. For BEST, receivables at 88% of assets and collections of 419.6 mln PLN 1 indicate high exposure to this segment. The size of the Polish and Italian markets is not detailed in the annual report, so their assessment cannot be made from this document alone.
Market structure depends on the volume of portfolios offered and on acquisition prices, which are significantly below nominal value. When funding conditions tighten, sensitivity to interest rates becomes relevant: a 1 pp change in reference rates would change net result by about 2.4 mln PLN 1.
Trends
- Record portfolio collectionstailwind
Collections of 419.6 mln PLN in 2022 were the highest in the group's history 1, suggesting that debt recovery could maintain good momentum if the economic environment stays favourable.
- Rising interest ratesheadwind
Higher rates increase the cost of bond and loan funding, and the group's sensitivity to the reference rate is significant 1. If funding costs remain high, margins on new acquisitions could be compressed.
- War in Ukraine and investor sentimentmixed
Management acknowledges that the war may influence the mood of investors in capital markets, including those to whom the group addresses its bond issues 1. The group has no direct activity in Ukraine, Russia or Belarus 1.
- Regulatory changes in debt recoverymixed
Legislative changes on the debt collection process and the replacement of WIBOR with an alternative index may change working conditions and funding costs 1. The exact impact cannot be estimated until the legislative work is completed.
Competitive position
Acquiring receivables portfolios is a segment in which several specialised houses and investment funds compete for the same packages of overdue debts. BEST's annual report does not explicitly identify competitors, but competition for portfolios influences acquisition prices and returns.
The group's competitive edge could derive from its experience in valuing and collecting receivables in two countries and from access to funding through public bonds and bank loans. Such an advantage depends, however, on long-term collection performance, which the document does not compare with other players.
- Specialised buyers of receivables portfolios in Poland
Local players that bid for the same packages of overdue debts; not identified in the annual report.
- Non-performing loan investment funds
Funds that buy debt portfolios across European markets and compete on acquisition price.
- Debt recovery firms in Italy
Local Italian operators that compete for portfolios in the Italian market, where the group is present through subsidiaries.
- Financial institutions selling receivables portfolios
Banks and other creditors offering overdue debt packages, which are the main source of acquisitions.
News & filings
In the press
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- Discursive Verses: Is 'Spend Dat' the best financial indicator of America's grift economy?NPR News · 05 Nov 2026 · EN
- The Food Trends We’ll See in 2027, According to the World’s 50 Best ChefsConde Nast Traveler · 05 Nov 2026 · EN
- This pancreatic cancer treatment is on track for ‘one of the best drug launches of all time’MarketWatch — Top Stories · 05 Nov 2026 · EN
- Sony’s retro headphones brought me back to my childhood in the best wayThe Verge · 05 Nov 2026 · EN
- Researchers establish best methods to measure genetic variation within the bodyMedical Xpress · 05 Nov 2026 · EN
- The World's 50 Best Restaurants For 2026 have just been announced—With a Remote European Spot in First PlaceConde Nast Traveler · 05 Nov 2026 · EN
- The 50 Best Restaurants 2026: Singapore’s Odette is No 15; its head sommelier Lesley Liu wins Best SommelierCNA (Channel NewsAsia) · 05 Nov 2026 · EN
- Atomy tops Asia's best workplace list with human-centered managementKorea Times — Business · 05 Nov 2026 · EN
- Dacia, cădere importantă pe cea mai mare piață a sa. Scade în Franța și Spania, dar Sandero rămâne best-sellerProfit.ro · 05 Nov 2026 · RO
- Dej Kewkacha is the World's Best Pastry Chef 2026Bangkok Post · 05 Nov 2026 · EN
- The Best Airbnbs in Colorado, Including a Ski-In Chalet and a Cliffside CabinConde Nast Traveler · 04 Nov 2026 · EN
- What’s the best business credit card for dining purchases?The Points Guy · 04 Nov 2026 · EN
- Dow scores its best day in 18 months in a broad relief rally after Democrats sweep to power in CongressMarketWatch — Top Stories · 04 Nov 2026 · EN
- Apple cements its status as tech’s biggest heavyweight with the stock’s best day in over a yearMarketWatch — Top Stories · 04 Nov 2026 · EN
- The Best Hot Dogs in Chicago, According to Someone Who Has Tried 'Em AllConde Nast Traveler · 04 Nov 2026 · EN
- Citi / AAdvantage Business World Elite Mastercard review: Best for affordable American Airlines perksThe Points Guy · 04 Nov 2026 · EN
Annual reports (ESEF)
- Annual report 202209 May 2023
- Annual report 202119 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / BEST Spółka Akcyjna · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.