olivLaw · European equity research
Starhedge S.A. SHG.WA
Poland · GPW Warszawa · ISIN PLHRDEX00021 · Vertical: Listed companies from Poland
Starhedge S.A. is a Polish group with operating and real estate activities, which reported for 2021 sales revenue of about 39 991 thousand zł. Net profit declined from the prior year and the shareholder structure remained stable, making the 2021 annual report a useful reference point for assessing the company.
At the close of 05 Nov 2026, Starhedge S.A. (SHG.WA) stock was 0.18 PLN (−8.08% on the day), with market capitalisation 22.4 m PLN, P/E 18.2 on diluted EPS of 0.01 PLN over the last 12 months, dividend yield 15.60%, beta -0.13, 52-week range 0.17–0.30 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)
- 43.2
- weak (30–45)
- Bollinger (20, 2)
- 0.17 – 0.21
- in the lower half of the band · %B 0.23 · band width 17.2%
- SMA 50 / 200
- 0.20 / 0.25
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above 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 | −3.7% | −0.6% | −3.1 pp | — |
| 3 months | +4.6% | −4.2% | +8.8 pp | — |
| 6 months | −1.6% | +4.3% | −6.0 pp | — |
| Year to date | −26.0% | +7.5% | −33.5 pp | — |
| 1 year | −34.5% | +9.9% | −44.5 pp | +7.1% |
| 3 years | −56.9% | +49.8% | −106.7 pp | +3.3% |
| 5 years | −66.9% | +42.8% | −109.7 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 0 percentile of its own 2-quarter history (min 22.5, median 33.5, max 44.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | 31.6 m | 40.0 m |
| Revenue YoY | unavailable | +26.6% |
| Net income | 2.5 m | 743.0 k |
| Net income YoY | unavailable | −69.9% |
| Diluted EPS | 0.02 | 0.01 |
| Diluted EPS YoY | unavailable | −50.0% |
| net % | 7.8% | 1.9% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 754.0 k PLN
- Financial debt
- 2.5 m PLN
- Net debt
- 1.8 m PLN
- Equity
- 53.1 m PLN
- Total assets
- 78.7 m PLN
- Debt / equity
- 0.05x
- Current ratio
- 2.45x
- ROE
- 1.4%
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 31.6 m | 40.0 m | esef· 31 May 2022verified |
| Operating income | 3.2 m | 4.0 m | esef· 31 May 2022verified |
| Depreciation & amortisation | 984.0 k | 1.2 m | esef· 31 May 2022verified |
| EBITDA | 4.2 m ≈ | 5.2 m ≈ | esef· 31 May 2022derived |
| Interest expense | 1.1 m | 2.9 m | esef· 31 May 2022verified |
| Pre-tax income | 2.8 m | 1.5 m | esef· 31 May 2022verified |
| Income tax | -9.0 k | 217.0 k | esef· 31 May 2022verified |
| Net income | 2.5 m | 743.0 k | esef· 31 May 2022verified |
| Diluted EPS | 0.02 | 0.01 | esef· 31 May 2022verified |
| Dividend per share | 0.03 | — | esef· 31 May 2022derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 2.5 m | 754.0 k | esef· 31 May 2022verified |
| Receivables | 17.0 m | 19.2 m | esef· 31 May 2022verified |
| Inventories | 20.8 m | 26.6 m | esef· 31 May 2022verified |
| Current assets | 43.2 m | 47.9 m | esef· 31 May 2022verified |
| Property, plant & equipment, net | 15.7 m | 9.6 m | esef· 31 May 2022verified |
| Goodwill | 0 | 54.0 k | esef· 31 May 2022verified |
| Intangibles (excl. goodwill) | 305.0 k | 150.0 k | esef· 31 May 2022verified |
| Total assets | 76.0 m | 78.7 m | esef· 31 May 2022verified |
| Accounts payable | 9.5 m | 8.9 m | esef· 31 May 2022verified |
| Long-term debt | 780.0 k | 2.5 m | esef· 31 May 2022verified |
| Current liabilities | 18.6 m | 19.5 m | esef· 31 May 2022verified |
| Total liabilities | 24.2 m | 25.6 m | esef· 31 May 2022verified |
| Equity | 51.8 m | 53.1 m | esef· 31 May 2022verified |
| Shares outstanding at year end | 123.3 m | — | esef· 31 May 2022derived |
Cash flow · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 598.0 k | 2.9 m | esef· 31 May 2022verified |
| Investing cash flow | 3.3 m | -5.6 m | esef· 31 May 2022verified |
| Financing cash flow | -2.2 m | 972.0 k | esef· 31 May 2022verified |
| Dividends paid | 3.5 m | 0 | esef· 31 May 2022verified |
| Share repurchases | 0 | 108.0 k | esef· 31 May 2022verified |
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
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 22.4 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality30
- Balance sheet70
- Valuation63
- Returns7
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
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.6% | 20 (vs peers) | 16% |
| Net margin · Quality | 1.9% | 46 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.3x | 100 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | 1.4x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 18.2x | 32 (vs peers) | 16% |
| EV/EBITDA · Valuation | 4.6x | 94 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.5% | 7 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality30/100 · 2/3 factors with a value
- Returns· partial7/100 · 1/2 factors with a value
- Valuation63/100 · 2/3 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
Starhedge S.A. (SHG.WA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 40.0 m PLN in 2021; YoY growth 26.6%; net margin 1.9%; ROE 1.8%; net debt/EBITDA 0.3x.
The estimated value range is 0.17–0.26 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.21 PLN, the price of 0.18 PLN leaves a potential of 15.0% (value / price − 1) and a margin of safety of 13.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 0.3x
- Current ratio: 2.5x
- EV/EBITDA: 4.6x
What contradicts it
- ROIC: 6.6%
- Interest coverage: 1.4x
- Shareholder yield (distributions): 0.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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% |
| 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% |
| SHG.WAStarhedge S.A. | 22.4 m | 18.2 | 1.8% | 1.9% | +26.6% | −37% / −57% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for SHG.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.07 Total return -58% · Per year -58% | 0.13 Total return -27% · Per year -27% | 0.19 Total return 9% · Per year 9% |
| 3 years | 0.09 Total return -44% · Per year -17% | 0.17 Total return 5% · Per year 2% | 0.27 Total return 66% · Per year 18% |
| 5 years | 0.10 Total return -27% · Per year -6% | 0.22 Total return 47% · Per year 8% | 0.39 Total return 150% · Per year 20% |
- Exit P/E± 0.04
- Net margin± 0.03
- Annual revenue growth± 0.02
- Annual dilution± 0.00
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
Starhedge S.A. is a Polish group with operating and real estate activities, which reported for 2021 sales revenue of about 39 991 thousand zł 1. Net profit declined from the prior year and the shareholder structure remained stable, making the 2021 annual report a useful reference point for assessing the company 1.
SWOT
Strengths
- The group has a stable capital structure with clearly defined reference shareholders and a growing investment property component, according to the 2021 annual report 1.
- Sales revenue grew compared with the prior year, indicating operational demand in the reporting period 1.
- The financial statements are audited and consolidated under international standards, offering transparency for investors 1.
Weaknesses
- Net profit declined in 2021 versus 2020, showing weaker conversion of revenue into final earnings 1.
- Financial expenses rose significantly and short- and long-term debt may put pressure on liquidity 1.
- Cash and cash equivalents fell in 2021, which could limit financial flexibility if the trend persists 1.
Opportunities
- Expanding the investment property portfolio could bring recurring income if projects are completed successfully 1.
- Lower financing costs could improve net profitability if the debt structure is optimised 1.
- Applying the new accounting standards may bring greater clarity in reporting, which could support market confidence 1.
Threats
- Pressure from financing costs could continue if interest rates rise, affecting the group's net result 1.
- Concentration of shareholding among a few majority holders may create governance risks for minority shareholders 1.
- Risks tied to short-term borrowings and lease obligations could grow if refinancing becomes more expensive 1.
Risks
- Pressure on liquidityhigh
Short-term debt and reduced cash could limit the group's ability to meet current obligations if operating cash flows do not strengthen 1.
- Higher financing costshigh
The rise in financial expenses in 2021 could reduce profitability if interest rates or lending conditions worsen 1.
- Shareholder concentrationmedium
Control held by majority shareholders could shape strategic decisions in ways that do not reflect the interests of all shareholders 1.
- Value risk on financial investmentsmedium
Financial assets and holdings in the group could suffer impairment if the performance of associated entities declines 1.
- Impact of new accounting standardslow
Adoption of some IFRS amendments could affect how results are presented, although the group estimates a limited impact 1.
Investment thesis
What would need to be true (bull case)
- If sales revenue keeps growing and financial expenses stabilise, group profitability could return to earlier levels, supported by investment property assets 1.
- A capital structure with stable reference shareholders may provide strategic continuity, and developing the investment portfolio could generate recurring income 1.
- Consolidated IFRS reporting and external audit could strengthen investor confidence in the quality of the group's financial information 1.
What would break the thesis
- If net profit keeps falling and financial expenses stay high, the group's margins could be compressed in coming periods 1.
- Lower cash balances and rising short-term debt could limit the group's flexibility in the face of operational shocks 1.
- Shareholder concentration could create governance tensions and may reduce the appeal of the shares for minority investors 1.
What to watch
- Development of net profit and financial expenses in the next report2022
- Level of short-term debt and cash balances2022
- Changes in investment property and financial holdingsnext 10-K
- Changes in shareholder structure and any share issues2022
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
Grupa Kapitałowa Starhedge S.A. reports on a consolidated basis under IFRS and consists of the parent and subsidiaries, some with non-controlling shareholders 1. Group assets include property, plant and equipment, investment property, inventories and receivables, indicating a combined production, services and property management activity 1. The 2021 annual report was approved by management on 28 April 2022 1.
The financial structure shows equity of 53 077 thousand zł at year-end 2021, including a component attributable to non-controlling shareholders, plus short- and long-term loans and leases 1. The group generated positive net operating cash flow in 2021 but higher financial expenses than in 2020 1.
Accounting policies were largely consistent with 2020, with some IFRS amendments adopted, and the group assessed the impact of new standards as limited for its financial statements 1.
Segments
Sales of products, services and goods
The main revenue source is the sale of products, services, goods and materials, which totalled 39 991 thousand zł in 2021 versus 31 576 thousand zł in 2020 1.
Investment property
Investment property rose to 15 923 thousand zł at 31 December 2021 from 13 632 thousand zł a year earlier, indicating an expanding real estate investment component 1.
Investments and financial assets
The group recorded investments in subsidiaries, associates and other financial assets, with the value of holdings increasing significantly in 2021 1.
Market context
The available sources contain only the 2021 annual report and do not include market share data, sector prices or forecasts, so the market in which the group operates cannot be quantified from this document 1.
The shareholder structure shows GOODMAX holding 31.91% of capital, and STARCOM INVEST holding a significant stake, a concentration that could influence strategic decisions if it persists 1.
Trends
- Growth in sales revenuetailwind
Sales revenue grew in 2021 versus 2020, which could support operations if the trend continues 1.
- Pressure on profitabilityheadwind
Net profit fell in 2021 versus 2020 and financial expenses rose, which could limit margins if financing costs remain high 1.
- Investment property and financial assetsmixed
Growth in investment property and financial investments could generate future income but also carries the risk of lower returns 1.
- Transition to new accounting standardsmixed
Adoption of IFRS amendments and IFRS 17 should not materially affect the financial statements, according to the group's estimate 1.
Competitive position
The provided sources do not identify competitors of the Starhedge group and contain no comparative data on market positions, so a competitive analysis cannot be built from this material 1.
Without competitor information in the annual report, any comparison with other sector companies would require additional sources not part of the documentation provided 1.
- Competitors not named in the source
The 2021 annual report does not name competitors; no data is available to identify comparable companies.
- Other real estate companies in Poland
The source provides no competitor list; any names would need to be verified separately.
- Producers in the same sales segment
The product sales activity is not detailed in the report, so a comparison cannot be made.
- Regional institutional investors
The source gives no details on competitors in capital markets, so they cannot be identified.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202131 May 2022
- Annual report 202031 May 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / Starhedge S.A. · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.