olivLaw · European equity research
MERCOR Spółka Akcyjna MCR.WA
Poland · GPW Warszawa · ISIN PLMRCOR00016 · Vertical: Listed companies from Poland
MERCOR S.A. is a Gdańsk-based group specialising in passive fire protection systems, active in several European countries including Poland, the Czech Republic, Slovakia, Hungary and the United Kingdom. The annual report for the year ended 31 March 2024 shows that exposure to Russia and Ukraine is limited, with these markets carrying a small share of group revenue, while the rest of the business depends on raw material costs and interest rates.
At the close of 05 Nov 2026, MERCOR Spółka Akcyjna (MCR.WA) stock was 13.45 PLN (−0.37% on the day), with market capitalisation 207.9 m PLN, P/E 4.2 on diluted EPS of 3.19 PLN over the last 12 months, dividend yield 11.23%, beta 0.26, 52-week range 11.70–22.90 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)
- 27.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 13.16 – 15.34
- in the lower half of the band · %B 0.13 · band width 15.4%
- SMA 50 / 200
- 14.68 / 15.42
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.38 / -0.29
- 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 | −8.8% | −0.6% | −8.2 pp | — |
| 3 months | −11.8% | −4.2% | −7.6 pp | — |
| 6 months | −3.9% | +4.3% | −8.3 pp | — |
| Year to date | −36.0% | +7.5% | −43.5 pp | — |
| 1 year | −41.3% | +9.9% | −51.2 pp | +7.1% |
| 3 years | −44.9% | +49.8% | −94.7 pp | +3.3% |
| 5 years | −19.7% | +42.8% | −62.5 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.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 6.8, median 7.1, max 7.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 496.0 m | 628.4 m | 587.4 m |
| Revenue YoY | unavailable | +26.7% | −6.5% |
| Net income | 29.8 m | 41.7 m | 49.3 m |
| Net income YoY | unavailable | +40.0% | +18.3% |
| Diluted EPS | 1.91 | 2.68 | 3.19 |
| Diluted EPS YoY | unavailable | +40.3% | +19.0% |
| net % | 6.0% | 6.6% | 8.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Mar 2024
- Cash
- 15.6 m PLN
- Financial debt
- 60.5 m PLN
- Net debt
- 44.9 m PLN
- Equity
- 239.3 m PLN
- Total assets
- 432.4 m PLN
- Debt / equity
- 0.25x
- Current ratio
- 1.97x
- ROE
- 21.2%
- ROA
- 11.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 496.0 m | 628.4 m | 587.4 m | esef· 10 Jul 2024verified |
| Cost of revenue | 379.2 m | 472.2 m | 434.3 m | esef· 10 Jul 2024verified |
| Gross profit | 116.8 m | 156.2 m | 153.1 m | esef· 10 Jul 2024verified |
| Operating income | 44.0 m | 68.8 m | 57.1 m | esef· 10 Jul 2024verified |
| Interest expense | 4.0 m | 9.2 m | 7.5 m | esef· 10 Jul 2024verified |
| Pre-tax income | 40.8 m | 60.4 m | 59.4 m | esef· 10 Jul 2024verified |
| Income tax | 8.3 m | 13.2 m | 6.6 m | esef· 10 Jul 2024verified |
| Net income | 29.8 m | 41.7 m | 49.3 m | esef· 10 Jul 2024verified |
| Diluted EPS | 1.91 | 2.68 | 3.19 | esef· 10 Jul 2024verified |
| Dividend per share | 0.69 | 0.63 | 1.51 | esef· 10 Jul 2024verified |
Balance sheet · PLN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 19.9 m | 29.2 m | 15.6 m | esef· 10 Jul 2024verified |
| Receivables | 111.8 m | 109.7 m | 104.7 m | esef· 10 Jul 2024verified |
| Inventories | 70.6 m | 77.4 m | 72.1 m | esef· 10 Jul 2024verified |
| Current assets | 232.2 m | 252.4 m | 233.0 m | esef· 10 Jul 2024verified |
| Property, plant & equipment, net | 57.9 m | 79.4 m | 84.4 m | esef· 10 Jul 2024verified |
| Goodwill | 51.6 m | 51.6 m | 47.3 m | esef· 10 Jul 2024verified |
| Intangibles (excl. goodwill) | 27.3 m | 26.9 m | 28.1 m | esef· 10 Jul 2024verified |
| Total assets | 430.7 m | 447.7 m | 432.4 m | esef· 10 Jul 2024verified |
| Accounts payable | 98.5 m | 112.1 m | 92.1 m | esef· 10 Jul 2024verified |
| Long-term debt | 76.2 m | 67.8 m | 60.5 m | esef· 10 Jul 2024verified |
| Current liabilities | 141.5 m | 135.7 m | 118.1 m | esef· 10 Jul 2024verified |
| Total liabilities | 239.0 m | 221.9 m | 193.1 m | esef· 10 Jul 2024verified |
| Equity | 191.7 m | 225.8 m | 239.3 m | esef· 10 Jul 2024verified |
| Shares outstanding at year end | 15.6 m | 15.6 m | 15.5 m | esef· 10 Jul 2024derived |
Cash flow · PLN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 6.6 m | 64.0 m | 49.0 m | esef· 10 Jul 2024verified |
| Investing cash flow | -17.7 m | -12.0 m | -19.1 m | esef· 10 Jul 2024verified |
| Financing cash flow | 6.8 m | -42.8 m | -43.5 m | esef· 10 Jul 2024verified |
| Dividends paid | 10.7 m | 10.2 m | 24.0 m | esef· 10 Jul 2024verified |
| Share repurchases | 379.0 k | 585.0 k | 2.2 m | esef· 10 Jul 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 207.9 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.5% | 73 (vs peers) | 24% |
| Net margin · Quality | 8.4% | 72 (vs peers) | 14% |
| 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 | 7.7x | 95 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.0x | 98 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 4.2x | 84 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 12.6% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet96/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial84/100 · 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
MERCOR SPÓŁKA AKCYJNA (MCR.WA). Latest full fiscal year: 2024; data up to 2024-03-31.
Figures computed from the financial statements: revenue 587.4 m PLN in 2024; YoY growth -6.5%; net margin 8.4%; ROE 22.4%.
The estimated value range is 17.57–37.20 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 25.83 PLN, the price of 13.45 PLN leaves a potential of 92.0% (value / price − 1) and a margin of safety of 47.9% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 18.5%
- Net margin: 8.4%
- Interest coverage: 7.7x
- Current ratio: 2.0x
- P/E (TTM): 4.2x
- Shareholder yield (distributions): 12.6%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| 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% |
| MCR.WAMercor Spółka Akcyjna | 207.9 m | 4.2 | 22.4% | 8.4% | −6.5% | −38% / −46% |
| 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 MCR.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 | 7.19 Total return -39% · Per year -39% | 12.78 Total return 6% · Per year 6% | 19.33 Total return 57% · Per year 57% |
| 3 years | 5.71 Total return -36% · Per year -14% | 11.53 Total return 16% · Per year 5% | 19.33 Total return 82% · Per year 22% |
| 5 years | 4.53 Total return -34% · Per year -8% | 10.41 Total return 26% · Per year 5% | 19.33 Total return 108% · Per year 16% |
- Exit P/E± 2.88
- Net margin± 2.02
- Annual revenue growth± 1.82
- Annual dilution± 0.17
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
MERCOR S.A. is a Gdańsk-based group specialising in passive fire protection systems, active in several European countries including Poland, the Czech Republic, Slovakia, Hungary and the United Kingdom. The annual report for the year ended 31 March 2024 shows that exposure to Russia and Ukraine is limited, with these markets carrying a small share of group revenue, while the rest of the business depends on raw material costs and interest rates.
SWOT
Strengths
- The group has a geographically diversified presence across several European countries and a subsidiary structure that supports project execution.
- Exposure to Russia and Ukraine remains small relative to total assets and revenue, which limits the impact of the conflict.
- The group uses forward contracts to hedge currency risk, which adds some stability against exchange rate swings.
Weaknesses
- Bank borrowings are largely short-term, which makes financing sensitive to market conditions.
- Part of the trade receivables are overdue for long periods, and impairment allowances are a significant component.
- Reliance on internal orders for some subsidiaries means capacity utilisation depends on internal coordination.
Opportunities
- If demand for passive fire protection grows in Europe, the group could expand capacity in its existing subsidiaries.
- Closer integration of construction and installation activities could add value for customers.
- Energy and technology activities could become more relevant if developed beyond their current secondary role.
Threats
- Wider sanctions could limit operations in Russia and Belarus or the distribution of dividends from these countries.
- Rising raw material and energy costs could reduce margins if they cannot be passed on to customers.
- Changes in interest rates or the złoty exchange rate could affect net profit, given existing borrowings.
Risks
- Geopolitical exposure in Russia and Ukrainemedium
Subsidiaries in these countries depend on sanctions conditions and an unstable operating environment, and dividend restrictions could limit cash flows to the parent.
- Interest rate sensitivitymedium
The high level of bank debt means net profit could be affected if interest rates rise, especially for short-term financing.
- Currency riskmedium
Part of the group's financing is in foreign currency, and złoty exchange rate movements could change net profit.
- Non-collection of receivablesmedium
Receivables overdue by more than 90 days and the related allowances show that collections can be delayed, affecting liquidity.
- Raw material and energy costslow
Higher prices for raw materials and energy could reduce group margins if they cannot be passed on to customers.
Investment thesis
What would need to be true (bull case)
- If demand for passive fire protection remains stable, the group could benefit from its presence in several European countries.
- Limited exposure to Russia and Ukraine in total revenue could cap the negative impact of the conflict on results.
- The subsidiary and shared services structure could support operating efficiency as activity grows.
What would break the thesis
- If sanctions widen, operations in Russia and Belarus could be restricted and dividend distribution could become harder.
- Largely short-term bank debt could make profit sensitive to rising interest rates.
- Overdue receivables and large allowances could weigh on liquidity if collections continue to lag.
What to watch
- Developments in sanctions and in the Russian and Ukrainian subsidiariesnext 10-K
- Level of bank borrowings and cost of financing2025
- Trend in receivables overdue by more than 90 daysnext 10-K
- How raw material and energy costs are passed on to customers2025
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
MERCOR group, headquartered in Gdańsk, produces, sells and installs passive fire protection barriers and carries out construction projects through dedicated subsidiaries. The structure includes companies in Poland, the Czech Republic, Slovakia, Hungary, the United Kingdom, Russia, Ukraine and Belarus, some fully consolidated, while Elmech-ASE S.A. is accounted for under the equity method with a 50% stake. The parent is MERCOR S.A., whose functional currency is the Polish złoty (PLN).
Segments
Passive fire protection
The core activity consists of producing, selling and installing passive protection systems, mainly by subsidiaries in Central Europe. The group notes that some orders come from other group entities, so management closely monitors the utilisation of production capacity.
Construction and projects
Dedicated subsidiaries carry out construction projects that complement the offer and support the installation chain. The subsidiary structure also reflects the geographic diversification of the business across Europe.
Energy and technology
The group holds a subsidiary for generation and distribution of electricity, a software and IT consulting subsidiary, and a shared services centre. These activities are secondary to passive fire protection production.
Market context
The group operates in passive fire protection in Central and Eastern Europe, with additional presence in the United Kingdom. The report does not quantify the market size, but shows that deliveries to Russia and Ukraine carry a small weight in revenue, which reduces direct conflict exposure.
Trends
- War in Ukraine and sanctionsheadwind
Management monitors sanctions and conflict-related risks, including for the Russian and Ukrainian subsidiaries. The report states no significant supply disruptions were found, but sanctions could affect future dividend distributions from Russia.
- Raw material and energy costsheadwind
The group has secured strategic material supplies and tracks price changes. Cost pressure could reduce margins if it cannot be passed on to customers.
- Interest rate and currency movementsmixed
Bank borrowings, largely short-term and partly in foreign currency, make profit sensitive to interest rates and the złoty exchange rate. The group uses forward contracts to hedge part of the currency risk.
- Receivables collection disciplinemixed
The group insures part of its trade receivables and uses bank guarantees, which limits non-collection risk. Receivables overdue by more than 90 days remain a significant component of impairment allowances.
Competitive position
The analysed source does not identify direct competitors of the group and gives no information on market share. Comparative positioning is therefore limited to the group's geographic and product structure.
- Other European passive fire protection suppliers
The annual report does not name competitors, so no direct market share comparison can be made.
- Specialised construction and installation firms
The source does not identify specific competitors in this segment, but the installation chain is a relevant factor.
- Local manufacturers in Central Europe
Not detailed in the report; only the group's own regional subsidiaries are mentioned.
- Energy and software providers within the group
The group's secondary activities are not compared with other market players in the analysed source.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202410 Jul 2024
- Annual report 202311 Jul 2023
Sources
- [1] Annual report, fiscal year ended 2024-03-31 (ESEF) · SEC / MERCOR Spółka Akcyjna · 31 Mar 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.