Seko S.A. (SKO)

Seko is a Polish food producer.

Marinated fish, ready meals, salads, smoked seafood, more than 200 product variations distributed through retail chains, private-label programs, and export markets.

Not the most glamorous business in the world, but that’s kind of the point.

At a $19M market cap, the stock trades at 7.5x earnings and 0.74x book value. Add in consistent profitability, a long operating history, and no share dilution whatsoever, and you’ve got something that’s hard to dismiss.

Fish processing isn’t exciting. But it produces repeat demand, and Seko has built a product range flexible enough to serve both branded and private-label customers.

Recent financials show steady performance. Revenue has grown at roughly 5.3% annually over the past decade and was up year over year through the first nine months of 2025.

The balance sheet is solid too. Equity is growing, long-term debt is declining, and financial investments that support operations add to net income.

The business is family-influenced, with a clear long-term orientation. In late 2025, Tomasz Kustra was appointed CEO, continuing leadership continuity within the founding family.

Honestly, there isn’t much to complain about here. The growth won’t blow anyone away, but it doesn’t need to at this valuation.

My only real hesitation is a personal one. Poland just isn’t where I tend to focus my research. Plenty of smart investors do, and I understand why.

A durable consumer staples business with consistent profitability, a clean balance sheet, and a cheap price tag is a perfectly reasonable thing to own.