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Skarbiec Holding

WSE:SKH
Snowflake Description

Flawless balance sheet with outstanding track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SKH
WSE
PLN121M
Market Cap
  1. Home
  2. PL
  3. Diversified Financials
Company description

Skarbiec Holding S.A. creates and manages investment funds in Poland. The last earnings update was 28 days ago. More info.


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SKH Share Price and Events
7 Day Returns
1.4%
WSE:SKH
0.9%
PL Capital Markets
0.6%
PL Market
1 Year Returns
-22.8%
WSE:SKH
-1.6%
PL Capital Markets
-7.3%
PL Market
SKH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Skarbiec Holding (SKH) 1.4% -0.6% -2.2% -22.8% -33.6% -46.7%
PL Capital Markets 0.9% 4.5% 1.4% -1.6% -23.5% -33.2%
PL Market 0.6% -4.2% -2.9% -7.3% -1.7% -10.7%
1 Year Return vs Industry and Market
  • SKH underperformed the Capital Markets industry which returned -1.6% over the past year.
  • SKH underperformed the Market in Poland which returned -7.3% over the past year.
Price Volatility
SKH
Industry
5yr Volatility vs Market

SKH Value

 Is Skarbiec Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Skarbiec Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Skarbiec Holding.

WSE:SKH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= PLN14.51 * 25%
PLN3.62
Book Value of Equity per Share Median Book Value from the past 5 years. PLN14.51
Discount Rate (Cost of Equity) See below 9.9%
Perpetual Growth Rate 10-Year PL Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WSE:SKH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.5%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.78
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.782 (1 + (1- 19%) (5.08%))
1.219
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.22
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.99% + (1.219 * 6.51%)
9.92%

Discounted Cash Flow Calculation for WSE:SKH using Excess Returns Model Model

The calculations below outline how an intrinsic value for Skarbiec Holding is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

WSE:SKH Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (25% – 9.92%) * PLN14.51)
PLN2.18
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= PLN2.18 / (9.92% - 1.99%)
PLN27.52
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= PLN14.51 + PLN27.52
PLN42.04
WSE:SKH Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN42.04
Current discount Discount to share price of PLN17.60
= -1 x (PLN17.60 - PLN42.04) / PLN42.04
58.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Skarbiec Holding is available for.
Intrinsic value
>50%
Share price is PLN17.6 vs Future cash flow value of PLN42.04
Current Discount Checks
For Skarbiec Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Skarbiec Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Skarbiec Holding's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Skarbiec Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Skarbiec Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:SKH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in PLN PLN4.52
WSE:SKH Share Price ** WSE (2019-12-13) in PLN PLN17.6
Poland Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 16.96x
Poland Market PE Ratio Median Figure of 413 Publicly-Listed Companies 10.97x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Skarbiec Holding.

WSE:SKH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:SKH Share Price ÷ EPS (both in PLN)

= 17.6 ÷ 4.52

3.9x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Skarbiec Holding is good value based on earnings compared to the PL Capital Markets industry average.
  • Skarbiec Holding is good value based on earnings compared to the Poland market.
Price based on expected Growth
Does Skarbiec Holding's expected growth come at a high price?
Raw Data
WSE:SKH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.9x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-42.3%per year
Europe Capital Markets Industry PEG Ratio Median Figure of 57 Publicly-Listed Capital Markets Companies 1.59x
Poland Market PEG Ratio Median Figure of 105 Publicly-Listed Companies 0.91x

*Line of best fit is calculated by linear regression .

WSE:SKH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 3.9x ÷ -42.3%

-0.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Skarbiec Holding earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Skarbiec Holding's assets?
Raw Data
WSE:SKH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in PLN PLN15.64
WSE:SKH Share Price * WSE (2019-12-13) in PLN PLN17.6
Poland Capital Markets Industry PB Ratio Median Figure of 35 Publicly-Listed Capital Markets Companies 1.07x
Poland Market PB Ratio Median Figure of 638 Publicly-Listed Companies 1x
WSE:SKH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:SKH Share Price ÷ Book Value per Share (both in PLN)

= 17.6 ÷ 15.64

1.13x

* Primary Listing of Skarbiec Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Skarbiec Holding is overvalued based on assets compared to the PL Capital Markets industry average.
X
Value checks
We assess Skarbiec Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Skarbiec Holding has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SKH Future Performance

 How is Skarbiec Holding expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-42.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Skarbiec Holding expected to grow at an attractive rate?
  • Skarbiec Holding's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2%.
Growth vs Market Checks
  • Skarbiec Holding's earnings are expected to decrease over the next 1-3 years, this is below the Poland market average.
  • Skarbiec Holding's revenues are expected to decrease over the next 1-3 years, this is below the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:SKH Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:SKH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -42.3%
WSE:SKH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -7.9%
Europe Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 16.3%
Europe Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.9%
Poland Market Revenue Growth Rate Market Cap Weighted Average 5.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WSE:SKH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:SKH Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-06-30 73 1
2023-06-30 70 1
2022-06-30 70 9 1
2021-06-30 89 12 2
2020-06-30 76 12 1
2019-12-13
WSE:SKH Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2019-09-30 109 38 31
2019-06-30 113 33 31
2019-03-31 110 18 24
2018-12-31 97 21 16
2018-09-30 101 20 18
2018-06-30 101 25 20
2018-03-31 107 33 27
2017-12-31 111 29 30
2017-09-30 105 36 28
2017-06-30 109 31 32
2017-03-31 96 20 25
2016-12-31 82 21 19

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Skarbiec Holding's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Skarbiec Holding's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WSE:SKH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Skarbiec Holding Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:SKH Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-06-30
2023-06-30
2022-06-30
2021-06-30
2020-06-30
2019-12-13
WSE:SKH Past Financials Data
Date (Data in PLN Millions) EPS *
2019-09-30 4.52
2019-06-30 4.57
2019-03-31 3.50
2018-12-31 2.34
2018-09-30 2.68
2018-06-30 2.88
2018-03-31 3.99
2017-12-31 4.35
2017-09-30 4.10
2017-06-30 4.76
2017-03-31 3.62
2016-12-31 2.82

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Skarbiec Holding will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Skarbiec Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Skarbiec Holding has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SKH Past Performance

  How has Skarbiec Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Skarbiec Holding's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Skarbiec Holding's year on year earnings growth rate has been positive over the past 5 years.
  • Skarbiec Holding's 1-year earnings growth exceeds its 5-year average (68.5% vs 12.1%)
  • Skarbiec Holding's earnings growth has exceeded the PL Capital Markets industry average in the past year (68.5% vs -51.3%).
Earnings and Revenue History
Skarbiec Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Skarbiec Holding Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:SKH Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 109.08 30.81 0.58
2019-06-30 112.89 31.17 0.58
2019-03-31 109.79 23.86 0.52
2018-12-31 97.40 15.98 0.59
2018-09-30 101.50 18.28 0.54
2018-06-30 101.50 19.61 0.53
2018-03-31 106.79 27.22 0.35
2017-12-31 110.53 29.69 0.52
2017-09-30 105.29 27.98 0.48
2017-06-30 109.23 32.47 0.48
2017-03-31 96.15 24.72 0.69
2016-12-31 82.38 19.24 0.53
2016-09-30 81.65 19.26 0.62
2016-06-30 75.39 12.99 0.65
2016-03-31 77.58 9.22 0.68
2015-09-30 92.39 16.51 0.65
2015-06-30 95.86 17.95 0.69
2014-12-31 91.06 13.72
2014-09-30 97.03 18.65 0.20
2014-06-30 103.01 23.58 1.11
2014-03-31 102.18 26.25 1.11
2013-12-31 101.35 28.92 1.11
2012-12-31 59.03 10.28

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Skarbiec Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Skarbiec Holding used its assets more efficiently than the PL Capital Markets industry average last year based on Return on Assets.
  • Skarbiec Holding has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Skarbiec Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Skarbiec Holding has a total score of 6/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SKH Health

 How is Skarbiec Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Skarbiec Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Skarbiec Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Skarbiec Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Skarbiec Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Skarbiec Holding has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Skarbiec Holding Company Filings, last reported 2 months ago.

WSE:SKH Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 106.65 0.00 63.87
2019-06-30 103.24 0.00 54.37
2019-03-31 92.44 0.00 34.30
2018-12-31 78.56 0.00 29.39
2018-09-30 106.19 0.00 55.42
2018-06-30 102.41 0.00 50.39
2018-03-31 98.93 0.00 44.83
2017-12-31 92.92 0.00 38.11
2017-09-30 105.70 0.00 52.96
2017-06-30 100.83 0.00 42.89
2017-03-31 90.52 0.00 29.84
2016-12-31 81.13 0.00 27.40
2016-09-30 99.00 0.00 32.13
2016-06-30 89.34 0.00 25.84
2016-03-31 86.11 0.00 21.77
2015-09-30 101.06 0.00 41.33
2015-06-30 97.66 0.00 37.07
2014-12-31 83.35 0.00 26.19
2014-09-30 83.35 0.00 26.19
2014-06-30 72.36 0.00 15.60
2014-03-31 72.36 0.00 15.60
2013-12-31 93.81 0.00 39.34
2012-12-31 69.90 0.00 10.08
  • Skarbiec Holding has no debt.
  • Skarbiec Holding has not taken on any debt in the past 5 years.
  • Skarbiec Holding has no debt, it does not need to be covered by operating cash flow.
  • Skarbiec Holding has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Skarbiec Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Skarbiec Holding has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SKH Dividends

 What is Skarbiec Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.84%
Current annual income from Skarbiec Holding dividends. Estimated to be 18.1% next year.
If you bought PLN2,000 of Skarbiec Holding shares you are expected to receive PLN57 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Skarbiec Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Poland (2.59%).
  • Skarbiec Holding's dividend is below the markets top 25% of dividend payers in Poland (7.22%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WSE:SKH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Europe Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 109 Stocks 3.3%
Poland Market Average Dividend Yield Market Cap Weighted Average of 199 Stocks 4.5%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.6%
Poland Top 25% Dividend Yield 75th Percentile 7.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WSE:SKH Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2024-06-30
2023-06-30
2022-06-30
2021-06-30 3.15 1.00
2020-06-30 3.22 1.00
2019-12-13
WSE:SKH Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2019-11-26 0.500 2.863
2018-10-10 4.450 24.463
2017-10-11 2.620 9.576
2016-10-25 3.080 10.183
2016-08-26 3.080 9.694
2015-11-12 3.120 10.674
2015-08-28 3.120 9.126
2015-02-11 2.950 7.092

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Skarbiec Holding has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Skarbiec Holding has only been paying a dividend for 5 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Skarbiec Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Skarbiec Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Skarbiec Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Skarbiec Holding has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SKH Management

 What is the CEO of Skarbiec Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Anna Milewska
COMPENSATION PLN0
CEO Bio

Ms. Anna Stanislawa Milewska served as a Member of Supervisory Board of Skarbiec Holding S.A. since 2018 until March 2019 and serves as its Member of Management Board since December 19, 2018. She serves as President of Management Board at Skarbiec Holding S.A. Ms. Milewska served as a Vice President of the Management Board at Bank Ochrony Srodowiska SA from March 23, 2016 to February 21, 2018. Ms. Milewska Education: 1978 to 1983: Warsaw University Economic Science Faculty Post-graduate course at Law and Administration Faculty. On-job experience: 2007 to date: Management Board President, Apartamenty Wilanów sp. z o.o., housing development project. 2005 to 2006: Management Board Member at TVP S.A., in charge of corporate earnings, marketing services, and trade office. 1991 to 2002: with Bank Wspólpracy Europejskiej S.A., as loan inspector, Loan Section head, Branch Director, Loan Department Director, and Sales Department Director. 1984 to 1990: with central administration office’s the Prices Office, the Council of Ministers Office, the Ministry of Administration and Space Planning. Further over the same period: I. Supervisory Board Member: 1. leasing service of Bank Wspólpracy Europejskiej, for 3 years. 2. National Investment Fund, for 2 years. 3. Polish television TVP S.A., for 5 years. II. Chancellor, “Olympus” Higher School. III. Management Board President and partner with Business Chancellery Elma Plus sp. z o.o., from 2005 to date (organizing, on Clients orders, debt financing of business operations). Further: • Certified candidate for membership in Supervisory Boards of Treasury-owned companies. Qualifications: • Certified Insurance Agent (passed examination, about to be entered in official list maintained by the Polish Financial Supervision Authority [KNF]).

CEO Compensation
  • Insufficient data for Anna to compare compensation growth.
  • Insufficient data for Anna to establish whether their remuneration is reasonable compared to companies of similar size in Poland.
Management Team

Anna Milewska

TITLE
President of Management Board

Pawel Tokarski

TITLE
Member of Management Board
TENURE
1 yrs
Board of Directors Tenure

Average tenure of the Skarbiec Holding board of directors in years:

1.1
Average Tenure
  • The average tenure for the Skarbiec Holding board of directors is less than 3 years, this suggests a new board.
Board of Directors

Stanislaw Kluza

TITLE
Chairman of the Supervisory Board
TENURE
1 yrs

Boguslaw Rajca

TITLE
Member of Supervisory Board
TENURE
1.9 yrs

Chris Biedermann

TITLE
Member of Supervisory Board
AGE
51

Raimondo Eggink

TITLE
Member of Supervisory board
TENURE
1.2 yrs

Alicja Kornowicz

TITLE
Member of Supervisory Board
TENURE
0.8 yrs

Jacek Ksen

TITLE
Member of Supervisory Board
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (PLN) Value (PLN)
X
Management checks
We assess Skarbiec Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Skarbiec Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SKH News

Simply Wall St News

What Does Skarbiec Holding SA's (WSE:SKH) PE Ratio Tell You?

Skarbiec Holding SA (WSE:SKH) is trading with a trailing P/E of 6.7x, which is lower than the industry average of 9x. … While SKH might seem like an attractive stock to buy, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions. … I will break down what the P/E ratio is, how to interpret it and what to watch out for

Simply Wall St -

Is It Too Late To Buy Skarbiec Holding SA (WSE:SKH)?

Skarbiec Holding SA (WSE:SKH), a capital markets company based in Poland,. … As a small cap stock, hardly covered by any analysts, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value? … Let’s examine Skarbiec Holding’s valuation and outlook in more detail to determine if there’s still a bargain opportunity

Simply Wall St -

What Does Skarbiec Holding SA's (WSE:SKH) Ownership Structure Look Like?

Today, I will be analyzing Skarbiec Holding SA’s (WSE:SKH) recent ownership structure, an important but not-so-popular subject among individual investors. … The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment. … WSE:SKH Ownership Summary July 17th 18

Simply Wall St -

Want To Invest In Skarbiec Holding SA (WSE:SKH)? Here's How It Performed Lately

Examining how Skarbiec Holding SA (WSE:SKH) is performing as a company requires looking at more than just a years' earnings. … Below, I will run you through a simple sense check to build perspective on how Skarbiec Holding is doing by comparing its most recent earnings with its historical trend, in addition to the performance of its capital markets industry peers. … SKH's trailing twelve-month earnings (from 31 March 2018) of zł27.22m has

Simply Wall St -

Why Skarbiec Holding SA (WSE:SKH) Is An Attractive Investment

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St -

Who Owns Skarbiec Holding SA. (WSE:SKH)?

This size of ownership gives retail investors collective power in deciding on major policy decisions such as executive compensation, appointment of directors and acquisitions of businesses. … This level of ownership gives retail investors the power to sway key policy decisions such as board composition, executive compensation, and potential acquisitions. … Thus, potential investors should look into these business relations and check how it can impact long-term shareholder returns.Next Steps: The company's high institutional ownership makes margin of safety a very important consideration to existing investors since long bull and bear trends often emerge when these big-ticket investors see a change in long-term potential of the company.

Simply Wall St -

Should You Be Tempted To Buy Skarbiec Holding SA. (WSE:SKH) Because Of Its PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for SKH Price per share = PLN28.4 Earnings per share = PLN4.352 ∴ Price-Earnings Ratio = PLN28.4 ÷ PLN4.352 = 6.5x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … SKH’s P/E of 6.5x is lower than its industry peers (15.3x), which implies that each dollar of SKH’s earnings is being undervalued by investors. … For example, if you are inadvertently comparing lower risk firms with SKH, then SKH’s P/E would naturally be lower than its peers, since investors would value those with lower risk with a higher price.

Simply Wall St -

Has Skarbiec Holding SA. (WSE:SKH) Improved Earnings Growth In Recent Times?

Check out our latest analysis for Skarbiec Holding Did SKH's recent earnings growth beat the long-term trend and the industry? … For Skarbiec Holding, its most recent trailing-twelve-month earnings is ZŁ29.69M, which, against last year’s figure, has jumped by a significant 54.31%. … Given that these values may be fairly short-term thinking, I’ve determined an annualized five-year figure for Skarbiec Holding's net income, which stands at ZŁ20.25M This means on average, Skarbiec Holding has been able to increasingly improve its earnings over the last few years as well.

Simply Wall St -

What Does Skarbiec Holding SA.'s (WSE:SKH) Share Price Indicate?

Great news for investors – Skarbiec Holding is still trading at a fairly cheap price. … What’s more interesting is that, Skarbiec Holding’s share price is quite stable, which could mean two things: firstly, it may take the share price a while to move to its intrinsic value, and secondly, there may be less chances to buy low in the future once it reaches that value. … Its prosperous future outlook isn’t fully reflected in the current share price yet, which means it’s not too late to buy SKH.

Simply Wall St -

SKH Company Info

Description

Skarbiec Holding S.A. creates and manages investment funds in Poland. It also provides securities portfolio management, auxiliary financial, and other financial intermediation services, as well as advisory services for securities trading. The company was formerly known as Skarbiec Holding Sp. z o.o. and changed its name to Skarbiec Holding S.A. in March 2014. Skarbiec Holding S.A. is based in Warsaw, Poland.

Details
Name: Skarbiec Holding S.A.
SKH
Exchange: WSE
Founded:
PLN120,675,732
6,817,838
Website: http://www.skarbiecholding.pl
Address: Skarbiec Holding S.A.
26 Lecha Kaczynskiego Street,
Warsaw,
00695,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE SKH Common Bearer Shares Warsaw Stock Exchange PL PLN 18. Nov 2014
LSE 0R4C Common Bearer Shares London Stock Exchange GB PLN 18. Nov 2014
Number of employees
Current staff
Staff numbers
0
Skarbiec Holding employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/13 21:58
End of day share price update: 2019/12/13 00:00
Last estimates confirmation: 2019/12/11
Last earnings filing: 2019/11/15
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.