KRUK Spólka Akcyjna (KRKKF)
UndervaluedFundamental
62
Price
$375.50
Market Cap
$7.54B
Part 1 · What the company is worth
Overview
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.
How it makes money
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.
The case for
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.
The case against
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 August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$2.97B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$1.00B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$8M
Total Equity
$5.54B
Total Liabilities
$7.52B
Current Ratio
1.10
Interest Coverage
-
Debt/EBITDA
3.58
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$757.77
Current Price
$375.50
Margin of Safety
+50.4%
Fair Value Range
$492.55 - $1022.99
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
7.34
ROE
20.5%
P/B Ratio
1.33
P/FCF
938.82
Gross Margin
99.6%
ROIC
13.1%
Profitability Radar
Value Creation (Economic Moat)
ROIC
13.1%
WACC
4.6%
ROIC − WACC
+8.5 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (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
Failed (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
Unavailable (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-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| 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 | - |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for KRKKF, sourced from Markets Gazette.