H1 2026 report
Spólka w fazie holdingowej z 19,7 mln PLN gotówki i zerowym dlugiem — baza do ekspansji nieruchomosciowej bez ryzyka finansowego.
Sentiment
Neutral
No guidance change
SHD
H1 2026 report
Revenue
0 k PLN
— YoY
Net income
-0.27 m PLN
— YoY
FCF
7.28 m PLN
— YoY
CFO
7.28 m PLN
— YoY
Summary
Investment thesis
- Emisja akcji serii G (193,9 mln akcji po 0,10 PLN, net 19,1 mln PLN) zdominowana przez dominujacego akcjonariusza (83,7% udzialu po emisji) — kapital pod kontrola jednej rodziny.
- Inwestycja 20 mln PLN po dniu bilansowym w podmiot nieruchomosciowy — pierwsza realna alokacja kapitalu z emisji, ale bez ujawnionej nazwy podmiotu i warunkow transakcji.
- Portfel finansowy (certyfikaty OPOKA 2,6 mln + pozyczka dla powiazanego 8,1 mln) generuje odsetki i wyceny — jedyne zródlo dochodu w fazie pre-operacyjnej.
- Ryzyko: postepowanie podatkowe z 2014 r. (Soho Factory), postepowanie sadowe ws. wad nieruchomosci oraz dalece ograniczona przejrzystosc transakcji z podmiotami powiazanymi.
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Financials
BETA
SHD · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue (k PLN) | 0 | — | — | 0 | — | reported | — | 1.00 |
| EBIT | -0.65 | — | — | -0.65 | — | reported | — | 1.00 |
| EBT | -0.27 | — | — | -0.27 | — | reported | — | 1.00 |
| Net income | -0.27 | — | — | -0.27 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.01 | — | — | -0.01 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 34.32 | — | — | 34.32 | — | reported | — | 1.00 |
| Cash | 19.74 | — | — | 19.74 | — | reported | — | 1.00 |
| Total debt | 0 | — | — | 0 | — | reported | — | 1.00 |
| Net debt | -19.74 | — | — | -19.74 | — | reported | — | 1.00 |
| Equity | 30.47 | — | — | 30.47 | — | reported | — | 1.00 |
| Total assets | 31.1 | — | — | 31.1 | — | reported | — | 1.00 |
| Working capital | 27.85 | — | — | 27.85 | — | reported | — | 1.00 |
| Current assets | 28.35 | — | — | 28.35 | — | reported | — | 1.00 |
| Current liabilities | 0.5 | — | — | 0.5 | — | reported | — | 1.00 |
| CFO | 7.28 | — | — | 7.28 | — | reported | — | 1.00 |
| CapEx | 0 | — | — | 0 | — | reported | — | 1.00 |
| FCF | 7.28 | — | — | 7.28 | — | derived | — | 0.90 |
| Current ratio | 56.47x | — | — | 56.47x | — | reported | — | 1.00 |
| Debt / equity | 0x | — | — | 0x | — | reported | — | 1.00 |
| Net income growth (YoY) | 61.6% | — | — | 61.6% | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
(k PLN)
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
EBIT
-0.65
—
-0.65
—
- H1 2025
- —
- YTD 2026
- -0.65
- Δ YoY
- —
EBT
-0.27
—
-0.27
—
- H1 2025
- —
- YTD 2026
- -0.27
- Δ YoY
- —
Net income
-0.27
—
-0.27
—
- H1 2025
- —
- YTD 2026
- -0.27
- Δ YoY
- —
EPS (basic)
(PLN)
-0.01
—
-0.01
—
- H1 2025
- —
- YTD 2026
- -0.01
- Δ YoY
- —
Shares (basic)
(m units)
34.32
—
34.32
—
- H1 2025
- —
- YTD 2026
- 34.32
- Δ YoY
- —
Cash
19.74
—
19.74
—
- H1 2025
- —
- YTD 2026
- 19.74
- Δ YoY
- —
Total debt
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Net debt
-19.74
—
-19.74
—
- H1 2025
- —
- YTD 2026
- -19.74
- Δ YoY
- —
Equity
30.47
—
30.47
—
- H1 2025
- —
- YTD 2026
- 30.47
- Δ YoY
- —
Total assets
31.1
—
31.1
—
- H1 2025
- —
- YTD 2026
- 31.1
- Δ YoY
- —
Working capital
27.85
—
27.85
—
- H1 2025
- —
- YTD 2026
- 27.85
- Δ YoY
- —
Current assets
28.35
—
28.35
—
- H1 2025
- —
- YTD 2026
- 28.35
- Δ YoY
- —
Current liabilities
0.5
—
0.5
—
- H1 2025
- —
- YTD 2026
- 0.5
- Δ YoY
- —
CFO
7.28
—
7.28
—
- H1 2025
- —
- YTD 2026
- 7.28
- Δ YoY
- —
CapEx
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
FCF
7.28
—
7.28
—
- H1 2025
- —
- YTD 2026
- 7.28
- Δ YoY
- —
Current ratio
56.47x
—
56.47x
—
- H1 2025
- —
- YTD 2026
- 56.47x
- Δ YoY
- —
Debt / equity
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- 0x
- Δ YoY
- —
Net income growth (YoY)
61.6%
—
61.6%
—
- H1 2025
- —
- YTD 2026
- 61.6%
- Δ YoY
- —