FY 2025 report
Rekordowy zysk netto 107,2 mln zł (79,2 mln zł po wyłączeniu zysku z okazyjnego nabycia) wobec 29,6 mln zł w poprzednim okresie 18-miesięcznym.
Sentiment
Positive
No guidance change
SKH
FY 2025 report
Revenue
229.4 m PLN
— YoY
Net income
107.16 m PLN
— YoY
EBITDA
102.2 m PLN
— YoY
Gross margin
26.6%
— YoY
Summary
Investment thesis
- Przychody 229,4 mln zł (+60,9%) napędzane opłatą zmienną (111,8 mln zł) i brokerką Noble Securities (30,7 mln zł od 17.04.2025).
- Brak zadłużenia bankowego, 67,7 mln zł gotówki i 140,1 mln zł aktywów finansowych własnych przy kapitale własnym 287,8 mln zł.
- Wycena według spółki: P/BV 0,81, P/E 2,16 (zniekształcone jednorazówką i 18-miesięcznym okresem).
- Opłata stała spada (84,5 vs 87,3 mln zł) — wzrost przychodów jest mało powtarzalny.
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Financials
BETA
SKH · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 229,400 | — | — | reported | — | 1.00 |
| Gross profit | 61,099 | — | — | reported | — | 1.00 |
| EBITDA | 102,201 | — | — | reported | — | 1.00 |
| EBIT | 93,578 | — | — | reported | — | 1.00 |
| EBT | 125,216 | — | — | reported | — | 1.00 |
| Net income | 107,156 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 15.72 | — | — | derived | — | 0.70 |
| Shares (basic) (m units) | 6.82 | — | — | reported | — | 1.00 |
| Gross margin | 26.6% | — | — | derived | — | 0.70 |
| EBITDA margin | 44.6% | — | — | derived | — | 0.70 |
| EBIT margin | 40.8% | — | — | derived | — | 0.70 |
| EBT margin | 54.6% | — | — | derived | — | 0.70 |
| Net margin | 46.7% | — | — | derived | — | 0.70 |
| Cash | 67,749 | — | — | reported | — | 1.00 |
| Equity | 287,800 | — | — | reported | — | 1.00 |
| Total assets | 1,093,222 | — | — | reported | — | 1.00 |
| Current assets | 1,015,435 | — | — | reported | — | 1.00 |
| Trade receivables (m PLN) | 122.7 | — | — | reported | — | 0.90 |
| ROE | 37.2% | — | — | derived | — | 0.80 |
| ROA | 9.8% | — | — | derived | — | 0.75 |
| Current ratio | 1.3x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 60.9% | — | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 282.9% | — | — | derived | — | 0.70 |
| EBIT growth (YoY) | 315.7% | — | — | derived | — | 0.70 |
| Net income growth (YoY) | 261.6% | — | — | derived | — | 0.70 |
| Market cap | 231.81 | — | — | reported | — | 1.00 |
| P/E | 2.16x | — | — | reported | — | 0.90 |
| P/BV | 0.81x | — | — | reported | — | 0.90 |
FY 2025 · Δ YoY
Revenue
229,400
—
229,400
—
- FY 2024
- —
Gross profit
61,099
—
61,099
—
- FY 2024
- —
EBITDA
102,201
—
102,201
—
- FY 2024
- —
EBIT
93,578
—
93,578
—
- FY 2024
- —
EBT
125,216
—
125,216
—
- FY 2024
- —
Net income
107,156
—
107,156
—
- FY 2024
- —
EPS (basic)
(PLN)
15.72
—
15.72
—
- FY 2024
- —
Shares (basic)
(m units)
6.82
—
6.82
—
- FY 2024
- —
Gross margin
26.6%
—
26.6%
—
- FY 2024
- —
EBITDA margin
44.6%
—
44.6%
—
- FY 2024
- —
EBIT margin
40.8%
—
40.8%
—
- FY 2024
- —
EBT margin
54.6%
—
54.6%
—
- FY 2024
- —
Net margin
46.7%
—
46.7%
—
- FY 2024
- —
Cash
67,749
—
67,749
—
- FY 2024
- —
Equity
287,800
—
287,800
—
- FY 2024
- —
Total assets
1,093,222
—
1,093,222
—
- FY 2024
- —
Current assets
1,015,435
—
1,015,435
—
- FY 2024
- —
Trade receivables
(m PLN)
122.7
—
122.7
—
- FY 2024
- —
ROE
37.2%
—
37.2%
—
- FY 2024
- —
ROA
9.8%
—
9.8%
—
- FY 2024
- —
Current ratio
1.3x
—
1.3x
—
- FY 2024
- —
Revenue growth (YoY)
60.9%
—
60.9%
—
- FY 2024
- —
EBITDA growth (YoY)
282.9%
—
282.9%
—
- FY 2024
- —
EBIT growth (YoY)
315.7%
—
315.7%
—
- FY 2024
- —
Net income growth (YoY)
261.6%
—
261.6%
—
- FY 2024
- —
Market cap
231.81
—
231.81
—
- FY 2024
- —
P/E
2.16x
—
2.16x
—
- FY 2024
- —
P/BV
0.81x
—
0.81x
—
- FY 2024
- —