Skarbiec Holding S.A. (SKH) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Skarbiec Holding S.A. PLN 74.80, price PLN 37.30, upside +100.5%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 13.43 PLN – 40.50 PLN · fair‑value band 52.08 PLN – 166.76 PLN · the 37.30 PLN price screens below the 74.80 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Skarbiec Holding S.A. engages in creation and management of investment funds in Poland. The company also involved in managing various types of investment funds, including open-end, specialized open-end, and closed-end funds. It also offers portfolio management services for financial instruments on behalf of clients.
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Skarbiec Holding S.A. engages in creation and management of investment funds in Poland. The company also involved in managing various types of investment funds, including open-end, specialized open-end, and closed-end funds. It also offers portfolio management services for financial instruments on behalf of clients. In addition, it offers asset management services. 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. was founded 1997 and is based in Warsaw, Poland.
Stock analysis
Skarbiec Holding S.A. (SKH) currently trades at 37.30 PLN, while our model-based Fair Value estimate is 74.80 PLN, implying the stock looks roughly 50.1% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 347.35 PLN per share, and 10 of the 11 models we run sit above the 37.30 PLN price.
Bear case: the Asset-Based group reads lowest at 28.28 PLN, and 1 of the 11 models stay below the price. Evidence for this calculation is medium.
Scenario range: 52.08 PLN (bear) to 166.76 PLN (bull), the price of 37.30 PLN sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Skarbiec Holding S.A. reported revenue of 238M PLN in FY2025 versus 94.8M PLN in FY2021, a compound +25.8%/yr. Reported net income was 107M PLN in FY2025, compounding +83.4%/yr from FY2021.
Key figures
Market cap 254M PLN (≈ $66.2M) · P/E ratio 3.6 · P/S ratio 1.63 · EPS (TTM) 10.34 PLN · Net margin 45.1% · Return on equity 29.2% · Return on assets (EBIT) 1.4% · Operating margin −15.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 82% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 101%, SKH screens cheaper than that median.
Fair Value models
Bear 52.08 PLNFair Value 74.80 PLNBull 166.76 PLN
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (7.59 PLN per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+112.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+62.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.5%
Start year 2020 (pandemic). Over 10 years: +12.2% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +13.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.29% vs 19%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.46% → 29%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 220% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−22.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about −24.9% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 656 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Below median
Fair Value upside+101% · Top 25%
Profitability
Return on equity (TTM)29% · Top 25%
Return on assets2% · Below median
Net margin (TTM)55% · Above median
Operating margin (TTM)−16% · Bottom 25%
Growth and dividend
Revenue growth116% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
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Is Skarbiec Holding S.A. (SKH) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 74.80 PLN versus a price of 37.30 PLN, about +101% upside (undervalued).
What is the fair value of SKH?
Our model-based fair value for Skarbiec Holding S.A. is 74.80 PLN (as of Sep 23, 2026), built from audited fundamentals. The current price: 37.30 PLN.
What is the quality score of SKH?
Skarbiec Holding S.A. has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Skarbiec Holding S.A. (SKH)?
Our model-based price target is the fair value of 74.80 PLN (as of Sep 23, 2026) from 11 valuation models. Cautious scenario 52.08 PLN, optimistic scenario 166.76 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Skarbiec Holding S.A. stock forecast for 2026?
Our models put fair value at 74.80 PLN, about +101% upside versus a price of 37.30 PLN (undervalued). Cautious scenario 52.08 PLN, optimistic scenario 166.76 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Skarbiec Holding S.A. (SKH)?
Skarbiec Holding S.A. reported trailing-twelve-month revenue of about 112M PLN (latest available figure, as of Sep 23, 2026).
What growth is priced into Skarbiec Holding S.A. (SKH)?
For today's price to be fair in a discounted-cash-flow model, Skarbiec Holding S.A. would have to grow free cash flow by -22.6 % per year for five years (discount rate 13.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of SKH use?
Our models discount Skarbiec Holding S.A. at 13.8 %: a base by market capitalisation (micro), damped by beta 1.07, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Skarbiec Holding S.A. that is -22.6 % per year a year over ten years, using the same discount rate (13.8 %) and the same formula as our fair value.
How much growth has Skarbiec Holding S.A. (SKH) delivered so far?
Over the past 5 years revenue at Skarbiec Holding S.A. grew +7.5 % a year. The price currently implies -22.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Skarbiec Holding S.A. (SKH) growing?
The median revenue growth in the sector is +8.3 % a year. That is the yardstick for the growth priced into Skarbiec Holding S.A. (-22.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Skarbiec Holding S.A. (SKH)?
The free-cash-flow yield on the price is 7.68 %: that much free cash flow Skarbiec Holding S.A. produces per unit of market value. When it exceeds the discount rate of our models (13.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Skarbiec Holding S.A. (SKH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Skarbiec Holding S.A. it is 74.80 PLN per share (as of Sep 23, 2026), against a price of 37.30 PLN. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Skarbiec Holding S.A. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, SKH trades below its calculated fair value: price 37.30 PLN, fair value 74.80 PLN, a gap of about +101% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SKH?
No. The price is what the market pays today (37.30 PLN); the fair value is what the company's own numbers justify (74.80 PLN). For Skarbiec Holding S.A. the two are 37.50 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Skarbiec Holding S.A. worth?
The market values Skarbiec Holding S.A. at about 254M PLN (market capitalisation, as of Sep 23, 2026). Per share that is 37.30 PLN; our models calculate a fair value of 74.80 PLN per share.
What do the bullish and bearish scenarios say about SKH?
Our models span a range for Skarbiec Holding S.A.: cautious scenario 52.08 PLN, base 74.80 PLN, optimistic 166.76 PLN per share (as of Sep 23, 2026, price 37.30 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SKH?
Skarbiec Holding S.A. trades at a price-to-earnings ratio of 3.6 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 74.80 PLN is built from several models across several years. Other multiples: P/B 0.2, P/S 0.6.
How solid is the balance sheet of Skarbiec Holding S.A. (SKH)?
Balance-sheet figures for Skarbiec Holding S.A. (as of Sep 23, 2026): return on equity 29.2%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is SKH from its 52-week high?
Skarbiec Holding S.A. trades at 37.30 PLN, about 8% below its 52-week high of 40.50 PLN and 82% above the low of 20.52 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 74.80 PLN is for.
Which stocks are comparable to Skarbiec Holding S.A.?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Skarbiec Holding S.A. stock attractive at the current price?
The data as of Sep 23, 2026: price 37.30 PLN, calculated fair value 74.80 PLN (+101%), Quality Score 55/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SKH calculated?
We run Skarbiec Holding S.A. through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 74.80 PLN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Skarbiec Holding S.A. currently trades 101 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Skarbiec Holding S.A. (SKH)?
The closing price on Sep 24, 2026 was 37.30 PLN. Our model-based fair value is 74.80 PLN, about +101% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Skarbiec Holding S.A. right now?
The price is below even our cautious bear case (52.08 PLN). The market is more pessimistic than our downside scenario. The model range is unusually wide (52.08 PLN to 166.76 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Skarbiec Holding S.A. (SKH) come from?
Earnings per share at Skarbiec Holding S.A. grew +15.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.7 %, EBIT margin +2.1 %, tax rate +1.0 %, residual (interest, one-offs) +5.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Skarbiec Holding S.A.
How large is the market capitalisation of Skarbiec Holding S.A. (SKH)?
The market capitalisation of Skarbiec Holding S.A. is 254M PLN (≈ $66.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Skarbiec Holding S.A. (SKH)?
The price-to-sales ratio of Skarbiec Holding S.A. is 1.63 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Skarbiec Holding S.A. (SKH)?
Earnings per share at Skarbiec Holding S.A. are 10.34 PLN (price ÷ EPS = P/E 3.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Skarbiec Holding S.A. (SKH)?
The net margin of Skarbiec Holding S.A. is 45.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Skarbiec Holding S.A. (SKH)?
The return on equity (ROE) of Skarbiec Holding S.A. is 29.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Skarbiec Holding S.A. (SKH)?
On an EBIT basis the return on assets of Skarbiec Holding S.A. is 1.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Skarbiec Holding S.A. (SKH)?
The operating margin of Skarbiec Holding S.A. is −15.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Skarbiec Holding S.A. (SKH)?
Revenue at Skarbiec Holding S.A. is growing +116% versus a year earlier (3y avg +62.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Skarbiec Holding S.A. (SKH)?
Earnings per share at Skarbiec Holding S.A. are growing −7.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Skarbiec Holding S.A. (SKH) hold?
Skarbiec Holding S.A. holds more cash than debt, 62.7M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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