olivLaw · European equity research
MERCATOR MEDICAL SPÓŁKA AKCYJNA MRC.WA
Poland · GPW Warszawa · ISIN PLMRCTR00015 · Vertical: Listed companies from Poland
Mercator Medical S.A. is a Polish group that develops the distribution of single-use medical products, in particular gloves, dressings and nonwoven products, through a network of subsidiaries in several European countries. The annual report for the year ended 31 December 2023 shows that the group carried out an internal reorganisation by absorbing some subsidiaries, which could simplify its operating structure.
At the close of 05 Nov 2026, MERCATOR MEDICAL SPÓŁKA AKCYJNA (MRC.WA) stock was 57.80 PLN (−0.52% on the day), with market capitalisation 477.8 m PLN, dividend yield 5.00%, beta 0.31, 52-week range 37.45–62.00 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)
- 48.0
- neutral
- Bollinger (20, 2)
- 57.11 – 60.04
- in the lower half of the band · %B 0.24 · band width 5.0%
- SMA 50 / 200
- 58.06 / 51.66
- mixed trend
- MACD (12, 26, 9)
- -0.04 / 0.16
- 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 | +1.6% | −0.6% | +2.2 pp | — |
| 3 months | +9.1% | −4.2% | +13.2 pp | — |
| 6 months | 0.0% | +4.3% | −4.3 pp | — |
| Year to date | +52.5% | +7.5% | +45.0 pp | — |
| 1 year | +44.5% | +9.9% | +34.6 pp | +7.1% |
| 3 years | +39.2% | +49.8% | −10.6 pp | +3.3% |
| 5 years | −51.2% | +42.8% | −94.0 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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 1.7 bn | 542.5 m | 469.1 m |
| Revenue YoY | unavailable | −68.6% | −13.5% |
| Net income | 446.9 m | -189.6 m | -19.7 m |
| Net income YoY | unavailable | −142.4% | unavailable |
| Diluted EPS | 43.95 | -19.53 | -2.38 |
| Diluted EPS YoY | unavailable | −144.4% | unavailable |
| net % | 25.9% | -35.0% | -4.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 217.3 m PLN
- Financial debt
- 0 PLN
- Net debt
- -217.3 m PLN
- Equity
- 859.7 m PLN
- Total assets
- 965.2 m PLN
- Debt / equity
- 0.00x
- Current ratio
- 7.46x
- ROE
- -2.1%
- ROA
- -1.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.7 bn | 542.5 m | 469.1 m | esef· 08 May 2024verified |
| Operating income | 463.4 m | -181.2 m | -87.1 m | esef· 08 May 2024verified |
| Depreciation & amortisation | 19.3 m | 25.7 m | 22.1 m | esef· 08 May 2024verified |
| EBITDA | 482.7 m ≈ | -155.5 m ≈ | -65.0 m ≈ | esef· 08 May 2024derived |
| Interest expense | 8.6 m | 22.9 m | 1.1 m | esef· 08 May 2024verified |
| Pre-tax income | 477.2 m | -186.2 m | -3.8 m | esef· 08 May 2024verified |
| Income tax | 32.4 m | 4.6 m | 19.0 m | esef· 08 May 2024verified |
| Net income | 446.9 m | -189.6 m | -19.7 m | esef· 08 May 2024verified |
| Diluted EPS | 43.95 | -19.53 | -2.38 | esef· 08 May 2024verified |
| Dividend per share | 0.00 | 0.00 | 2.89 | esef· 08 May 2024derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 339.6 m | 223.3 m | 217.3 m | esef· 08 May 2024verified |
| Receivables | 143.6 m | 69.2 m | 103.7 m | esef· 08 May 2024verified |
| Inventories | 230.4 m | 200.7 m | 147.8 m | esef· 08 May 2024verified |
| Current assets | 914.2 m | 697.6 m | 585.2 m | esef· 08 May 2024verified |
| Property, plant & equipment, net | 336.2 m | 285.2 m | 254.6 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 9.6 m | 24.8 m | 33.1 m | esef· 08 May 2024verified |
| Total assets | 1.3 bn | 1.1 bn | 965.2 m | esef· 08 May 2024verified |
| Accounts payable | 104.8 m | 56.0 m | 67.9 m | esef· 08 May 2024verified |
| Long-term debt | 0 | 0 | 0 | esef· 08 May 2024verified |
| Current liabilities | 133.1 m | 60.0 m | 78.5 m | esef· 08 May 2024verified |
| Total liabilities | 143.3 m | 73.8 m | 105.5 m | esef· 08 May 2024verified |
| Equity | 1.1 bn | 1.0 bn | 859.7 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 10.2 m | 9.7 m | 8.3 m | esef· 08 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 503.0 m | 40.8 m | -86.0 k | esef· 08 May 2024verified |
| Investing cash flow | -230.0 m | -146.7 m | 33.6 m | esef· 08 May 2024verified |
| Financing cash flow | -333.9 m | -1.4 m | -41.1 m | esef· 08 May 2024verified |
| Dividends paid | 0 | 0 | 23.9 m | esef· 08 May 2024verified |
| Share repurchases | 332.1 m | 0 | 16.3 m | esef· 08 May 2024verified |
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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 477.8 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -10.2% | 0 (vs peers) | 31% |
| Net margin · Quality | -4.2% | 15 (vs peers) | 19% |
| 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 | -79.2x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 7.5x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 8.4% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality6/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
MERCATOR MEDICAL SPÓŁKA AKCYJNA (MRC.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 469.1 m PLN in 2023; YoY growth -13.5%; net margin -4.2%; ROE -2.1%.
The estimated value range is 28.33–34.99 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 31.31 PLN, the price of 57.80 PLN leaves a potential of -45.8% (value / price − 1) and a margin of safety of -84.6% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 7.5x
- Shareholder yield (distributions): 8.4%
What contradicts it
- ROIC: -10.2%
- Net margin: -4.2%
- Interest coverage: -79.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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% |
| MRC.WAMercator Medical Spółka Akcyjna | 477.8 m | — | -2.1% | -4.2% | −13.5% | +49% / +41% |
| 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% |
| 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 MRC.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
Mercator Medical S.A. is a Polish group that develops the distribution of single-use medical products, in particular gloves, dressings and nonwoven products, through a network of subsidiaries in several European countries. The annual report for the year ended 31 December 2023 shows that the group carried out an internal reorganisation by absorbing some subsidiaries, which could simplify its operating structure.
SWOT
Strengths
- The group has an international structure with subsidiaries in several European countries, giving broad geographic coverage for the distribution of medical products.
- The financial statements are audited by a firm registered with the oversight authority, and management states that the reporting gives a true and fair picture.
- The core activity covers single-use products, a category with stable demand in the healthcare sector.
Weaknesses
- The large number of subsidiaries, some of them in liquidation or inactive, complicates administration and generates costs.
- Exposure to several currencies makes reported results sensitive to exchange-rate movements.
- The annual report extract analysed does not give a detailed breakdown of revenue by product category.
Opportunities
- Simplifying the structure through mergers and liquidations could reduce general costs and improve operating efficiency.
- Developing the property segment through the newly established subsidiary could diversify the group's sources of income.
- Strengthening the position in European markets where the group already has subsidiaries could widen its market share.
Threats
- Geopolitical risks linked to the presence in Ukraine and Russia could limit access to these markets or affect local assets.
- Competition from Asian manufacturers could pressure glove prices on European markets.
- Changes in EU healthcare regulation could impose additional compliance requirements on the products distributed.
Risks
- Geopolitical exposure in the Easthigh
The subsidiaries in Ukraine and Russia could be affected by sanctions, transfer restrictions or a deterioration of the local business environment.
- Currency riskmedium
Operating in several currencies can lead to exchange-rate differences that affect reported profit in Polish zloty.
- Complexity of the legal structuremedium
The large number of entities, including those in liquidation, can make internal control and consolidated reporting harder.
- Dependence on one type of productmedium
Concentration on gloves and single-use products exposes the group to changes in demand and prices in this segment.
- Going concernlow
Management does not currently identify risks to continuity, but the situation in some external markets could change quickly.
Investment thesis
What would need to be true (bull case)
- If the legal reorganisation reduces costs and the group keeps its coverage across several European countries, operating results could benefit from a more efficient structure.
- Activity in single-use products can offer relatively stable demand, and expansion into property could diversify revenue.
- Direct presence in several EU markets could allow the group to benefit from growing demand for medical products in the region.
What would break the thesis
- If the geopolitical situation in the East worsens, assets and operations in Ukraine and Russia could suffer significant losses.
- Exchange-rate fluctuations could reduce reported results in the functional currency of the parent company.
- Competition from lower-cost manufacturers could limit the group's profit margins on European markets.
What to watch
- Completion of the liquidation of subsidiaries in liquidation2024
- Developments in Ukraine and Russia and the impact on local subsidiaries2024
- Effects of the legal reorganisation on general costs in the next report2024
- Evolution of the property segment after the establishment of Mercator Estatesnext annual report
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 Mercator Medical group has Mercator Medical S.A., based in Poland, as its parent, and its main activity is the production and sale of single-use gloves, as well as the distribution of dressings and nonwoven products. The consolidated structure includes subsidiaries in Ukraine, Russia, Romania, Hungary, Czechia, Italy, Germany and France, all active in distributing the same product categories, plus several holding and property development entities. The consolidated financial statements are prepared under IFRS as adopted by the European Union and presented in thousands of Polish zloty (PLN).
In September 2023 the parent company agreed merger plans with its subsidiaries Trino sp. z o.o. and Brestia sp. z o.o., with the aim of reducing general costs and simplifying the organisational structure. The mergers were registered in November 2023, and the parent company took over the rights and obligations of these subsidiaries. Because both were already consolidated, the merger had no effect on the consolidated figures.
The financial statements were audited by BDO spółka z ograniczoną odpowiedzialnością sp.k., and the management board stated that there are no circumstances indicating a threat to the group's going concern. The annual report specifies that the company has no associates.
Segments
Distribution of gloves and single-use medical products
This is the group's main business, covered by most of the subsidiaries in the report, which distribute single-use gloves, dressings and nonwoven products in Central and Eastern Europe and other European markets.
Property development
The subsidiary Mercator Estates sp. z o.o., established in 2023, carries on property development activities in Poland and represents a separate segment from the medical business.
Market context
The annual report does not provide data on the size of the global single-use products market or the group's market share. The markets in which the subsidiaries operate are mature, with steady demand for gloves and dressings, but the analysed source gives no quantified information.
The group's exposure to several currencies and markets, including Ukraine and Russia, makes exchange-rate differences and geopolitical risks relevant to consolidated results, as described in the accounting policies of the report.
Trends
- Legal reorganisation of the grouptailwind
The absorption of Trino and Brestia and the liquidation of several entities could reduce administrative costs and simplify reporting.
- Currency and geopolitical tensions in the Eastheadwind
The presence in Ukraine and Russia exposes the group to currency risk and operational restrictions, which could affect results if these markets deteriorate.
- Consolidation of the European distribution networkmixed
Subsidiaries in several EU countries allow broad coverage, but maintaining a large number of legal entities can generate additional costs.
- Winding up of non-operating entitiestailwind
Several subsidiaries are in liquidation or carry on no operating activity, which could release resources if the process is completed.
Competitive position
The annual report does not explicitly identify the group's competitors. By the nature of the business, competition comes from distributors and manufacturers of gloves and dressings in Europe and other regions, but the source gives no names or market shares.
The group's competitive position depends on its local presence in several European countries and its ability to keep costs low through simplified structures, aspects highlighted by management in the 2023 reorganisation.
- European distributors of single-use medical products
Regional competitors active in the same product categories; the annual report does not name them.
- Asian manufacturers of single-use gloves
Global suppliers that can influence glove prices and availability on European markets.
- Medical distribution chains in Central Europe
Local players with their own sales networks to hospitals and pharmacies in the region.
- Suppliers of nonwoven materials
Companies supplying nonwoven materials used in dressings and other medical products.
News & filings
In the press
- Can the collapse of Alta Bank drag down Idea, Roda, and Mercator stores?Serbian Monitor (RS, EN) · 04 Nov 2026 · EN
- Mercator ↔ Equal EarthSimon Willison Blog · 07 Sept 2026 · EN
- Harta lumii se schimbă după aproape 500 de ani. ONU a votat pentru renunțarea la proiecția MercatorG4Media · 04 Sept 2026 · RO
- ONU a votat modificarea hărților lumii și înlocuirea treptată a planiglobului Mercator, care face emisfera nordică, cu Europa. America de Nord și Asia, să pară mai mare decât este în realitate față de Africa. A existat un singur vot împotrivă – cel al SUA.Biziday.ro · 04 Sept 2026 · RO
- Harta lumii se schimbă după aproape 500 de ani. ONU a votat pentru renunțarea la proiecția MercatorMediafax · 04 Sept 2026 · RO
- 3D Airplane tracker on Mercator mapHacker News · 04 Jul 2026 · EN
Annual reports (ESEF)
- Annual report 202308 May 2024
- Annual report 202231 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / MERCATOR MEDICAL SPÓŁKA AKCYJNA · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.