KRUK Spólka Akcyjna (KRKKF)
被低估基本面
62
价格
$369.50
市值
$7.54B
第一部分 · 这家公司值多少
概览
KRUK buys overdue consumer and small-business debt from banks, telecom operators and utilities at a steep discount to its face value, then spends years collecting on it through call centres, digital channels and legal proceedings, aiming to recover more than it paid plus its running costs. It also collects debt on behalf of third parties for a fee without owning the debt itself. It operates in Poland, Italy, Romania, Spain and several smaller markets.
盈利方式
Revenue comes mainly from cash collected on purchased debt portfolios, recognized over time under an amortized-cost accounting model rather than as a lump sum at purchase, plus fee income from servicing debt owned by other creditors. In 2025 the Group recovered PLN 3,920 million in cash, with Poland contributing about 40% of that, Italy about 25%, Romania about 18% and Spain about 14% — a mix the company reports as recoveries rather than as a formal revenue split by segment.
看多理由
Buyers argue that KRUK's long track record of collecting more than it forecasts when it buys a portfolio shows disciplined underwriting, that a debt-purchasing model scales well with more capital, and that a temporary pullback from the Spanish market shows the company is willing to walk away from mispriced deals rather than chase volume.
看空理由
Sellers fear that a business built on buying distressed debt is inherently sensitive to how well collections actually perform against the price paid, that heavy reliance on a handful of markets such as Poland and Italy concentrates that risk, and that funding portfolio purchases depends on continued access to debt and capital markets on favorable terms.
Written by the editors, published on 2026年8月18日
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资产负债表与流动性
营收
$2.97B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$1.00B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$8M
股东权益合计
$5.54B
负债合计
$7.52B
流动比率
1.10
利息覆盖率
-
债务/EBITDA
3.58
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$757.77
当前价格
$369.50
安全边际
+51.2%
公允价值区间
$492.55 - $1022.99
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
7.34
ROE
20.5%
市净率（P/B）
1.33
P/FCF
938.82
毛利率
99.6%
ROIC
13.1%
盈利能力雷达图
价值创造（经济护城河）
ROIC
13.1%
WACC
4.6%
ROIC − WACC
+8.5 pp
ROIC 超过资本成本：公司正在为股东创造价值。
基本面分析标准
通过（13）
- ROIC 13.1%
- Gross Margin 99.6%
- P/B Ratio 1.33
- Debt/Equity ratio
- Operating Margin 49.4%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- ROE 19.6%
- Revenue Growth 5Y 22.7%
- Analyst Consensus 88% Buy
- PEG Ratio 0.11
未通过（7）
- Price CAGR 4.63%
- P/FCF 938.82
- CapEx intensity
- DCF valuation (Overvalued)
- Earnings Quality (OCF/NI) 0.29
- Net Margin Trend 34.1% vs 37.1%
- Piotroski F-Score 1/9
不可用（7）
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Earnings Surprise (Finnhub)
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
盈利质量
低质量：需深入审查会计处理
股权稀释
正在回购股份，对股东友好
机构持股
该公司暂无机构申报数据。
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Piotr Krupa | President of the Management Board & CEO | - |
| Mr. Michal Zasepa | CFO & Member of the Management Board | - |
| Ms. Urszula Okarma | Chief Investment Officer & Member of the Management Board | - |
| Mr. Piotr Kowalewski | COO & Member of the Management Board | - |
| Mr. Adam Lodygowski | Member of Management Board and Chief Data & Technology Officer | - |
| Mr. Damian Babka | Investor Relations & Business Development Manager | - |
第二部分 · 价格与买入时机
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Latest News
Recent headlines for KRKKF, sourced from Markets Gazette.