FY 2025 report
To sprawozdanie jednostkowe czystego holdingu: spółka nie ma przychodów ze sprzedaży, ponosi koszty zarządu (879 tys. zł) i zarabia na odsetkach, wycenie papierów wartościowych i pożyczkach.
Sentiment
Cautious
No guidance change
SNW
FY 2025 report
Revenue
25.12 m PLN
— YoY
Net income
1.8 m PLN
— YoY
Gross margin
23.82%
— YoY
FCF
-917 k PLN
— YoY
Summary
Investment thesis
- Zysk netto 2 790 tys. zł (+5,8% r/r) pochodzi z przychodów finansowych 4 433 tys. zł, w tym ok. 1,7 mln zł z podwyższenia wyceny papierów wartościowych (korekta 3 372 vs 1 704 tys. zł), czyli w dużej mierze niegotówkowo.
- Bilans to forteca finansowa: kapitał własny 91% aktywów, gotówka 14,7 mln zł, dług odsetkowy ok. 0,1 mln zł (leasing).
- Aktywa to głównie udziały w Sanwil Polska (16,9 mln zł), papiery wartościowe (20,2 mln zł) i pożyczki dla podmiotów spoza grupy (6,2 mln zł); wartość holdingu zależy więc od kondycji jednej fabryki i jakości portfela finansowego.
- Dywidendy od spółki zależnej w 2025 r. nie wpłynęły (1 854 tys. zł w 2024), a przepływy operacyjne są ujemne (−845 tys. zł) — holding sam siebie nie finansuje z gotówki operacyjnej.
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Financials
BETA
SNW · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 25,117 | — | — | reported | — | 1.00 |
| Gross profit | 5,982 | — | — | reported | — | 1.00 |
| EBIT | -1,678 | — | — | reported | — | 1.00 |
|
EBIT
standalone
|
-879 | — | — | reported | standalone | 1.00 |
| EBT | 2,239 | — | — | reported | — | 1.00 |
|
EBT
standalone
|
3,239 | — | — | reported | standalone | 1.00 |
| Net income | 1,798 | — | — | reported | — | 1.00 |
|
Net income
standalone
|
2,790 | — | — | reported | standalone | 1.00 |
|
EPS (basic)
(PLN)
standalone
|
0.17 | — | — | reported | standalone | 1.00 |
|
D&A
standalone
|
47 | — | — | reported | standalone | 1.00 |
| Interest expense | 439 | — | — | reported | — | 0.80 |
| Income tax | 441 | — | — | reported | — | 1.00 |
|
Income tax
standalone
|
449 | — | — | reported | standalone | 1.00 |
|
Shares (basic)
(units)
standalone
|
16,003,790 | — | — | reported | standalone | 1.00 |
| Gross margin | 23.82% | — | — | derived | — | 0.70 |
| EBIT margin | -6.68% | — | — | derived | — | 0.70 |
| Net margin | 7.16% | — | — | derived | — | 0.70 |
| Cash | 15,998 | — | — | reported | — | 1.00 |
|
Cash
standalone
|
14,682 | — | — | reported | standalone | 1.00 |
| Total debt | 1,914 | — | — | reported | — | 0.85 |
|
Total debt
standalone
|
104 | — | — | reported | standalone | 0.85 |
| Net debt | -14,084 | — | — | reported | — | 0.80 |
|
Net debt
standalone
|
-14,578 | — | — | reported | standalone | 0.80 |
| Equity | 62,586 | — | — | reported | — | 1.00 |
|
Equity
standalone
|
53,967 | — | — | reported | standalone | 1.00 |
| Total assets | 76,241 | — | — | reported | — | 1.00 |
|
Total assets
standalone
|
59,214 | — | — | reported | standalone | 1.00 |
|
Working capital
standalone
|
36,659 | — | — | derived | standalone | 0.80 |
| Working capital | 46,500 | — | — | derived | — | 0.80 |
|
Current assets
standalone
|
41,164 | — | — | reported | standalone | 1.00 |
| Current assets | 54,229 | — | — | reported | — | 1.00 |
| Current liabilities | 7,729 | — | — | reported | — | 1.00 |
|
Current liabilities
standalone
|
4,505 | — | — | reported | standalone | 1.00 |
| Non-current liabilities | 5,926 | — | — | reported | — | 1.00 |
|
Non-current liabilities
standalone
|
742 | — | — | reported | standalone | 1.00 |
| Inventory | 9,323 | — | — | reported | — | 1.00 |
| Trade receivables | 2,353 | — | — | reported | — | 0.85 |
|
Trade receivables
standalone
|
102 | — | — | reported | standalone | 1.00 |
| Trade payables | 2,556 | — | — | reported | — | 0.85 |
|
Trade payables
standalone
|
73 | — | — | reported | standalone | 1.00 |
| Goodwill | 378 | — | — | reported | — | 0.80 |
| CFO | -5 | — | — | reported | — | 1.00 |
|
CFO
standalone
|
-845 | — | — | reported | standalone | 1.00 |
|
CapEx
standalone
|
72 | — | — | reported | standalone | 1.00 |
|
FCF
standalone
|
-917 | — | — | reported | standalone | 0.80 |
| ROE | 2.91% | — | — | derived | — | 0.70 |
|
ROE
standalone
|
5.31% | — | — | derived | standalone | 0.70 |
|
ROA
standalone
|
4.83% | — | — | derived | standalone | 0.70 |
| Current ratio | 7.02x | — | — | derived | — | 0.70 |
|
Current ratio
standalone
|
9.14x | — | — | derived | standalone | 0.70 |
| Quick ratio | 5.81x | — | — | derived | — | 0.70 |
|
Quick ratio
standalone
|
9.14x | — | — | derived | standalone | 0.70 |
| Cash ratio | 2.07x | — | — | derived | — | 0.70 |
|
Cash ratio
standalone
|
3.26x | — | — | derived | standalone | 0.70 |
| Debt / equity | 0.03x | — | — | derived | — | 0.70 |
|
Debt / equity
standalone
|
0x | — | — | derived | standalone | 0.70 |
| Debt / assets | 0.03x | — | — | derived | — | 0.70 |
|
Debt / assets
standalone
|
0x | — | — | derived | standalone | 0.70 |
| Net debt / equity | -0.23x | — | — | derived | — | 0.70 |
|
Net debt / equity
standalone
|
-0.27x | — | — | derived | standalone | 0.70 |
| Revenue growth (YoY) | -8.2% | — | — | derived | — | 0.70 |
| Net income growth (YoY) | 34.08% | — | — | derived | — | 0.70 |
|
Net income growth (YoY)
standalone
|
5.84% | — | — | derived | standalone | 0.70 |
|
EPS growth (YoY)
standalone
|
6.25% | — | — | derived | standalone | 0.50 |
| Gross margin Δ (YoY) | 0.18 pp | — | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | -4.53 pp | — | — | derived | — | 0.70 |
| Net margin Δ (YoY) | 2.26 pp | — | — | derived | — | 0.70 |
FY 2025 · Δ YoY
Revenue
25,117
—
25,117
—
- FY 2024
- —
Gross profit
5,982
—
5,982
—
- FY 2024
- —
EBIT
-1,678
—
-1,678
—
- FY 2024
- —
EBIT
standalone
-879
—
standalone
-879
—
- FY 2024
- —
EBT
2,239
—
2,239
—
- FY 2024
- —
EBT
standalone
3,239
—
standalone
3,239
—
- FY 2024
- —
Net income
1,798
—
1,798
—
- FY 2024
- —
Net income
standalone
2,790
—
standalone
2,790
—
- FY 2024
- —
EPS (basic)
(PLN)
standalone
0.17
—
standalone
0.17
—
- FY 2024
- —
D&A
standalone
47
—
standalone
47
—
- FY 2024
- —
Interest expense
439
—
439
—
- FY 2024
- —
Income tax
441
—
441
—
- FY 2024
- —
Income tax
standalone
449
—
standalone
449
—
- FY 2024
- —
Shares (basic)
(units)
standalone
16,003,790
—
standalone
16,003,790
—
- FY 2024
- —
Gross margin
23.82%
—
23.82%
—
- FY 2024
- —
EBIT margin
-6.68%
—
-6.68%
—
- FY 2024
- —
Net margin
7.16%
—
7.16%
—
- FY 2024
- —
Cash
15,998
—
15,998
—
- FY 2024
- —
Cash
standalone
14,682
—
standalone
14,682
—
- FY 2024
- —
Total debt
1,914
—
1,914
—
- FY 2024
- —
Total debt
standalone
104
—
standalone
104
—
- FY 2024
- —
Net debt
-14,084
—
-14,084
—
- FY 2024
- —
Net debt
standalone
-14,578
—
standalone
-14,578
—
- FY 2024
- —
Equity
62,586
—
62,586
—
- FY 2024
- —
Equity
standalone
53,967
—
standalone
53,967
—
- FY 2024
- —
Total assets
76,241
—
76,241
—
- FY 2024
- —
Total assets
standalone
59,214
—
standalone
59,214
—
- FY 2024
- —
Working capital
standalone
36,659
—
standalone
36,659
—
- FY 2024
- —
Working capital
46,500
—
46,500
—
- FY 2024
- —
Current assets
standalone
41,164
—
standalone
41,164
—
- FY 2024
- —
Current assets
54,229
—
54,229
—
- FY 2024
- —
Current liabilities
7,729
—
7,729
—
- FY 2024
- —
Current liabilities
standalone
4,505
—
standalone
4,505
—
- FY 2024
- —
Non-current liabilities
5,926
—
5,926
—
- FY 2024
- —
Non-current liabilities
standalone
742
—
standalone
742
—
- FY 2024
- —
Inventory
9,323
—
9,323
—
- FY 2024
- —
Trade receivables
2,353
—
2,353
—
- FY 2024
- —
Trade receivables
standalone
102
—
standalone
102
—
- FY 2024
- —
Trade payables
2,556
—
2,556
—
- FY 2024
- —
Trade payables
standalone
73
—
standalone
73
—
- FY 2024
- —
Goodwill
378
—
378
—
- FY 2024
- —
CFO
-5
—
-5
—
- FY 2024
- —
CFO
standalone
-845
—
standalone
-845
—
- FY 2024
- —
CapEx
standalone
72
—
standalone
72
—
- FY 2024
- —
FCF
standalone
-917
—
standalone
-917
—
- FY 2024
- —
ROE
2.91%
—
2.91%
—
- FY 2024
- —
ROE
standalone
5.31%
—
standalone
5.31%
—
- FY 2024
- —
ROA
standalone
4.83%
—
standalone
4.83%
—
- FY 2024
- —
Current ratio
7.02x
—
7.02x
—
- FY 2024
- —
Current ratio
standalone
9.14x
—
standalone
9.14x
—
- FY 2024
- —
Quick ratio
5.81x
—
5.81x
—
- FY 2024
- —
Quick ratio
standalone
9.14x
—
standalone
9.14x
—
- FY 2024
- —
Cash ratio
2.07x
—
2.07x
—
- FY 2024
- —
Cash ratio
standalone
3.26x
—
standalone
3.26x
—
- FY 2024
- —
Debt / equity
0.03x
—
0.03x
—
- FY 2024
- —
Debt / equity
standalone
0x
—
standalone
0x
—
- FY 2024
- —
Debt / assets
0.03x
—
0.03x
—
- FY 2024
- —
Debt / assets
standalone
0x
—
standalone
0x
—
- FY 2024
- —
Net debt / equity
-0.23x
—
-0.23x
—
- FY 2024
- —
Net debt / equity
standalone
-0.27x
—
standalone
-0.27x
—
- FY 2024
- —
Revenue growth (YoY)
-8.2%
—
-8.2%
—
- FY 2024
- —
Net income growth (YoY)
34.08%
—
34.08%
—
- FY 2024
- —
Net income growth (YoY)
standalone
5.84%
—
standalone
5.84%
—
- FY 2024
- —
EPS growth (YoY)
standalone
6.25%
—
standalone
6.25%
—
- FY 2024
- —
Gross margin Δ (YoY)
0.18 pp
—
0.18 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-4.53 pp
—
-4.53 pp
—
- FY 2024
- —
Net margin Δ (YoY)
2.26 pp
—
2.26 pp
—
- FY 2024
- —