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olivLaw · European equity research

PZ CORMAY S.A. CRM.WA

Poland · GPW Warszawa · ISIN PLCMRAY00029 · Vertical: Listed companies from Poland

0.48PLN−3.02% · 1 dayClose 05 Nov 2026

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.

Market cap
39.5 m PLN
shares as of 31 Dec 2022
P/E (TTM)
unavailable
Diluted EPS TTM -0.08 · TTM to 31 Dec 2022
E/P (TTM)
-16.63%
TTM to 31 Dec 2022
Dividend yield
0.02%
DPS 12m 0.00
Beta (2y)
-0.01
Volatility (1y) 69%
52-week range
0.350.79

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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical 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—
Max drawdown (1y)
−39.1%
12 Mar 2026 → 05 Nov 2026
Max drawdown (5y)
−76.5%
08 Nov 2021 → 22 Dec 2025
Compound annual growth (5y)
−20.7%
EURO STOXX 50 +7.4%

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 year202020212022
Revenue65.3 m84.7 m85.4 m
Revenue YoYunavailable+29.8%+0.7%
Net income-12.7 m1.6 m-6.6 m
Net income YoYunavailableunavailable−501.7%
Diluted EPS-0.150.02-0.08
Diluted EPS YoYunavailableunavailable−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

Revenue
2020
65.3 m
2021
84.7 m
2022
85.4 m

esef· 09 May 2023verified

Cost of revenue
2020
38.8 m
2021
50.2 m
2022
50.5 m

esef· 09 May 2023verified

Gross profit
2020
26.5 m
2021
34.5 m
2022
34.9 m

esef· 09 May 2023verified

Research & development
2020
—
2021
3.2 m
2022
3.5 m

esef· 09 May 2023verified

Operating income
2020
-7.3 m
2021
-68.0 k
2022
-4.3 m

esef· 09 May 2023verified

Interest expense
2020
6.7 m
2021
2.0 m
2022
4.8 m

esef· 09 May 2023verified

Pre-tax income
2020
-12.7 m
2021
1.8 m
2022
-6.2 m

esef· 09 May 2023verified

Income tax
2020
120.0 k
2021
79.0 k
2022
402.0 k

esef· 09 May 2023verified

Net income
2020
-12.7 m
2021
1.6 m
2022
-6.6 m

esef· 09 May 2023verified

Diluted EPS
2020
-0.15
2021
0.02
2022
-0.08

esef· 09 May 2023verified

Dividend per share
2020
0.00
2021
0.00
2022
0.00

esef· 09 May 2023derived

Balance sheet · PLN

Cash
2020
9.7 m
2021
2.5 m
2022
1.3 m

esef· 09 May 2023verified

Receivables
2020
12.9 m
2021
14.2 m
2022
17.2 m

esef· 09 May 2023verified

Inventories
2020
15.2 m
2021
18.6 m
2022
26.8 m

esef· 09 May 2023verified

Current assets
2020
63.9 m
2021
63.4 m
2022
58.9 m

esef· 09 May 2023verified

Property, plant & equipment, net
2020
11.0 m
2021
15.6 m
2022
17.5 m

esef· 09 May 2023verified

Goodwill
2020
0
2021
0
2022
0

esef· 09 May 2023verified

Intangibles (excl. goodwill)
2020
14.1 m
2021
15.9 m
2022
20.6 m

esef· 09 May 2023verified

Total assets
2020
93.7 m
2021
99.7 m
2022
102.0 m

esef· 09 May 2023verified

Current liabilities
2020
25.3 m
2021
29.9 m
2022
35.8 m

esef· 09 May 2023verified

Total liabilities
2020
30.4 m
2021
34.3 m
2022
40.2 m

esef· 09 May 2023verified

Equity
2020
63.3 m
2021
65.4 m
2022
61.8 m

esef· 09 May 2023verified

Shares outstanding at year end
2020
84.4 m
2021
81.8 m
2022
82.1 m

esef· 09 May 2023derived

Cash flow · PLN

Operating cash flow
2020
-161.0 k
2021
-1.5 m
2022
-8.7 m

esef· 09 May 2023verified

Capex
2020
183.0 k
2021
4.4 m
2022
2.5 m

esef· 09 May 2023verified

Free cash flow
2020
-344.0 k ≈
2021
-5.9 m ≈
2022
-11.2 m ≈

esef· 09 May 2023derived

Investing cash flow
2020
154.0 k
2021
-4.7 m
2022
9.0 m

esef· 09 May 2023verified

Financing cash flow
2020
2.1 m
2021
-619.0 k
2022
-1.3 m

esef· 09 May 2023verified

Dividends paid
2020
178.0 k
2021
279.0 k
2022
5.0 k

esef· 09 May 2023verified

Computed indicators

Growth

Revenue growth (YoY)
0.7%
computed by olivLawFY 2022
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
-501.7%
computed by olivLawFY 2022
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-500.0%
computed by olivLawFY 2022
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
40.9%
computed by olivLawFY 2022
EBITDA margin
unavailable
input data missing
EBIT margin
-5.1%
computed by olivLawFY 2022
Net margin
-7.7%
computed by olivLawFY 2022
FCF margin
-13.1%
computed by olivLawFY 2022

Returns

ROE
-10.4%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROA
-6.5%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROIC
unavailable
input data missing
ROCE
-6.5%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-0.9x
computed by olivLawFY 2022

Liquidity

Current ratio
1.6x
computed by olivLawbalance sheet at 31 Dec 2022
Quick ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2022
Cash ratio
0.0x
computed by olivLawbalance sheet at 31 Dec 2022

Cash

Operating cash flow
-8.7 m PLN
computed by olivLawFY 2022
Capital expenditure
2.5 m PLN
computed by olivLawFY 2022
Free cash flow
-11.2 m PLN
computed by olivLawFY 2022
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
67 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Days inventory outstanding
164 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
39.5 m PLN
computed by olivLawbalance sheet at 31 Dec 2022
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-16.6%
computed by olivLawFY 2022
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2022
P/S
0.5x
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-28.3%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Dividend yield
0.0%
computed by olivLawFY 2022
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • 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

0.48 PLN

05 Nov 2026Source: olivLaw, closing series

Market cap: 39.5 m PLN

Key indicators

Market capitalisation
39.5 m PLN
computed by olivLawbalance sheet at 31 Dec 2022
P/E (TTM)
unavailable
insufficient data
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2022
EV/EBITDA
unavailable
input data missing
ROE
-10.4%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Net margin
-7.7%
computed by olivLawFY 2022
Revenue growth (YoY)
0.7%
computed by olivLawFY 2022
Dividend yield
0.0%
computed by olivLawFY 2022

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2022
Latest reported period: 31 Dec 2022
Latest balance sheet date: 31 Dec 2022
Share count (cover of the latest filing), as of: 31 Dec 2022
Source: esefpublished 09 May 2023
verified 90derived 6

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%

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality-7.7%13 (vs peers)20%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet-0.9x0 (on a fixed band)20%
    Current ratio · Balance sheet1.6x70 (on a fixed band)13%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuation-28.3%0 (on a fixed band)27%
    Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)20%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    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

    P/E
    —
    vertical median 12.1x
    EV/EBITDA
    —
    vertical median —
    P/S
    0.5x
    vertical median 1.3x
    below median (−63.8%)
    P/B
    0.6x
    vertical median 1.0x
    below median (−34.2%)
    ROE
    -10.4%
    vertical median 8.9%
    below median (−217.0%)
    Net margin
    -7.7%
    vertical median 2.8%
    below median (−372.8%)
    EBIT margin
    -5.1%
    vertical median 6.3%
    below median (−179.8%)
    Revenue YoY
    0.7%
    vertical median 9.9%
    below median (−92.5%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    0.0%
    vertical median 3.6%
    below median (−99.4%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BDX.WABudimex Spółka Akcyjna19.3 bn36.141.5%6.2%+8.9%+21% / +36%
    ACP.WAAsseco Poland S.A.19.2 bn38.17.8%2.9%+19.8%+19% / +202%
    BFT.WABenefit Systems Spółka Akcyjna18.1 bn131.120.8%7.2%+99.9%+74% / +221%
    ASE.WAAsseco South Eastern Europe Spółka Akcyjna3.7 bn19.818.1%12.0%+36.5%+7% / +52%
    1AT.WAAtal Spółka Akcyjna2.3 bn6.429.8%22.2%−1.3%+7% / +8%
    ATT.WAGrupa Azoty Spółka Akcyjna1.7 bn—-37.9%-20.8%−45.1%−10% / −22%
    ARH.WAArchicom Spółka Akcyjna1.3 bn12.115.9%22.1%−21.6%+13% / +89%
    ACT.WAAction S.A.997.4 m27.18.3%1.5%+6.1%+70% / +170%
    BRS.WABoryszew Spółka Akcyjna889.2 m8.36.3%1.6%+8.4%−24% / −26%
    AGO.WAAgora Spółka Akcyjna601.9 m—-14.2%-9.2%+15.2%+40% / +21%
    AMB.WAAmbra S.A.468.0 m7.616.4%7.0%+12.9%+5% / −33%
    ATC.WAArctic Paper Spółka Akcyjna357.2 m1.416.3%7.0%−27.5%−38% / −75%
    ATG.WA"atm Grupa Spółka Akcyjna"299.3 m11.18.9%11.6%−22.0%−11% / +3%
    ART.WAArtifex Mundi S.A.226.6 m17.435.7%33.3%+51.9%+46% / +12%
    APN.WAAPLISENS Spółka Akcyjna194.6 m9.511.4%13.8%+21.8%−1% / −21%
    BMC.WABumech Spółka Akcyjna155.7 m—-3.4%-3.9%−40.0%−37% / −49%
    ALI.WAALTUS Spolka Akcyjna153.9 m16.87.9%16.9%+30.3%+34% / +48%
    BBT.WABoomBit Spółka Akcyjna71.4 m4.520.7%6.4%−16.5%−19% / −57%
    BBD.WABbi Development S.A.54.1 m1.136.0%208.3%+50.2%+1% / +9%
    ALG.WAAll in! Games Spółka Akcyjna39.8 m——-156.9%−72.2%−27% / −56%
    CRM.WAPZ Cormay Spółka Akcyjna39.5 m—-10.4%-7.7%+0.7%+20% / −29%
    BMX.WABioMaxima Spółka Akcyjna37.0 m63.21.2%1.3%−67.5%−29% / −45%
    06N.WAMagna Polonia Spółka Akcyjna31.3 m0.5115.4%964.7%+13.0%−28% / −42%
    BCM.WABETACOM Spółka Akcyjna26.7 m17.68.0%0.9%+21.3%+8% / +4%
    AWM.WAAirway Medix Spółka Akcyjna14.3 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.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (PLN)

    Estimated priceBearBaseBull
    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
    What moves the 3-year price the most

      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

      Analysers and reagents for Eastern Europe

      Sales of medical analysers and reagents to Russia, Belarus and Ukraine totalled 20829 thousand PLN in 2022, up 20% from 2021 1. The analysers are largely leased to hospitals, which makes these assets sensitive to local market developments 1.

      Ukrainian market

      Sales on the Ukrainian market fell significantly after the Russian invasion, reflecting a collapse in demand in the east of the country 1. The group's receivables balance in this market decreased to 439 thousand PLN at 31 December 2022 1.

      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)

      Sources

      1. [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.

      PZ CORMAY S.A. (CRM.WA): stock, results, valuation and forecast · olivLaw