Skarbiec Holding S.A.

SKH.WA

Asset Management · Financial Services

Price

39.70 PLN

-0.80 (-1.98%)

Market Cap

270.7M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Data not available

Stability

Data not available

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Skarbiec Holding S.A. is a Polish asset management company based in Warsaw. It runs investment funds for individual and institutional clients, helping them grow their savings by investing in stocks, bonds, and other assets. Skarbiec is one of the older independent asset managers in Poland, operating in a market dominated by bank-owned fund companies.

The company earns money primarily through management fees charged as a percentage of the assets it oversees, plus performance fees when funds beat their targets. It operates almost entirely in Poland, making it a small, domestically focused business with roughly $0.2 billion in market value. Its main competitive advantage is its independent status and established brand, but it faces constant pressure from larger bank-affiliated rivals with bigger distribution networks. The key risk is that falling stock markets reduce the value of assets under management, which directly shrinks fee revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+118.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-7.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

6.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

250M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Skarbiec Holding S.A. grew revenue 119% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 3y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 6.8M (2022) → 6.8M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

56.7%

Premium pricing power — 56.7% gross margin

Profit after running costs

Operating Margin

-10.7%

Losing money on operations — -10.7%

Return on the money invested

ROCE

-1.2%

Weak — -1.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

1.9x

Attractive valuation — P/E 1.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-6.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

17.62%

Healthy income — 17.62% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

Data not available

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