The offer of Smyk Holding covers no more than PLN 13,636 thousand. 364 new series D shares issued by SMYK and no more than 18 million 410 thousand 214 existing series B shares sold by AMC V Gandalf SA from Luxembourg, currently the sole shareholder of the company. In total, the offer includes 32 million 46 thousand. 578 shares at a maximum price of PLN 13 per share. New shareholders would thus acquire up to 61.3 percent. share capital.
However, at the same time as the public offering, issues of series E (IPO award) and F (motivation plan) shares will be carried out, a total of 4.4 million shares, therefore AMC V Gandalf will ultimately have 49.67 percent. shares and 58.65 percent votes at the General Meeting – stated in the prospectus. The largest shareholder has Series A preferred shares, which gives him control over the company.
“The beneficial owner of AMC V Gandalf SA is the President of the Issuer's Management Board, Michał Grom,” we read in the company's report.
The first day of quotation of SMYK shares on the Warsaw Stock Exchange is expected to be around November 7, 2025 The final number and final price of shares offered to individual categories of investors will be determined after the book-building process among institutional investors is completed and is expected to be published around October 30, 2025.
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After all issues, the company's share capital will amount to PLN 72,403,000. 887 shares and 88 million 140 thousand 782 votes. Let's now take a look at the company's results to determine what indicators the company will have at the price of PLN 13 per share and whether they are competitive with listed companies in the industry.
The first hundred of the WSE
At the price of PLN 13, the market value of the company will be PLN 941 million. It would give her only 96th place in the hierarchy on the Warsaw Stock Exchange right behind Arlen (PLN 947 million of capitalization) and before Puławy. As you can see, these are not the thresholds of the WIG20 index, so Smyk's shares will not be the “first choice” for large investors, although pension funds will certainly be interested in them. This is because of the profits and potential dividends.
Last year, the consolidated net result (attributable to the owner of the company) of Smyk Holding amounted to PLN 30.6 million with revenues of PLN 2,249 million. Revenues increased by 6%. y/y, and the net result was PLN 38.7 million higher year on year. In 2023, there was a net loss of PLN 8 million, and a year earlier it was as much as PLN 71.8 million in minus. Therefore, the company has only just entered the profitability zone, and even then not completely.
In the first half of this year suffered a loss of PLN 24.4 million with revenues of PLN 985 million by 0.5%. higher year to year. But it is not the first half of the year that is decisive, but its festive end. A year ago, the loss in the first six months amounted to as much as PLN 51.7 million, and yet at the end of the year Smyk turned a profit.
Comparative analysis – Smyk and the industry
Calculating the company's profits for the 12 months to June, we obtain a net amount of almost PLN 58 million. Converting this into shares, we have PLN 0.80 per share. This way at a price of PLN 13 per share the price-to-earnings ratio is 16.23which means that in just over 16 years the company will repay the price paid for it with similar profits.
For comparison among companies in the industry Dino is listed with a P/E of 28.4, Żabka is 33.30, and Pepco and Eurocash have this ratio even at a negative level because they have recently recorded losses. From this point of view, the price seems attractive, i.e. provided that Smyk at least maintains its profits from the last 12 months, and preferably increases them. Dino and Żabka are valued so high because the market is counting on their further growth.
Smyk operates on the children's products market in Poland. According to a report prepared by the strategic consulting company OC&C, the group gained 14.3% in 2024. share in the main target market, including children's fashion, toys and games, and children's equipment and accessories.
The company in mid-year had 253 stores in Poland and 48 in Romania, Ukraine and Slovakia. He wants to allocate the funds from the issue, among others: for the development of operations in Romania and plans for further expansion in selected markets in the region.
Smyk sales network
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Smyk Holding / Smyk Holding
“In the years 2022-2024, the SMYK Group increased the total number of stores in Poland by 26 (with a sales area of 8,880 sq m), from 224 stores as of January 1, 2022 (with a sales area of 151,446 sq m) to 250 stores as of December 31, 2024 (with a sales area of 160,326 sq m), and in Romania by 10 stores (with a sales area of 4,304 sq m), from 23 stores as of January 1, 2022 (with a sales area of 10,632 sq m) to 33 stores as of December 31, 2024 (with a sales area of 14,936 sq m). During the six-month period ended June 30, 2025, SMYK Group opened three stores in Poland (with a sales area of 1,326 sq m), increasing the number of stores in Poland to 253 as of June 30, 2025. In the same period, the SMYK Group opened 2 stores in Romania (with a sales area of 938 sq m), increasing the number of stores in Romania to 35 as of June 30, 2025. – we read in the prospectus.
What are the chances of receiving dividends from Smyk?
In the 12 months to June, the company had positive cash flows, but only in the amount of PLN 6.2 millionso don't expect a dividend anytime soon. Series D shares will receive dividends only from the distribution of profit for 2025. The Smyk group spent PLN 25.2 million on investments in fixed assets in the first half of the year compared to PLN 29.9 million a year earlier.
“Starting from the profit for the financial year ended December 31, 2026 (paid in 2027), the management board intends to recommend the payment of a dividend to shareholders,” we read in the prospectus.
