Added to YB: 2026-07-20
Pitch date: 2026-07-16
BST.WA [neutral]
BEST S.A.
Author Info
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Company Info
BEST S.A. operates in the debt collection industry in Poland and Italy. It invests in non-performing debt portfolios, as well as engages in the acquisition and recovery of receivables.
Market Cap
PLN 972.2M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
6.46
P/E
7.63
EV/Sales
3.00
Sector
Commercial Services and Supplies
Category
growth
The NPL Industry: Left for Dead, Antifragile, and Cheap. High Uncorrelated Returns? - BEST S.A.
BST.WA (overview): Polish NPL buyer, clear No.2 after absorbing Kredyt Inkaso (bargain all-share deal). FY25 cash EBITDA +74% to PLN433M, repayments +66% to PLN773M (merger-flattered). ~10x FY P/E, 5.6x EV/EBITDA, 0.8x book, net debt/equity 1.25x. Cut dividend to zero for growth. ROE only 9-10% — cheap but not a bargain.
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