◆ What the Market Isn't Pricing In

Synektik (SNT) — the variant view

Synektik's price treats a licence that ends in 2031 as permanent, and Intuitive has just shown what it pays when it takes a territory back.

📈 SNT valuation, revenue & earnings — P/E, P/S, revenue, EPS →

The first thing to correct is the headline multiple. Synektik's shares trade at 6,77 times trailing earnings on the usual screens1, because trailing profit includes the 261,3 million złoty non-cash gain on demerging Syn2bio2. On continuing earnings of 20,90 złoty a share3 the price of 352,60 złoty4 is about 16,9 times5. That is not cheap, and not demanding either, for a business whose recurring revenue grew 32% in a year6.

Synektik price multiples, September 20266,77P/E, reported16,9P/E, continuing13,94P/B12,04EV/EBITDAstockanalysis; continuing P/E calculated as 352,60 / 20,90
The reported P/E is an artefact of the spin-off.

The thing the price does not show is the date. The shares are valued at about 3,0 billion złoty7, around $780 million89, and the payout policy, about 99,7% of the parent's standalone profit10, is the behaviour of a company that expects to earn this way indefinitely. Its largest product line is licensed until 31 December 203111.

There is now a public price for what such a licence is worth to the licensor. In March 2026 Intuitive paid about $533,1 million for its distributors in Italy, Spain and Portugal, of which $279,8 million was intangible assets and $218,0 million goodwill12. If Intuitive ever wanted Synektik's territory, that is the kind of number it would pay for the da Vinci part of the business, not for the radiopharmaceuticals or the rest of the catalogue.

The market also seems to miss the opposite case. Intuitive renewed Synektik early and widened its territory in February 202613, having sold it its own Czech business in 202214. A manufacturer that is buying back distributors elsewhere and expanding this one is telling you something about Synektik's performance.

The market does seem to have noticed the shareholder change. On 17 June 2026 Książek Holding, the company of the supervisory board chairman, sold its entire 1 376 143 shares, 16,13% of the company15. That left Melhus Company, through which the chief executive holds his shares, with 24,00%, and Nationale-Nederlanden's pension fund with 8,97%, as the only holders above 5%16.

So the valuation is a bet on one decision in about five years. Analysts rate the shares a buy with a target of 373,00 złoty17; none of that shows in a P/E. The number to watch is the next annex: another early extension would make today's price look modest, and silence as 2029 approaches would make it look full.

References
  1. ReportedSynektik's shares trade at 6,77 times trailing earnings on the usual screens, because trailing profit includes the 261,3 million złoty non-cash gain on demerging Syn2bio.
    Synektik (WSE: SNT) statistics - trailing P/E 6,77, forward P/E 13,56, price-to-book 13,94, EV/EBITDA 12,04, cash and debt. — September 2026 · publ. September 2026 · source ↗
  2. ReportedSynektik's shares trade at 6,77 times trailing earnings on the usual screens, because trailing profit includes the 261,3 million złoty non-cash gain on demerging Syn2bio.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - the demerger of Syn2bio, shareholders and group structure. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  3. ReportedOn continuing earnings of 20,90 złoty a share the price of 352,60 złoty is about 16,9 times.
    Synektik factsheet for the third quarter of the 2025 fiscal year - revenue by quarter, the split between contract equipment sales and recurring revenue, Poland against abroad, market value, P/E and free float at 31 July 2026. — Quarter to June 2026 · publ. August 2026 · source ↗
  4. ReportedOn continuing earnings of 20,90 złoty a share the price of 352,60 złoty is about 16,9 times.
    Synektik (WSE: SNT) market data - share price 352,60 złoty on 24 September 2026, 52-week range, analysts' rating and target. — September 2026 · publ. 24 September 2026 · source ↗
  5. Moat Explorer calcOn continuing earnings of 20,90 złoty a share the price of 352,60 złoty is about 16,9 times.
    Moat Explorer calculation from Synektik's reported figures (thousands of złoty unless stated). Market value: 352,60 złoty x 8 529 129 shares = 3 007,4 million złoty (about 3,0 billion złoty); at the NBP rate of 3,8570 = $779,7 million (about $780 million). Trailing revenue to June 2026: 681 598,6 - 482 060,1 + 733 427,1 = 932 965,6 (about 933 million złoty). Trailing continuing net profit: 126 019,2 - 85 705,2 + 137 952,7 = 178 266,7; over 8 529 129 shares = 20,90 złoty; P/E 352,60 / 20,90 = 16,9. Equipment and IT segment EBITDA over segment revenue: 187 190,7 / 631 915,5 = 29,6% (FY2025); 143 577,5 / 579 299,1 = 24,8% (FY2024); 98 943,8 / 410 834,1 = 24,1% (FY2023); 29 865,3 / 139 272,7 = 21,4% (FY2022); 18 636,4 / 100 878,6 = 18,5% (FY2021); 19 605,9 / 112 126,1 = 17,5% (FY2019). Radiopharmaceutical segment EBITDA margin: 16 061,3 / 52 937,4 = 30,3% (FY2025); 16 276,6 / 46 615,7 = 34,9% (FY2024). Recurring revenue, trailing: 374,7 / 59,8 = 6,3 times (September 2022 to June 2026); installed base 142 / 37 = 3,8 times. Recurring revenue per year-end robot: 311,3 / 113 = 2,75 million złoty (FY2025); 193,9 / 86 = 2,25 million złoty (FY2024). Procedures per year-end robot, FY2025: Poland 19 800 / 75 = 264; Czechia and Slovakia 12 500 / 38 = 329. Revenue per average employee: 681,6 / 221 = 3,08 million złoty. Export share: 183,7 / 681,6 = 27,0%. Equipment segment share of revenue excluding intragroup sales: 631,1 / 681,6 = 92,6% (about 93%). Intuitive products: 44,9% x 681,6 = 306,0 million złoty; other equipment, IT and service 681,6 - 306,0 - 50,5 = 325,1 million złoty. Synektik market value over the Estonian contract: 3 007,4 / 41 = 73 (roughly seventy). Dividend paid February 2026: 10,75 x 8 529 129 = 91,7 million złoty; dividend per share 10,75 / 0,45 = 23,9 times since 2021. Free cash flow: FY2025 78,3 - 17,4 = 60,9 million złoty; FY2024 89,6 - 44,9 = 44,7 million złoty. IT4KAN price over market value: 4,15 / 3 007,4 = 0,14%. Recurring revenue, April-June 2025: 103,6 / 1,26 = 82,2 million złoty. Backlog plus active offers at June 2026: 44,2 + 160,8 = 205,0 million złoty. NFZ spending per robotic operation: 59 / 2,1 = 28 thousand złoty (2022); 167 / 5,4 = 31 thousand złoty (2023); 300 / 11 = 27 thousand złoty (2024). NFZ-funded PET studies: 96,1 / 89,3 - 1 = 7,6% (about 8%); per scanner 96 100 / 37 = about 2 600. Affidea: 29,0% x 52,9 = 15,3 million złoty, against segment EBITDA of 16,1 million złoty. Synektik's installed base as a share of Intuitive's: 142 / 11 710 = 1,2%. Czech and Slovak installed base: 42 / 16 = 2,6 times. Equipment segment purchases from others: 100 - 80,2 - 6,8 = 13,0%. Years of exclusivity from September 2026 to 31 December 2031: about 5,3. Year-end P/E and P/S (market value at 30 September over net profit and revenue; continuing profit from FY2024): 122,8 / 9,136 = 13,4 and 122,8 / 134,8 = 0,91 (FY2019); 190,2 / 8,811 = 21,6 and 1,52 (FY2020); 252,5 / 8,384 = 30,1 and 1,96 (FY2021); 237,5 / 10,709 = 22,2 and 1,42 (FY2022); 516,9 / 52,452 = 9,9 and 1,16 (FY2023); 1 635,9 / 98,909 = 16,5 and 2,62 (FY2024); 2 149,3 / 126,019 = 17,1 and 3,15 (FY2025); market values from closing prices of 14,40 złoty, 22,30, 29,60, 27,85, 60,60, 191,80 and 252,00 x 8 529 129. — October 2018 - June 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Synektik's financial statements, management board reports, factsheet and market data; operands shown in the source line.
  6. ReportedThat is not cheap, and not demanding either, for a business whose recurring revenue grew 32% in a year.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - management commentary: orders, backlog, da Vinci systems and procedures, recurring revenue, radiopharmaceutical sales and seasonality. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  7. ReportedThe shares are valued at about 3,0 billion złoty, around $780 million, and the payout policy, about 99,7% of the parent's standalone profit, is the behaviour of a company that expects to earn this way indefinitely.
    Biznesradar, Synektik market-value ratios - market capitalisation 3 007 370 971 złoty at 352,60 złoty. — September 2026 · publ. 24 September 2026 · source ↗
  8. ReportedThe shares are valued at about 3,0 billion złoty, around $780 million, and the payout policy, about 99,7% of the parent's standalone profit, is the behaviour of a company that expects to earn this way indefinitely.
    National Bank of Poland, table A mid rate for the US dollar, 24 September 2026: 3,8570. — 24 September 2026 · publ. 24 September 2026 · source ↗
  9. Moat Explorer calcThe shares are valued at about 3,0 billion złoty, around $780 million, and the payout policy, about 99,7% of the parent's standalone profit, is the behaviour of a company that expects to earn this way indefinitely.
    Moat Explorer calculation from Synektik's reported figures (thousands of złoty unless stated). Market value: 352,60 złoty x 8 529 129 shares = 3 007,4 million złoty (about 3,0 billion złoty); at the NBP rate of 3,8570 = $779,7 million (about $780 million). Trailing revenue to June 2026: 681 598,6 - 482 060,1 + 733 427,1 = 932 965,6 (about 933 million złoty). Trailing continuing net profit: 126 019,2 - 85 705,2 + 137 952,7 = 178 266,7; over 8 529 129 shares = 20,90 złoty; P/E 352,60 / 20,90 = 16,9. Equipment and IT segment EBITDA over segment revenue: 187 190,7 / 631 915,5 = 29,6% (FY2025); 143 577,5 / 579 299,1 = 24,8% (FY2024); 98 943,8 / 410 834,1 = 24,1% (FY2023); 29 865,3 / 139 272,7 = 21,4% (FY2022); 18 636,4 / 100 878,6 = 18,5% (FY2021); 19 605,9 / 112 126,1 = 17,5% (FY2019). Radiopharmaceutical segment EBITDA margin: 16 061,3 / 52 937,4 = 30,3% (FY2025); 16 276,6 / 46 615,7 = 34,9% (FY2024). Recurring revenue, trailing: 374,7 / 59,8 = 6,3 times (September 2022 to June 2026); installed base 142 / 37 = 3,8 times. Recurring revenue per year-end robot: 311,3 / 113 = 2,75 million złoty (FY2025); 193,9 / 86 = 2,25 million złoty (FY2024). Procedures per year-end robot, FY2025: Poland 19 800 / 75 = 264; Czechia and Slovakia 12 500 / 38 = 329. Revenue per average employee: 681,6 / 221 = 3,08 million złoty. Export share: 183,7 / 681,6 = 27,0%. Equipment segment share of revenue excluding intragroup sales: 631,1 / 681,6 = 92,6% (about 93%). Intuitive products: 44,9% x 681,6 = 306,0 million złoty; other equipment, IT and service 681,6 - 306,0 - 50,5 = 325,1 million złoty. Synektik market value over the Estonian contract: 3 007,4 / 41 = 73 (roughly seventy). Dividend paid February 2026: 10,75 x 8 529 129 = 91,7 million złoty; dividend per share 10,75 / 0,45 = 23,9 times since 2021. Free cash flow: FY2025 78,3 - 17,4 = 60,9 million złoty; FY2024 89,6 - 44,9 = 44,7 million złoty. IT4KAN price over market value: 4,15 / 3 007,4 = 0,14%. Recurring revenue, April-June 2025: 103,6 / 1,26 = 82,2 million złoty. Backlog plus active offers at June 2026: 44,2 + 160,8 = 205,0 million złoty. NFZ spending per robotic operation: 59 / 2,1 = 28 thousand złoty (2022); 167 / 5,4 = 31 thousand złoty (2023); 300 / 11 = 27 thousand złoty (2024). NFZ-funded PET studies: 96,1 / 89,3 - 1 = 7,6% (about 8%); per scanner 96 100 / 37 = about 2 600. Affidea: 29,0% x 52,9 = 15,3 million złoty, against segment EBITDA of 16,1 million złoty. Synektik's installed base as a share of Intuitive's: 142 / 11 710 = 1,2%. Czech and Slovak installed base: 42 / 16 = 2,6 times. Equipment segment purchases from others: 100 - 80,2 - 6,8 = 13,0%. Years of exclusivity from September 2026 to 31 December 2031: about 5,3. Year-end P/E and P/S (market value at 30 September over net profit and revenue; continuing profit from FY2024): 122,8 / 9,136 = 13,4 and 122,8 / 134,8 = 0,91 (FY2019); 190,2 / 8,811 = 21,6 and 1,52 (FY2020); 252,5 / 8,384 = 30,1 and 1,96 (FY2021); 237,5 / 10,709 = 22,2 and 1,42 (FY2022); 516,9 / 52,452 = 9,9 and 1,16 (FY2023); 1 635,9 / 98,909 = 16,5 and 2,62 (FY2024); 2 149,3 / 126,019 = 17,1 and 3,15 (FY2025); market values from closing prices of 14,40 złoty, 22,30, 29,60, 27,85, 60,60, 191,80 and 252,00 x 8 529 129. — October 2018 - June 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Synektik's financial statements, management board reports, factsheet and market data; operands shown in the source line.
  10. ReportedThe shares are valued at about 3,0 billion złoty, around $780 million, and the payout policy, about 99,7% of the parent's standalone profit, is the behaviour of a company that expects to earn this way indefinitely.
    Synektik interim financial statements for 1 October - 31 December 2025 - including the annex extending the da Vinci distribution agreement to 31 December 2031 and adding Ukraine, and the 10,75 złoty dividend. — October - December 2025 · publ. February 2026 · source ↗
  11. ReportedIts largest product line is licensed until 31 December 2031.
    Synektik interim financial statements for 1 October - 31 December 2025 - including the annex extending the da Vinci distribution agreement to 31 December 2031 and adding Ukraine, and the 10,75 złoty dividend. — October - December 2025 · publ. February 2026 · source ↗
  12. ReportedIn March 2026 Intuitive paid about $533,1 million for its distributors in Italy, Spain and Portugal, of which $279,8 million was intangible assets and $218,0 million goodwill.
    Intuitive Surgical Form 10-Q, quarter ended June 30, 2026 (installed base 11 710 da Vinci systems up 12%; the 1 March 2026 acquisition of the da Vinci and Ion distribution businesses of ab medica, Abex and Excelencia Robótica for approximately $533,1 million in cash, with $279,8 million of intangible and other assets and $218,0 million of goodwill, making Intuitive the direct distributor in Italy, Spain and Portugal). Same document as Intuitive's own _IS_Q226 record. — Q2 2026 and the first six months · publ. July 21, 2026 · source ↗
  13. ReportedIntuitive renewed Synektik early and widened its territory in February 2026, having sold it its own Czech business in 2022.
    Synektik interim financial statements for 1 October - 31 December 2025 - including the annex extending the da Vinci distribution agreement to 31 December 2031 and adding Ukraine, and the 10,75 złoty dividend. — October - December 2025 · publ. February 2026 · source ↗
  14. ReportedIntuitive renewed Synektik early and widened its territory in February 2026, having sold it its own Czech business in 2022.
    Synektik annual management board report for the fiscal year to 30 September 2025 - operating review: da Vinci systems and procedures, orders, recurring revenue, radiopharmaceutical products and the Baltic expansion. — October 2024 - September 2025 · publ. December 2025 · source ↗
  15. ReportedOn 17 June 2026 Książek Holding, the company of the supervisory board chairman, sold its entire 1 376 143 shares, 16,13% of the company.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - the demerger of Syn2bio, shareholders and group structure. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  16. ReportedThat left Melhus Company, through which the chief executive holds his shares, with 24,00%, and Nationale-Nederlanden's pension fund with 8,97%, as the only holders above 5%.
    Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - the demerger of Syn2bio, shareholders and group structure. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
  17. ReportedAnalysts rate the shares a buy with a target of 373,00 złoty; none of that shows in a P/E. The number to watch is the next annex: another early extension would make today's price look modest, and silence as 2029 approaches would make it look full.
    Synektik (WSE: SNT) market data - share price 352,60 złoty on 24 September 2026, 52-week range, analysts' rating and target. — September 2026 · publ. 24 September 2026 · source ↗
Sources
Generated September 24, 2026