olivLaw · European equity research
SKYLINE INVESTMENT SPÓŁKA AKCYJNA SKL.WA
Poland · GPW Warszawa · ISIN PLSKLNW00011 · Vertical: Listed companies from Poland
Skyline Investment S.A. is a Warsaw-based investment holding and advisory group that supports companies from start-up to expansion stage as well as firms facing financial difficulties. In 2023 the group reported a positive net result after the loss of 2022, and its equity rose to 62 439 thousand PLN, but its revenues and results depend heavily on portfolio revaluations and capital market conditions.
At the close of 04 Nov 2026, SKYLINE INVESTMENT SPÓŁKA AKCYJNA (SKL.WA) stock was 1.10 PLN (+0.00% on the day), with market capitalisation 25.7 m PLN, P/E 1.7 on diluted EPS of 0.63 PLN over the last 12 months, beta 0.03, 52-week range 1.10–1.68 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)
- 23.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.00 – 1.36
- in the lower half of the band · %B 0.27 · band width 30.4%
- SMA 50 / 200
- 1.37 / 1.46
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.09
- 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 | −19.1% | −0.6% | −18.5 pp | — |
| 3 months | −21.4% | −4.2% | −17.3 pp | — |
| 6 months | −26.7% | +4.3% | −31.0 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | −26.2% | +9.9% | −36.1 pp | +7.1% |
| 3 years | −39.2% | +49.8% | −89.1 pp | +3.3% |
| 5 years | +7.8% | +42.8% | −35.0 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.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 2.9, median 3.7, max 4.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 277.0 k | 165.0 k | 16.0 k |
| Revenue YoY | unavailable | −40.4% | −90.3% |
| Net income | 3.7 m | -3.6 m | 14.7 m |
| Net income YoY | unavailable | −197.8% | unavailable |
| Diluted EPS | 0.16 | -0.15 | 0.63 |
| Diluted EPS YoY | unavailable | −193.8% | unavailable |
| net % | 1,331.4% | -2,186.7% | 92,156.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 143.0 k PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 62.4 m PLN
- Total assets
- 76.1 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.13x
- ROE
- 26.8%
- ROA
- 22.6%
- 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 | 277.0 k | 165.0 k | 16.0 k | esef· 01 May 2024verified |
| Cost of revenue | 39.0 k | 38.0 k | 0 | esef· 01 May 2024verified |
| Gross profit | 238.0 k | 127.0 k | 16.0 k | esef· 01 May 2024verified |
| Operating income | 1.6 m | -1.3 m | 19.8 m | esef· 01 May 2024verified |
| Interest expense | 80.0 k | 70.0 k | 44.0 k | esef· 01 May 2024verified |
| Pre-tax income | 3.5 m | -3.9 m | 20.7 m | esef· 01 May 2024verified |
| Income tax | -225.0 k | -213.0 k | 5.9 m | esef· 01 May 2024verified |
| Net income | 3.7 m | -3.6 m | 14.7 m | esef· 01 May 2024verified |
| Diluted EPS | 0.16 | -0.15 | 0.63 | esef· 01 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.3 m | 775.0 k | 143.0 k | esef· 01 May 2024verified |
| Receivables | 2.1 m | 213.0 k | 97.0 k | esef· 01 May 2024verified |
| Inventories | 0 | 0 | 0 | esef· 01 May 2024verified |
| Current assets | 3.3 m | 1.2 m | 254.0 k | esef· 01 May 2024verified |
| Property, plant & equipment, net | 569.0 k | 586.0 k | 468.0 k | esef· 01 May 2024verified |
| Goodwill | 0 | 0 | 0 | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 0 | 39.0 k | 61.0 k | esef· 01 May 2024verified |
| Total assets | 58.6 m | 54.7 m | 76.1 m | esef· 01 May 2024verified |
| Accounts payable | 309.0 k | 185.0 k | 153.0 k | esef· 01 May 2024verified |
| Current liabilities | 1.3 m | 1.8 m | 1.9 m | esef· 01 May 2024verified |
| Total liabilities | 7.2 m | 7.0 m | 13.6 m | esef· 01 May 2024verified |
| Equity | 51.4 m | 47.7 m | 62.4 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 23.1 m | 24.1 m | 23.4 m | esef· 01 May 2024derived |
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: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 25.7 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 92,156.3% | 100 (vs peers) | 23% |
| 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 | 450.4x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.1x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 1.7x | 84 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial84/100 · 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
SKYLINE INVESTMENT SPÓŁKA AKCYJNA (SKL.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 16.0 k PLN in 2023; YoY growth -90.3%; net margin 92,156.2%; ROE 26.7%.
The estimated value range is 4.01–11.08 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.97 PLN, the price of 1.10 PLN leaves a potential of 533.6% (value / price − 1) and a margin of safety of 84.2% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 92,156.2%
- Interest coverage: 450.4x
- P/E (TTM): 1.7x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), 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% |
| SKL.WASkyline Investment Spółka Akcyjna | 25.7 m | 1.7 | 26.7% | 92,156.3% | −90.3% | −22% / −40% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for SKL.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 | 0.59 Total return -47% · Per year -47% | 1.04 Total return -5% · Per year -5% | 1.58 Total return 44% · Per year 44% |
| 3 years | 0.47 Total return -58% · Per year -25% | 0.94 Total return -14% · Per year -5% | 1.58 Total return 44% · Per year 13% |
| 5 years | 0.37 Total return -66% · Per year -20% | 0.85 Total return -23% · Per year -5% | 1.58 Total return 44% · Per year 8% |
- Exit P/E± 0.24
- Net margin± 0.17
- Annual revenue growth± 0.15
- Annual dilution± 0.01
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
Skyline Investment S.A. is a Warsaw-based investment holding and advisory group that supports companies from start-up to expansion stage as well as firms facing financial difficulties. In 2023 the group reported a positive net result after the loss of 2022, and its equity rose to 62 439 thousand PLN, but its revenues and results depend heavily on portfolio revaluations and capital market conditions.
SWOT
Strengths
- The group is a holding structure with several subsidiaries specialised in investment, advisory and energy, which allows service diversification 1.
- Equity grew in 2023 and the period result was positive after the prior year's loss, according to the financial statements 1.
- The parent company has been a listed company for many years, which brings reporting duties and access to public information 1.
Weaknesses
- Results are strongly influenced by portfolio revaluations, and much of the 2023 profit came from non-cash adjustments, making the result volatile 1.
- Cash and equivalents fell during 2023, and operating cash flow remained negative 1.
- Some holdings are not consolidated because real control is lacking, and the subsidiary Skyline Venture is in liquidation, which limits transparency 1.
Opportunities
Threats
Risks
- Portfolio market riskhigh
The value of investments may fall, and fair value revaluations directly affect the group's financial result 1.
- Liquidity risk of investmentshigh
Shares and stakes in unlisted companies sell slowly, and the group might not be able to close positions or obtain the desired price 1.
- Concentration riskmedium
Two entities, Skyline Development and Skyline Venture in liquidation, have a major impact on the group's financial result 1.
- Tax and legal system riskmedium
The Polish tax system is unstable, and regulatory changes could raise the group's tax burden 1.
- Trading suspension or delisting risklow
The exchange or the supervisory authority could suspend or exclude the parent company's shares if rules are breached or trading becomes insufficient 1.
Investment thesis
What would need to be true (bull case)
- If the Dorohusk land negotiations are completed, the group could turn real estate assets into liquidity and strengthen its balance sheet 1.
- A portfolio including growing companies could generate value gains during economic recovery, according to the model the group describes 1.
- Diversification across investments, funding advisory and energy services could stabilise revenues if one segment weakens 1.
What would break the thesis
- The 2023 result depended largely on non-cash adjustments, and operating cash flow remained negative, which raises questions about the quality of earnings 1.
- If the advisory market keeps contracting under price pressure, service revenues could continue to fall 1.
- Reliance on the stock exchange for exiting investments could block the sale of holdings during a capital market downturn 1.
What to watch
- Progress of Skyline Venture liquidation and its effect on consolidation2024
- Level of cash and equivalents and operating cash flow2024
- Portfolio fair value revaluations in the next annual reportnext 10-K
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 Skyline Investment S.A. Group includes the parent company and several subsidiaries, among them Skyline Development, Skyline Venture, Skyline Interim Management, Skyline Energy and Lazuria, according to the 2023 annual report 1. Its activity is described as aimed at two groups of businesses: firms from start-up to expansion and firms with financial problems, including bankruptcy 1. The parent company has been a public company since March 2008 1.
The business profile combines venture capital investments, financial advisory and services for attracting EU and national funds, as well as energy and real estate consulting 1. Part of the investments was made through a venture capital fund managed by Skyline Venture, a subsidiary now in liquidation 1. The group values its investments at fair value, so results are sensitive to revaluations 1.
Segments
Venture capital investments and portfolio
Investing in companies at an early stage or in development is, according to the 2023 report, the main driver of the group's results, though their value depends on periodic valuations 1. Skyline Venture once managed the fund but entered liquidation, and a bankruptcy petition was filed on 30 May 2023 1.
Market context
The group operates in the market for advisory to growing and distressed firms, capital investment in unlisted companies and funding services, all tied to economic conditions in Poland 1. The report indicates that demand for these services can fall during economic slowdowns and investors may see portfolio value losses 1.
The company stresses that its exit strategy relies on the regulated market of the Warsaw Stock Exchange, so exit opportunities depend on exchange conditions 1. Amid growing competition from other entities with similar models, obtaining new projects could become harder 1.
Trends
- Slowdown in advisory demandheadwind
The report notes a shift in advisory, where many clients cut spending on external services and price remains the decisive criterion, which may compress revenues in this segment 1.
- Demand for external fundingmixed
Services for finding external capital remain sought after, according to the report, but price pressure limits margins in this activity 1.
- EU and national fundstailwind
Access to EU and national funds remains a core service of Skyline Interim Management, which could support demand if funding programmes continue 1.
- Stock market volatilityheadwind
Because exits rely on the Warsaw Stock Exchange, a weak market could prevent the sale of holdings and affect financial results 1.
Competitive position
The 2023 annual report does not explicitly name competitors, but it stresses that interest from other entities in similar activities is rising and makes access to new projects harder 1. Competition is felt both in winning advisory mandates and in acquiring stakes in early-stage companies 1.
Competitive pressure also shows in pricing, as advisory clients increasingly choose on cost, which could reduce the group's margins in its service segments 1.
- Other venture capital funds and private investors in Poland
The report only mentions in general terms the rising interest of other entities in similar activities, without naming them 1.
- EU funding advisory firms
These firms offer services comparable to those of Skyline Interim Management, according to the activity description in the report 1.
- Energy cost consulting firms
Competition in energy cost reduction is implicit in the description of Skyline Energy's activity 1.
- Financial advisory firms for distressed companies
The segment of services for firms with financial problems is described as a competitive market in the report 1.
News & filings
In the press
- Stories behind the skylinePolitico EU · 30 Oct 2026 · EN
- A new skyline of data centres is rising from the rolling plains of rural ChinaBBC News — Technology · 22 Sept 2026 · EN
- Skyline Society @ naive - Zile și NopțiSurge — Google News · 17 Sept 2026 · RO
- Show HN: Skyline Co-op is like SimTower, but built around democratic socialismHacker News · 06 Aug 2026 · EN
- Thick black smoke towers over Paris skyline after warehouse blazeAl Jazeera English · 17 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202210 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / SKYLINE INVESTMENT SPÓŁKA AKCYJNA · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.