KRUK Spólka Akcyjna (KRKKF)
NEUTRALファンダメンタル
66
株価
$440.20
時価総額
$8.44B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
強気材料
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.
弱気材料
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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Who this company fights with for the same customers
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貸借対照表と流動性
売上高
$2.99B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$1.04B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$343M
自己資本合計
$5.65B
負債合計
$7.41B
流動比率
1.50
利払い倍率
-
負債/EBITDA
3.56
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$945.82
現在株価
$440.20
安全マージン
+53.5%
適正価値レンジ
$614.78 - $1276.85
推定方法
バリュエーション指標
P/E レシオ
8.11
ROE
21.1%
P/B レシオ
1.50
P/FCF
24.58
粗利益率
100.0%
ROIC
12.0%
収益性レーダー
Value Creation (Economic Moat)
ROIC
12.0%
WACC
4.3%
ROIC − WACC
+7.7 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（15）
- Price CAGR 5.89%
- ROIC 12.0%
- Gross Margin 100.0%
- P/FCF 24.58
- P/B Ratio 1.50
- Debt/Equity ratio
- Operating Margin 49.5%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- ROE 21.1%
- Revenue Growth 5Y 22.7%
- Analyst Consensus 88% Buy
- PEG Ratio 0.12
不合格（5）
- CapEx intensity
- DCF valuation (Overvalued)
- Earnings Quality (OCF/NI) -0.03
- Net Margin Trend 34.1% vs 37.1%
- Piotroski F-Score 0/9
データなし（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-スコア
重大な財務上の懸念
利益の質
低品質：会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for KRKKF, sourced from Markets Gazette.