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olivLaw · European equity research

MERCATOR MEDICAL SPÓŁKA AKCYJNA MRC.WA

Poland · GPW Warszawa · ISIN PLMRCTR00015 · Vertical: Listed companies from Poland

57.80PLN−0.52% · 1 dayClose 05 Nov 2026

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.

Market cap
477.8 m PLN
shares as of 31 Dec 2023
P/E (TTM)
unavailable
Diluted EPS TTM -2.38 · TTM to 31 Dec 2023
E/P (TTM)
-4.12%
TTM to 31 Dec 2023
Dividend yield
5.00%
DPS 12m 2.89
Beta (2y)
0.31
Volatility (1y) 42%
52-week range
37.4562.00

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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+1.6%−0.6%+2.2 pp—
3 months+9.1%−4.2%+13.2 pp—
6 months0.0%+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—
Max drawdown (1y)
−22.0%
07 Apr 2026 → 04 May 2026
Max drawdown (5y)
−75.6%
29 Nov 2021 → 23 Dec 2025
Compound annual growth (5y)
−13.4%
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 year202120222023
Revenue1.7 bn542.5 m469.1 m
Revenue YoYunavailable−68.6%−13.5%
Net income446.9 m-189.6 m-19.7 m
Net income YoYunavailable−142.4%unavailable
Diluted EPS43.95-19.53-2.38
Diluted EPS YoYunavailable−144.4%unavailable
net %25.9%-35.0%-4.2%
Free cash flowunavailableunavailableunavailable

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

Revenue
2021
1.7 bn
2022
542.5 m
2023
469.1 m

esef· 08 May 2024verified

Operating income
2021
463.4 m
2022
-181.2 m
2023
-87.1 m

esef· 08 May 2024verified

Depreciation & amortisation
2021
19.3 m
2022
25.7 m
2023
22.1 m

esef· 08 May 2024verified

EBITDA
2021
482.7 m ≈
2022
-155.5 m ≈
2023
-65.0 m ≈

esef· 08 May 2024derived

Interest expense
2021
8.6 m
2022
22.9 m
2023
1.1 m

esef· 08 May 2024verified

Pre-tax income
2021
477.2 m
2022
-186.2 m
2023
-3.8 m

esef· 08 May 2024verified

Income tax
2021
32.4 m
2022
4.6 m
2023
19.0 m

esef· 08 May 2024verified

Net income
2021
446.9 m
2022
-189.6 m
2023
-19.7 m

esef· 08 May 2024verified

Diluted EPS
2021
43.95
2022
-19.53
2023
-2.38

esef· 08 May 2024verified

Dividend per share
2021
0.00
2022
0.00
2023
2.89

esef· 08 May 2024derived

Balance sheet · PLN

Cash
2021
339.6 m
2022
223.3 m
2023
217.3 m

esef· 08 May 2024verified

Receivables
2021
143.6 m
2022
69.2 m
2023
103.7 m

esef· 08 May 2024verified

Inventories
2021
230.4 m
2022
200.7 m
2023
147.8 m

esef· 08 May 2024verified

Current assets
2021
914.2 m
2022
697.6 m
2023
585.2 m

esef· 08 May 2024verified

Property, plant & equipment, net
2021
336.2 m
2022
285.2 m
2023
254.6 m

esef· 08 May 2024verified

Intangibles (excl. goodwill)
2021
9.6 m
2022
24.8 m
2023
33.1 m

esef· 08 May 2024verified

Total assets
2021
1.3 bn
2022
1.1 bn
2023
965.2 m

esef· 08 May 2024verified

Accounts payable
2021
104.8 m
2022
56.0 m
2023
67.9 m

esef· 08 May 2024verified

Long-term debt
2021
0
2022
0
2023
0

esef· 08 May 2024verified

Current liabilities
2021
133.1 m
2022
60.0 m
2023
78.5 m

esef· 08 May 2024verified

Total liabilities
2021
143.3 m
2022
73.8 m
2023
105.5 m

esef· 08 May 2024verified

Equity
2021
1.1 bn
2022
1.0 bn
2023
859.7 m

esef· 08 May 2024verified

Shares outstanding at year end
2021
10.2 m
2022
9.7 m
2023
8.3 m

esef· 08 May 2024derived

Cash flow · PLN

Operating cash flow
2021
503.0 m
2022
40.8 m
2023
-86.0 k

esef· 08 May 2024verified

Investing cash flow
2021
-230.0 m
2022
-146.7 m
2023
33.6 m

esef· 08 May 2024verified

Financing cash flow
2021
-333.9 m
2022
-1.4 m
2023
-41.1 m

esef· 08 May 2024verified

Dividends paid
2021
0
2022
0
2023
23.9 m

esef· 08 May 2024verified

Share repurchases
2021
332.1 m
2022
0
2023
16.3 m

esef· 08 May 2024verified

Computed indicators

Growth

Revenue growth (YoY)
-13.5%
computed by olivLawFY 2023
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)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
-13.9%
computed by olivLawFY 2023
EBIT margin
-18.6%
computed by olivLawFY 2023
Net margin
-4.2%
computed by olivLawFY 2023
FCF margin
unavailable
input data missing

Returns

ROE
-2.1%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROA
-1.9%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROIC
-10.2%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROCE
-9.8%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-217.3 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2023
Interest coverage
-79.2x
computed by olivLawFY 2023

Liquidity

Current ratio
7.5x
computed by olivLawbalance sheet at 31 Dec 2023
Quick ratio
5.6x
computed by olivLawbalance sheet at 31 Dec 2023
Cash ratio
2.8x
computed by olivLawbalance sheet at 31 Dec 2023

Cash

Operating cash flow
-86.0 k PLN
computed by olivLawFY 2023
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
67 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
477.8 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Enterprise value
260.5 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-4.1%
computed by olivLawFY 2023
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2023
P/S
1.0x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.6x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
5.0%
computed by olivLawFY 2023
Shareholder yield (distributions)
8.4%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023

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: 33.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

57.80 PLN

05 Nov 2026Source: olivLaw, closing series

Market cap: 477.8 m PLN

Key indicators

Market capitalisation
477.8 m PLN
computed by olivLawbalance sheet at 31 Dec 2023
P/E (TTM)
unavailable
insufficient data
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2023
EV/EBITDA
unavailable
insufficient data
ROE
-2.1%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Net margin
-4.2%
computed by olivLawFY 2023
Revenue growth (YoY)
-13.5%
computed by olivLawFY 2023
Dividend yield
5.0%
computed by olivLawFY 2023

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 31 Dec 2023
Latest balance sheet date: 31 Dec 2023
Share count (cover of the latest filing), as of: 31 Dec 2023
Source: esefpublished 08 May 2024
verified 86derived 6

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%

    FactorValueScoreWeight used
    ROIC · Quality-10.2%0 (vs peers)31%
    Net margin · Quality-4.2%15 (vs peers)19%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet-79.2x0 (on a fixed band)19%
    Current ratio · Balance sheet7.5x100 (on a fixed band)13%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returns8.4%100 (on a fixed band)19%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    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

    P/E
    —
    vertical median 12.1x
    EV/EBITDA
    —
    vertical median —
    P/S
    1.0x
    vertical median 1.3x
    below median (−20.4%)
    P/B
    0.6x
    vertical median 1.0x
    below median (−43.4%)
    ROE
    -2.1%
    vertical median 8.9%
    below median (−123.6%)
    Net margin
    -4.2%
    vertical median 2.8%
    below median (−248.7%)
    EBIT margin
    -18.6%
    vertical median 6.3%
    below median (−393.3%)
    Revenue YoY
    -13.5%
    vertical median 9.9%
    below median (−237.4%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    5.0%
    vertical median 3.6%
    above median (+38.7%)

    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%
    MRC.WAMercator Medical Spółka Akcyjna477.8 m—-2.1%-4.2%−13.5%+49% / +41%
    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%
    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 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.

    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

      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

      Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.