Declared Dividend • May 31
Dividend of €1.60 announced Shareholders will receive a dividend of €1.60. Ex-date: 10th June 2026 Payment date: 12th June 2026 Dividend yield will be 5.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) nor is it covered by cash flows (170% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.7% to bring the payout ratio under control, which is less than the 7.1% EPS growth achieved over the last 5 years. Announcement • May 29
Mermeren Kombinat AD announces Annual dividend, payable on June 12, 2026 Mermeren Kombinat AD announced Annual dividend of EUR 1.6000 per share payable on June 12, 2026, ex-date on June 10, 2026 and record date on June 11, 2026. New Risk • May 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 170% Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • May 05
First quarter 2026 earnings released First quarter 2026 results: Revenue: €3.23m (down 50% from 1Q 2025). Net income: €1.09m (down 57% from 1Q 2025). Profit margin: 34% (down from 39% in 1Q 2025). The decrease in margin was driven by lower revenue. Buy Or Sell Opportunity • Apr 30
Now 25% overvalued Over the last 90 days, the stock has fallen 4.0% to €34.00. The fair value is estimated to be €27.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Apr 08
Now 27% overvalued Over the last 90 days, the stock has fallen 2.8% to €34.60. The fair value is estimated to be €27.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Mar 05
Now 20% overvalued Over the last 90 days, the stock has fallen 5.6% to €33.60. The fair value is estimated to be €27.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Announcement • Mar 02
Mermeren Kombinat AD to Report Fiscal Year 2025 Results on Mar 02, 2026 Mermeren Kombinat AD announced that they will report fiscal year 2025 results on Mar 02, 2026 New Risk • Feb 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 123% Dividend yield: 7.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Feb 11
Now 21% overvalued Over the last 90 days, the stock has fallen 4.5% to €33.60. The fair value is estimated to be €27.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • Oct 05
First half 2025 earnings released: EPS: €1.08 (vs €1.67 in 1H 2024) First half 2025 results: EPS: €1.08 (down from €1.67 in 1H 2024). Revenue: €12.9m (down 14% from 1H 2024). Net income: €5.04m (down 36% from 1H 2024). Profit margin: 39% (down from 52% in 1H 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. Announcement • Oct 01
Mermeren Kombinat AD to Report Nine Months, 2025 Results on Oct 31, 2025 Mermeren Kombinat AD announced that they will report nine months, 2025 results on Oct 31, 2025 Buy Or Sell Opportunity • Jun 13
Now 21% undervalued Over the last 90 days, the stock has risen 5.8% to €40.00. The fair value is estimated to be €50.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • Jun 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Greek stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 0.6% per year over the past 5 years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €44.20, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 16x in the Basic Materials industry in Europe. Total loss to shareholders of 5.4% over the past three years. Declared Dividend • Jun 02
Dividend of €2.40 announced Shareholders will receive a dividend of €2.40. Ex-date: 11th June 2025 Payment date: 16th June 2025 Dividend yield will be 6.9%, which is higher than the industry average of 2.5%. Announcement • Jun 01
Mermeren Kombinat AD announces Annual dividend, payable on June 16, 2025 Mermeren Kombinat AD announced Annual dividend of EUR 2.4000 per share payable on June 16, 2025, ex-date on June 11, 2025 and record date on June 12, 2025. Announcement • Apr 29
Mermeren Kombinat AD, Annual General Meeting, May 30, 2025 Mermeren Kombinat AD, Annual General Meeting, May 30, 2025, at 12:00 Central European Standard Time. Location: at the company`s premises at 66, krushevski pat street, prilep Macedonia Reported Earnings • Mar 02
Full year 2024 earnings released Full year 2024 results: Revenue: €31.7m (up 8.2% from FY 2023). Net income: €14.9m (up 8.4% from FY 2023). Profit margin: 47% (in line with FY 2023). Announcement • Feb 01
Mermeren Kombinat AD to Report Fiscal Year 2024 Results on Feb 28, 2025 Mermeren Kombinat AD announced that they will report fiscal year 2024 results on Feb 28, 2025 Buy Or Sell Opportunity • Nov 11
Now 26% overvalued Over the last 90 days, the stock has fallen 3.4% to €45.00. The fair value is estimated to be €35.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.8%. Buy Or Sell Opportunity • Oct 23
Now 26% overvalued The stock has been flat over the last 90 days, currently trading at €45.00. The fair value is estimated to be €35.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.8%. Reported Earnings • Oct 01
Second quarter 2024 earnings released: EPS: €0.98 (vs €0.85 in 2Q 2023) Second quarter 2024 results: EPS: €0.98 (up from €0.85 in 2Q 2023). Revenue: €8.76m (up 16% from 2Q 2023). Net income: €4.60m (up 16% from 2Q 2023). Profit margin: 53% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 17
Now 24% overvalued The stock has been flat over the last 90 days, currently trading at €43.20. The fair value is estimated to be €34.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 12%. Announcement • Sep 01
Mermeren Kombinat AD to Report Q2, 2024 Results on Sep 27, 2024 Mermeren Kombinat AD announced that they will report Q2, 2024 results on Sep 27, 2024 Upcoming Dividend • Jun 06
Upcoming dividend of €2.80 per share Eligible shareholders must have bought the stock before 13 June 2024. Payment date: 17 June 2024. The company last paid an ordinary dividend in March 2014. The average dividend yield among industry peers is 3.3%. Announcement • May 01
Mermeren Kombinat AD, Annual General Meeting, May 14, 2024 Mermeren Kombinat AD, Annual General Meeting, May 14, 2024. Announcement • Apr 03
Mermeren Kombinat AD to Report Q1, 2024 Results on Apr 26, 2024 Mermeren Kombinat AD announced that they will report Q1, 2024 results on Apr 26, 2024 Announcement • Apr 01
Mermeren Kombinat AD to Report Fiscal Year 2023 Results on Apr 05, 2024 Mermeren Kombinat AD announced that they will report fiscal year 2023 results at 5:20 PM, FLE Standard Time on Apr 05, 2024 Announcement • Mar 01
Mermeren Kombinat AD to Report Fiscal Year 2023 Results on Mar 01, 2024 Mermeren Kombinat AD announced that they will report fiscal year 2023 results on Mar 01, 2024 Upcoming Dividend • Dec 15
Upcoming dividend of €4.06 per share Eligible shareholders must have bought the stock before 22 December 2023. Payment date: 26 December 2023. The company last paid an ordinary dividend in March 2013. The average dividend yield among industry peers is 3.6%. Announcement • Dec 01
Mermeren Kombinat AD, Annual General Meeting, Dec 11, 2023 Mermeren Kombinat AD, Annual General Meeting, Dec 11, 2023, at 10:00 Central European Standard Time. Location: headquarters of the Company at str. Lece Koteski No.60A, Prilep Macedonia Agenda: To consider the Election of the Chairman of the Assembly; to consider the verification of the list of registered shareholders and ascertainment of quorum; to consider the adoption of the minutes of the previous meeting of the Assembly of the shareholders; to consider the adoption of the Agenda; and to consider other matters. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €45.20, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 8x in the Basic Materials industry in Europe. Negligible returns to shareholders over past three years. Reported Earnings • Nov 06
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ден426.4m (down 6.6% from 3Q 2022). Net income: ден193.4m (down 12% from 3Q 2022). Profit margin: 45% (down from 48% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Oct 01
Mermeren Kombinat AD to Report Nine Months, 2023 Results on Oct 31, 2023 Mermeren Kombinat AD announced that they will report nine months, 2023 results on Oct 31, 2023 Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €37.40, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 9x in the Basic Materials industry in Europe. Total loss to shareholders of 17% over the past three years. Announcement • Jul 01
Mermeren Kombinat AD to Report First Half, 2023 Results on Jul 31, 2023 Mermeren Kombinat AD announced that they will report first half, 2023 results on Jul 31, 2023 Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €35.00, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 10x in the Basic Materials industry in Europe. Total loss to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to €38.80, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 10x in the Basic Materials industry in Europe. Total loss to shareholders of 18% over the past three years. Board Change • Apr 19
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 1 independent director (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
