olivLaw · European equity research
SKARBIEC HOLDING SPÓŁKA AKCYJNA SKH.WA
Poland · GPW Warszawa · ISIN PLSKRBH00014 · Vertical: Listed companies from Poland
SKARBIEC Holding is a group that creates and manages investment funds through its subsidiary Skarbiec TFI, which generates almost all of the group's revenue. In fiscal 2022/2023 the group recorded a net loss of 24.806 thousand PLN, and its dependence on a single segment means market developments weigh heavily on results.
At the close of 05 Nov 2026, SKARBIEC HOLDING SPÓŁKA AKCYJNA (SKH.WA) stock was 36.60 PLN (−2.40% on the day), with market capitalisation 249.4 m PLN, dividend yield 0.00%, beta 0.48, 52-week range 26.90–42.00 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)
- 39.0
- weak (30–45)
- Bollinger (20, 2)
- 36.01 – 42.57
- in the lower half of the band · %B 0.09 · band width 16.7%
- SMA 50 / 200
- 38.37 / 35.40
- mixed trend
- MACD (12, 26, 9)
- -0.37 / -0.00
- 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 | −4.2% | −0.6% | −3.5 pp | — |
| 3 months | +7.6% | −4.2% | +11.8 pp | — |
| 6 months | −0.8% | +4.3% | −5.1 pp | — |
| Year to date | +7.6% | +7.5% | +0.1 pp | — |
| 1 year | +19.6% | +9.9% | +9.7 pp | +7.1% |
| 3 years | +82.1% | +49.8% | +32.2 pp | +3.3% |
| 5 years | +5.8% | +42.8% | −37.0 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 165.8 m | 94.8 m | 55.6 m |
| Revenue YoY | unavailable | −42.8% | −41.3% |
| Net income | 61.1 m | 9.5 m | -24.8 m |
| Net income YoY | unavailable | −84.5% | −361.7% |
| Diluted EPS | 8.96 | 1.39 | -3.64 |
| Diluted EPS YoY | unavailable | −84.5% | −361.9% |
| net % | 36.9% | 10.0% | -44.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 30 Jun 2023
- Cash
- 102.5 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 175.3 m PLN
- Total assets
- 194.0 m PLN
- Debt / equity
- unavailable
- Current ratio
- 8.33x
- ROE
- -13.2%
- ROA
- -11.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 165.8 m | 94.8 m | 55.6 m | esef· 01 Nov 2023verified |
| Operating income | 76.5 m | 13.4 m | -13.3 m | esef· 01 Nov 2023verified |
| Depreciation & amortisation | 1.6 m | 1.8 m | 2.0 m | esef· 01 Nov 2023verified |
| EBITDA | 78.2 m ≈ | 15.2 m ≈ | -11.3 m ≈ | esef· 01 Nov 2023derived |
| Interest expense | 299.0 k | 806.0 k | 1.7 m | esef· 01 Nov 2023verified |
| Pre-tax income | 76.4 m | 13.6 m | -23.1 m | esef· 01 Nov 2023verified |
| Income tax | 15.3 m | 4.2 m | 1.8 m | esef· 01 Nov 2023verified |
| Net income | 61.1 m | 9.5 m | -24.8 m | esef· 01 Nov 2023verified |
| Diluted EPS | 8.96 | 1.39 | -3.64 | esef· 01 Nov 2023verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | esef· 01 Nov 2023derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 126.6 m | 73.2 m | 102.5 m | esef· 01 Nov 2023verified |
| Receivables | 32.5 m | 8.1 m | 9.3 m | esef· 01 Nov 2023verified |
| Current assets | 172.9 m | 163.1 m | 145.4 m | esef· 01 Nov 2023verified |
| Property, plant & equipment, net | 4.8 m | 4.1 m | 3.0 m | esef· 01 Nov 2023verified |
| Goodwill | 51.8 m | 51.8 m | 36.2 m | esef· 01 Nov 2023verified |
| Intangibles (excl. goodwill) | 2.9 m | 5.4 m | 7.7 m | esef· 01 Nov 2023verified |
| Total assets | 239.5 m | 228.0 m | 194.0 m | esef· 01 Nov 2023verified |
| Accounts payable | 38.4 m | 20.3 m | 15.2 m | esef· 01 Nov 2023verified |
| Current liabilities | 45.9 m | 25.7 m | 17.4 m | esef· 01 Nov 2023verified |
| Total liabilities | 48.8 m | 27.9 m | 18.6 m | esef· 01 Nov 2023verified |
| Equity | 190.7 m | 200.1 m | 175.3 m | esef· 01 Nov 2023verified |
| Shares outstanding at year end | 6.8 m | 6.8 m | 6.8 m | esef· 01 Nov 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: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 249.4 m 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: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -44.6% | 8 (vs peers) | 27% |
| 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 | -7.6x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 8.3x | 100 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
SKARBIEC HOLDING SPÓŁKA AKCYJNA (SKH.WA). Latest full fiscal year: 2023; data up to 2023-06-30.
Figures computed from the financial statements: revenue 55.6 m PLN in 2023; YoY growth -41.3%; net margin -44.6%; ROE -13.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 8.3x
What contradicts it
- Net margin: -44.6%
- Interest coverage: -7.6x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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% |
| SKH.WASkarbiec Holding Spółka Akcyjna | 249.4 m | — | -13.2% | -44.6% | −41.3% | +18% / +69% |
| 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 SKH.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
SKARBIEC Holding is a group that creates and manages investment funds through its subsidiary Skarbiec TFI, which generates almost all of the group's revenue. In fiscal 2022/2023 the group recorded a net loss of 24.806 thousand PLN, and its dependence on a single segment means market developments weigh heavily on results 1.
SWOT
Strengths
- The group has a fund management subsidiary that brings in virtually all revenue and has a solid equity base 1.
- The company states it has the infrastructure needed for a hybrid working model, which allowed operational processes to continue 1.
- The range of open, specialist and closed-end funds gives investors a diversified product base 1.
Weaknesses
- Near-total dependence on a single subsidiary means group results rely on one revenue stream 1.
- The group recorded a net loss in fiscal 2022/2023 after a profit in the previous year 1.
- The goodwill impairment on the Skarbiec TFI acquisition shows that expectations for managed funds were adjusted downward 1.
Opportunities
- If investors return to investment funds after the volatile period, assets under management could grow 1.
- The end of the epidemic state could reduce operational uncertainty and support activity in the coming periods 1.
- Expanding the fund range, including funds with foreign exposure, could attract new investor groups 1.
Risks
- Dependence on the management subsidiaryhigh
Almost all group revenue comes from Skarbiec TFI, so a decline in assets under management would directly affect the whole group 1.
- Goodwill impairmenthigh
The group recognised an impairment of goodwill from the Skarbiec TFI acquisition, and the impairment test depends on net sales volumes and assets under management 1.
- Large fund redemptionsmedium
Market volatility could generate large redemptions, especially from funds active on the Warsaw equity market, where liquidity risk is higher 1.
- Effects of interest rates and inflationmedium
Restrictive monetary policy could reduce bond fund returns and discourage investors 1.
- Geopolitical uncertaintylow
The conflict in Ukraine could create additional volatility in financial markets and affect asset prices 1.
Investment thesis
What would need to be true (bull case)
- If financial markets stabilise, assets under management could rise and subsidiary revenue could return to earlier levels 1.
- The group's capital structure, with a substantial equity base, could leave room for investment or development 1.
- The end of the epidemic state and the adaptation to hybrid work could reduce unexpected operating costs 1.
What would break the thesis
- If interest rates stay high, bond fund returns could fall and reduce assets under management 1.
- Near-total dependence on a single subsidiary could amplify the impact of any decline in management activity 1.
- The net loss in fiscal 2022/2023 and the goodwill impairment could signal persistent profitability difficulties 1.
What to watch
- Development of assets under management at Skarbiec TFI and management fee revenue2024
- Result of the next goodwill impairment test on the Skarbiec TFI acquisition30 June 2024
- Redemption flows from bond and equity funds2024
- Trajectory of interest rates and inflation in Poland, relevant for bond funds2024
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
SKARBIEC Holding S.A., based in Warsaw, has as its core activity the creation of open, specialist open and closed-end investment funds, their paid management and representation to third parties, as well as managing a securities portfolio on mandate 1. The group comprises the parent company and the fully owned subsidiary Skarbiec TFI S.A., which manages the funds 1. Group revenue depends largely on the activity of this subsidiary 1.
Segments
Investment fund management (Skarbiec TFI)
This segment, through Skarbiec TFI S.A., is the engine of group revenue, contributing over 95% of consolidated revenue 1. Its revenue depends on the volume of assets under management, and the performance of bond and equity funds directly influences results 1.
Market context
The group operates in the Polish investment fund market, where revenue depends on the value of assets under management and on redemption flows. The annual report notes that high inflation and rising interest rates can reduce returns on bond funds and change investor interest 1. Market volatility can generate a higher volume of redemption or conversion orders 1.
Trends
- Rising interest rates and inflationheadwind
Aggressive central bank policy could reduce returns on bond funds and attract less investor capital 1. The risk of stagflation or recession affects sentiment in both debt and equity markets 1.
- Market volatility and more fund transactionsmixed
Higher volatility could generate more redemption or conversion orders, which is an operational challenge for the management company 1. The company states it is prepared for such situations 1.
- War in Ukraine and geopolitical instabilityheadwind
The conflict could affect global supply chains and could amplify volatility in financial markets, although the managed funds have limited exposure to Ukraine 1.
- End of the epidemic statetailwind
The epidemic and epidemic-threat states have been lifted and the pandemic is no longer considered an important market factor, which reduces operational uncertainty 1.
Competitive position
The group competes with other fund management companies in Poland for investor capital. The sources provided do not name competitors, so the competitive landscape cannot be described in detail from the annual report 1.
- Other fund management companies in Poland
The annual report does not name competitors; the group competes for investor capital in open and specialist funds 1.
- Equity and bond fund management companies
Competition is felt especially in bond and equity funds, which are sensitive to interest rate changes 1.
- Funds with foreign exposure
Funds focused on foreign markets are mentioned separately in the report, pointing to competition different from local-market funds 1.
- Mandate portfolio managers
Mandate management of securities is a market activity with multiple players, on which the source gives no detail 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 Nov 2023
- Annual report 202217 Nov 2022
Sources
- [1] Annual report, fiscal year ended 2023-06-30 (ESEF) · SEC / SKARBIEC HOLDING SPÓŁKA AKCYJNA · 30 Jun 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.