Stock Analysis Report

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Executive Summary

Mercator Medical S.A., together with its subsidiaries, produces medical gloves and distributes medical disposables in Europe and Russia.

Snowflake Analysis

Mediocre balance sheet with questionable track record.

Share Price & News

How has Mercator Medical's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: MRC's share price has been volatile over the past 3 months.

Market Performance

7 Day Return




PL Medical Equipment


PL Market

1 Year Return




PL Medical Equipment


PL Market

Return vs Industry: MRC exceeded the Polish Medical Equipment industry which returned 268.2% over the past year.

Return vs Market: MRC exceeded the Polish Market which returned -15.9% over the past year.

Shareholder returns

7 Day13.6%4.5%-0.7%
30 Day177.3%78.2%1.5%
90 Day317.6%99.9%15.0%
1 Year1988.9%1973.0%261.1%260.8%-15.0%-16.6%
3 Year671.4%665.5%-15.0%-15.6%-19.8%-24.6%
5 Year709.9%698.2%9.4%7.0%-10.0%-20.2%

Price Volatility Vs. Market

How volatile is Mercator Medical's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Mercator Medical undervalued compared to its fair value and its price relative to the market?


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: MRC (PLN142) is trading above our estimate of fair value (PLN7.18)

Significantly Below Fair Value: MRC is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: MRC is poor value based on its PE Ratio (66.5x) compared to the XE Medical Equipment industry average (38.4x).

PE vs Market: MRC is poor value based on its PE Ratio (66.5x) compared to the Polish market (13.4x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MRC's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: MRC is overvalued based on its PB Ratio (9.8x) compared to the PL Medical Equipment industry average (5.6x).

Next Steps

Future Growth

How is Mercator Medical forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Healthcare industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Mercator Medical has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

Past Performance

How has Mercator Medical performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MRC has high quality earnings.

Growing Profit Margin: MRC became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: MRC's earnings have declined by -18.4% per year over the past 5 years.

Accelerating Growth: MRC has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: MRC has become profitable in the last year, making it difficult to compare its past year earnings growth to the Medical Equipment industry (-1.7%).

Return on Equity

High ROE: MRC's Return on Equity (14.4%) is considered low.

Next Steps

Financial Health

How is Mercator Medical's financial position?

Financial Position Analysis

Short Term Liabilities: MRC's short term assets (PLN215.9M) exceed its short term liabilities (PLN163.0M).

Long Term Liabilities: MRC's short term assets (PLN215.9M) exceed its long term liabilities (PLN91.4M).

Debt to Equity History and Analysis

Debt Level: MRC's debt to equity ratio (92.3%) is considered high.

Reducing Debt: MRC's debt to equity ratio has increased from 65.2% to 92.3% over the past 5 years.

Debt Coverage: MRC's debt is not well covered by operating cash flow (13.7%).

Interest Coverage: MRC's interest payments on its debt are well covered by EBIT (5.6x coverage).

Balance Sheet

Next Steps


What is Mercator Medical current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MRC's dividend (0.35%) isn’t notable compared to the bottom 25% of dividend payers in the Polish market (1.72%).

High Dividend: MRC's dividend (0.35%) is low compared to the top 25% of dividend payers in the Polish market (6.18%).

Stability and Growth of Payments

Stable Dividend: MRC is not paying a notable dividend for the Polish market, therefore no need to check if payments are stable.

Growing Dividend: MRC is not paying a notable dividend for the Polish market, therefore no need to check if payments are increasing.

Current Payout to Shareholders

Dividend Coverage: MRC is not paying a notable dividend for the Polish market.

Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of MRC's dividend in 3 years as they are not forecast to pay a notable one for the Polish market.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Wieslaw Zyznowski (56yo)





Dr. Wieslaw Zyznowski has been the Chairman of Management Board at Mercator Medical Spólka Akcyjna since 2010. In the 90s Dr. Zyznowski co-founded the Mercator. From 1991 to 2001 he served as (apart from a ...

CEO Compensation Analysis

Compensation vs Market: Wieslaw's total compensation ($USD119.69K) is below average for companies of similar size in the Polish market ($USD362.08K).

Compensation vs Earnings: Wieslaw's compensation has been consistent with company performance over the past year.

Leadership Team

Wieslaw Zyznowski
Chairman of Management Board10.5yrszł470.10k3.94% PLN59.3m
Witold Kruszewski
Vice-President of the Management Board & Financial Director1.5yrszł558.70k0.073% PLN1.1m
Monika Zyznowska
Member of Management Board2.92yrszł382.50k0.040% PLN607.7k
Dariusz Krezymon
Member of the Management Board0.67yrzł6.30k0.0057% PLN85.2k


Average Tenure


Average Age

Experienced Management: MRC's management team is considered experienced (2.2 years average tenure).

Board Members

Jaroslaw Karasinski
Member of Supervisory Board6.08yrszł26.40kno data
Urszula Zyznowska
Chairwoman of Supervisory Board10.5yrszł50.40k0.16% PLN2.5m
Piotr Solorz
Vice Chairman of Supervisory Boardno datazł26.40k0.029% PLN442.5k
Marian Slowiaczek
Independent Member of Supervisory Board6.92yrszł26.40kno data
Gabriela Stolarczyk-Zadecka
Member of the Supervisory Boardno datazł50.20kno data


Average Tenure


Average Age

Experienced Board: MRC's board of directors are considered experienced (6.9 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Mercator Medical S.A.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Mercator Medical S.A.
  • Ticker: MRC
  • Exchange: WSE
  • Founded: 1989
  • Industry: Health Care Supplies
  • Sector: Healthcare
  • Market Cap: zł1.506b
  • Shares outstanding: 10.60m
  • Website:


  • Mercator Medical S.A.
  • Ul. H. Modrzejewskiej 30
  • Kraków
  • 31-327
  • Poland


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MRCWSE (Warsaw Stock Exchange)YesBearer SharesPLPLNJan 2014
0QJMLSE (London Stock Exchange)YesBearer SharesGBPLNJan 2014


Mercator Medical S.A., together with its subsidiaries, produces medical gloves and distributes medical disposables in Europe and Russia. The company offers surgical gloves for conducting invasive surgeries that require sterile conditions; sterile examination and protective gloves for medical, outpatient, and diagnostic examinations, as well as therapeutic activities and working with septic materials; household gloves for use in gardening, housework, and cosmetic procedures; and protective and heavy-duty gloves. It also provides dressing products, such as gauze, non-woven fabric, non-woven cotton, sterile adhesive, and plaster dressing products, as well as medical adhesive tapes, elastic tubular bandages, absorption pads, and dialysis kits; and medical protective clothing, including caps, masks, medical coats and gowns, shoe covers, oversleeves, coveralls, scrub suits, and patients shirts. In addition, the company offers surgical drapes comprising sheets; non-woven drapes; surgical packs; and additional sterile items, which supplement the drape packs for the surgical site. Further, it provides professional services to food processing industry and gastronomy, pharmacies, cosmetology, and cleaning companies, as well as to uniformed services. The company markets its products under the ambulance, comfort, dermagel, ideal, nitrylex, opero, safeLINE, santex, and vinylex brands. It primarily serves hospitals, clinics, outpatient departments, doctor’s offices, and dental and veterinary clinics through direct sales, as well as through partners, tenders, and wholesale and retail sales. Mercator Medical S.A. was founded in 1989 and is headquartered in Kraków, Poland. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/14 20:58
End of Day Share Price2020/07/14 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.