olivLaw · European equity research
PZ CORMAY S.A. CRM.WA
Poland · GPW Warszawa · ISIN PLCMRAY00029 · Vertical: Listed companies from Poland
PZ CORMAY is a Polish manufacturer and distributor of medical equipment and diagnostic reagents, listed on the parallel market of the Warsaw Stock Exchange. The year 2022 was marked by the war in Ukraine, which directly affected a significant part of sales in Russia, Belarus and Ukraine, representing 24% of group revenue.
At the close of 05 Nov 2026, PZ CORMAY S.A. (CRM.WA) stock was 0.48 PLN (−3.02% on the day), with market capitalisation 39.5 m PLN, dividend yield 0.02%, beta -0.01, 52-week range 0.35–0.79 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 38.8
- weak (30–45)
- Bollinger (20, 2)
- 0.47 – 0.53
- in the lower half of the band · %B 0.13 · band width 12.3%
- SMA 50 / 200
- 0.52 / 0.52
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.5% | −0.6% | −6.9 pp | — |
| 3 months | −10.3% | −4.2% | −6.1 pp | — |
| 6 months | −18.8% | +4.3% | −23.1 pp | — |
| Year to date | +27.9% | +7.5% | +20.4 pp | — |
| 1 year | +20.6% | +9.9% | +10.6 pp | +7.1% |
| 3 years | −17.6% | +49.8% | −67.5 pp | +3.3% |
| 5 years | −68.7% | +42.8% | −111.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 65.3 m | 84.7 m | 85.4 m |
| Revenue YoY | unavailable | +29.8% | +0.7% |
| Net income | -12.7 m | 1.6 m | -6.6 m |
| Net income YoY | unavailable | unavailable | −501.7% |
| Diluted EPS | -0.15 | 0.02 | -0.08 |
| Diluted EPS YoY | unavailable | unavailable | −500.0% |
| net % | -19.4% | 1.9% | -7.7% |
| Free cash flow | -344.0 k | -5.9 m | -11.2 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 1.3 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 61.8 m PLN
- Total assets
- 102.0 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.64x
- ROE
- -10.3%
- ROA
- -6.5%
- FCF margin
- -13.1%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 65.3 m | 84.7 m | 85.4 m | esef· 09 May 2023verified |
| Cost of revenue | 38.8 m | 50.2 m | 50.5 m | esef· 09 May 2023verified |
| Gross profit | 26.5 m | 34.5 m | 34.9 m | esef· 09 May 2023verified |
| Research & development | — | 3.2 m | 3.5 m | esef· 09 May 2023verified |
| Operating income | -7.3 m | -68.0 k | -4.3 m | esef· 09 May 2023verified |
| Interest expense | 6.7 m | 2.0 m | 4.8 m | esef· 09 May 2023verified |
| Pre-tax income | -12.7 m | 1.8 m | -6.2 m | esef· 09 May 2023verified |
| Income tax | 120.0 k | 79.0 k | 402.0 k | esef· 09 May 2023verified |
| Net income | -12.7 m | 1.6 m | -6.6 m | esef· 09 May 2023verified |
| Diluted EPS | -0.15 | 0.02 | -0.08 | esef· 09 May 2023verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | esef· 09 May 2023derived |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.7 m | 2.5 m | 1.3 m | esef· 09 May 2023verified |
| Receivables | 12.9 m | 14.2 m | 17.2 m | esef· 09 May 2023verified |
| Inventories | 15.2 m | 18.6 m | 26.8 m | esef· 09 May 2023verified |
| Current assets | 63.9 m | 63.4 m | 58.9 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 11.0 m | 15.6 m | 17.5 m | esef· 09 May 2023verified |
| Goodwill | 0 | 0 | 0 | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 14.1 m | 15.9 m | 20.6 m | esef· 09 May 2023verified |
| Total assets | 93.7 m | 99.7 m | 102.0 m | esef· 09 May 2023verified |
| Current liabilities | 25.3 m | 29.9 m | 35.8 m | esef· 09 May 2023verified |
| Total liabilities | 30.4 m | 34.3 m | 40.2 m | esef· 09 May 2023verified |
| Equity | 63.3 m | 65.4 m | 61.8 m | esef· 09 May 2023verified |
| Shares outstanding at year end | 84.4 m | 81.8 m | 82.1 m | esef· 09 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -161.0 k | -1.5 m | -8.7 m | esef· 09 May 2023verified |
| Capex | 183.0 k | 4.4 m | 2.5 m | esef· 09 May 2023verified |
| Free cash flow | -344.0 k ≈ | -5.9 m ≈ | -11.2 m ≈ | esef· 09 May 2023derived |
| Investing cash flow | 154.0 k | -4.7 m | 9.0 m | esef· 09 May 2023verified |
| Financing cash flow | 2.1 m | -619.0 k | -1.3 m | esef· 09 May 2023verified |
| Dividends paid | 178.0 k | 279.0 k | 5.0 k | esef· 09 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 39.5 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -7.7% | 13 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.9x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 1.6x | 70 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -28.3% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet28/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PZ Cormay Spółka Akcyjna (CRM.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 85.4 m PLN in 2022; YoY growth 0.7%; net margin -7.7%; ROE -10.4%.
The estimated value range is 0.00–0.00 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.00 PLN, the price of 0.48 PLN leaves a potential of -99.8% (value / price − 1) and a margin of safety of -44,264.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.6x
What contradicts it
- Net margin: -7.7%
- Interest coverage: -0.9x
- FCF yield: -28.3%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| CRM.WAPZ Cormay Spółka Akcyjna | 39.5 m | — | -10.4% | -7.7% | +0.7% | +20% / −29% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for CRM.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PZ CORMAY is a Polish manufacturer and distributor of medical equipment and diagnostic reagents, listed on the parallel market of the Warsaw Stock Exchange. The year 2022 was marked by the war in Ukraine, which directly affected a significant part of sales in Russia, Belarus and Ukraine, representing 24% of group revenue 1.
SWOT
Strengths
- Established presence in Eastern European markets through own subsidiaries and long-standing relationships with hospitals and distributors.
- Revenue share from the region is significant but not overwhelming, and the group also operates in other areas.
- Management confirmed the going-concern basis, reporting no material doubts about the group's ability to continue operating.
Weaknesses
- Dependence on the Russian and Belarusian markets, where demand and payments are affected by sanctions.
- Assets in Russia and Belarus include inventories and leased analysers that cannot easily be redirected to other markets.
- Management could not determine long-term prospects for the markets in the region.
Opportunities
- If sanctions or the conflict ease, sales in the affected markets could recover.
- Expanding the offer into other Central and Eastern European markets could offset regional exposure.
- Long-term demand for medical diagnostics could grow if health budgets stabilise.
Threats
- New sanctions packages could further restrict exports and settlements.
- Cuts to health budgets in Russia and Belarus could reduce orders.
- If the situation in Ukraine worsens, recovering receivables could become difficult.
Risks
- Sanctions and banking restrictionshigh
Restrictions on Russian and Belarusian banks could affect payments to the parent company, even though settlements have so far continued.
- Lower demand in Russia and Belarushigh
Weakened demand after the first months of war and cuts to health budgets could reduce sales in the region.
- Halted sales in Ukrainemedium
Sales to Ukraine have fallen sharply, and the recovery of receivables depends on how the conflict develops.
- Higher logistics costsmedium
Transport to Russia and Belarus is more expensive and slower, which could hit margins.
- Inability to redirect inventorieslow
The export ban on medical devices from Russia means remaining stock cannot be sold in other countries.
Investment thesis
What would need to be true (bull case)
- If geopolitical tensions ease, sales in the region could return to pre-invasion levels.
- Core activity in diagnostics and medical equipment remains needed regardless of the market environment.
- The group reported continued payments from customers in the region, suggesting some operational resilience.
What would break the thesis
- Sanctions could become stricter, permanently blocking access to the Russian and Belarusian markets.
- Management could not estimate long-term prospects for the region, leaving uncertainty over future revenue.
- If health budgets in the affected countries keep shrinking, demand for the group's products could fall further.
What to watch
- Evolution of payments and settlements with the Russian and Belarusian subsidiaries2023
- Status of sales to the distributor in Ukraine2023
- Management decision on continuing or suspending activity in Russia, Belarus and Ukrainenext annual report
- Impact of new sanctions on transport and logistics costs2023
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Cormay group sells medical equipment and diagnostic reagents, with subsidiaries such as Kormej Diana Sp. z o.o. and Kormiej Rusland Sp. z o.o. operating in the Belarusian and Russian markets 1. The company is listed on the Warsaw Stock Exchange's parallel market under the symbol CORMAY and is part of the WIG-leki and WIG indices 1. According to the annual report, the group maintains its core activity despite uncertainty in Eastern European markets 1.
Segments
Market context
The market for medical devices and diagnostic reagents in Eastern Europe depends on government health budgets and on economic sanctions applied to the countries concerned 1. The report shows that demand in the Russian and Belarusian markets weakened in the second half of 2022 after an initial rise 1.
Trends
- International economic sanctionsheadwind
Successive sanctions packages and restrictions on bank settlements affect payments and exports to Russia and Belarus, and the company has already reported logistical disruptions 1.
- Rising transport costsheadwind
The company has seen a significant increase in costs and transit times to Russia and Belarus, which could make deliveries harder 1.
- Reclassification of R&D and compliance costsmixed
The change in how research-and-development and regulatory compliance costs are recognised gives a clearer view of operating performance 1.
- Stability of settlements via foreign banksmixed
Payments from the Russian and Belarusian subsidiaries have continued without significant disruption through foreign banks not subject to sanctions, but this mechanism could be affected in future 1.
Competitive position
The annual report does not explicitly name competitors, so the competitive landscape cannot be detailed from this source. The group's position in Eastern European markets depends on relationships with local distributors and hospitals 1.
- Competitors not named in the source
The source does not name competitors; names or ticker symbols cannot be given without further information.
- Local distributors in Ukraine
The group sells in Ukraine to an unaffiliated distributor whose activity depends on demand in the east of the country 1.
- Local manufacturers in Russia and Belarus
The source only mentions supplier perception in countries on the unfriendly list, without identifying competitors.
- Suppliers from EU countries
Companies from states on the Russian unfriendly list may be viewed negatively by public customers, which could favour suppliers from other countries 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202209 May 2023
- Annual report 202128 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / PZ CORMAY S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.