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Mermeren Kombinat A.D. GDR

Mermeren Kombinat A.D. GDR

AATHEX:MERKO
28.00
EUR
+1.00
(+3.70%)
2.93EPS
11.00P/E
150.92MMarket Cap
Mermeren Kombinat A.D. GDR
ATHEX:MERKO
(Athens Stock Exchange)

Recent

price

28.00

P/E

ratio

11.00

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
EUR
- -
2.83
3.59
4.06
3.48
3.55
5.58
8.52
7.71
4.72
6.38
6.33
6.14
6.75
6.5
6.45
Revenue per Share
- -
0.39
0.2
1.46
1.04
0.74
2.26
4.87
4.29
1.77
3.14
2.91
2.87
3.17
2.68
2.93
Basic EPS, GAAP
- -
-0.03
0.45
1.7
1.52
0.89
3.05
4.44
1.85
1.49
3.06
2.76
2.77
3.16
1.32
- -
Free Cash Flow per Basic Share
- -
0.85
- -
1.38
0.85
0.48
2.46
- -
4.87
1.71
2.22
3.34
3.99
2.8
2.4
- -
Dividend per Share
3.88
3.37
3.57
3.8
3.84
4.11
4.65
8.78
8.21
8.24
9.11
8.52
7.47
7.96
8.25
- -
Book Value per Share
3.8
2.89
3.07
3.77
3.81
4.08
4.62
8.75
8.18
7.94
8.85
8.28
7.27
7.76
8.04
- -
Tangible Book Value per Share
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
Basic Weighted Avg Shares
- -
13
17
19
16
17
26
40
36
22
30
30
29
32
30
30
Sales/Revenue/Turnover
- -
16.61
18.36
39.36
36.42
27.3
46.98
64.48
63.07
42.25
55.96
51.41
52.44
53.06
46.91
51.56
Operating Margin (%)
- -
1
2
3
3
3
2
2
2
2
2
2
2
2
2
- -
Depreciation Expense
- -
2
1
7
5
3
11
23
20
8
15
14
13
15
13
14
Net Income, GAAP
- -
- -
- -
- -
10.92
12.16
10.5
8.89
9.77
5.71
9.66
9.12
8.1
10.44
10.45
10.42
Effective Tax Rate (%)
- -
13.6
5.71
35.98
29.96
20.83
40.57
57.13
55.68
37.46
49.11
45.92
46.81
46.91
41.22
45.36
Profit Margin (%)
6
6
6
7
7
11
13
31
25
23
27
25
20
21
21
- -
Working Capital
2
5
4
3
1
3
1
1
1
1
- -
- -
- -
- -
- -
- -
LT Debt
18
16
17
18
18
19
22
41
38
39
43
40
35
37
39
- -
Total Equity
- -
10.08
5.93
31.82
22.75
16.23
46.38
67.76
48.29
20.95
33.11
30.57
35.97
25
20.52
- -
Return on Invested Capital (%)
- -
9.93
6.66
31.31
22.83
16.11
46.85
69.73
49.13
21.03
35.75
32.98
35.92
41.41
33.83
- -
Return on Capital (%)
- -
10.63
5.9
39.62
27.27
18.6
51.69
72.5
50.53
21.51
36.14
32.98
35.94
41.05
33.08
- -
Return on Common Equity (%)

Capital Structure

EUR

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
5
5
5
Market Capitalization
172
163
151

Working Capital

EUR

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
- -
22
- -
Cash, Cash Equivalents & STI
- -
3
- -
Accounts Receivable, Net
- -
12
- -
Inventories
- -
4
- -
Total Current Liabilities
- -
2
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

EUR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.49%
0.38%
3.57%
Free Cash Flow
21.96%
10.22%
-58.16%
Net Income, GAAP
28.51%
12.74%
-15.37%
Sales/Revenue/Turnover
10.13%
7.53%
-3.69%
Total Cash Common Dividend
- -
11.12%
-14.29%

Quarterly Revenue

EUR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
9
7
9
32
2025
- -
9
10
8
30
2026
3
- -
- -
- -
- -

Quarterly Earnings Per Share

EUR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
0.98
0.79
0.7
3.17
2025
- -
1.09
1.01
0.6
2.68
2026
0.23
- -
- -
- -
- -

Quarterly Dividends Per Share

EUR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
2.8
2025
- -
- -
- -
- -
2.4
2026
- -
- -
- -
- -
- -
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Business
Mermeren Kombinat A.D. Prilep is a North Macedonia-based natural stone extraction and processing company specializing in the quarrying, fabrication, and international distribution of high-grade white marble. Founded in 1953 and headquartered in Prilep, North Macedonia, the company owns and operates the Sivec quarry, one of the world's premier deposits of fine-grained, homogeneous white calcitic marble marketed globally under the Bianco Sivec brand name. The company's core operations encompass raw block extraction, primary stone cutting, surface finishing, and commercial stone distribution. The company offers a comprehensive range of natural stone products and processing services, including raw marble blocks comprising commercial-grade blocks, gangsaw-sized blocks, and monumental quarry blocks; semi-finished and finished marble slabs treated in polished, honed, brushed, bush-hammered, and antique surface finishes; cut-to-size marble tiles and dimensional stone for interior flooring, exterior facades, wall cladding, staircases, and countertops; custom-fabricated architectural components, moldings, and bespoke decorative elements for luxury residential, commercial, and hospitality projects; and processed marble aggregates, crushed stone, and micronized marble powders utilized in industrial fillers, construction materials, and agricultural applications. Mermeren Kombinat serves stone wholesalers, fabricators, construction contractors, and architectural firms across international markets, maintaining major distribution channels across Europe, North America, the Middle East, and East Asia. The company's Global Depositary Receipts (GDRs) are listed on the Athens Stock Exchange under the ticker MERKO, while its ordinary shares trade on the Macedonian Stock Exchange. In recent corporate and strategic developments, Mermeren Kombinat became a subsidiary of Greece-based Pavlidis S.A. Marble-Granite following the acquisition of the controlling equity interest held by Stone Works Holdings Coöperatief U.A. This transaction integrated Mermeren Kombinat into Pavlidis Group's worldwide production and distribution network, expanding international commercial reach and supply chain capabilities. In addition, the company has undertaken substantial operational upgrades at its Prilep quarry and processing facilities, investing in advanced underground extraction infrastructure, high-precision automated cutting machinery, diamond wire saws, and sustainable quarry waste recycling initiatives to increase annual production capacity, enhance extraction efficiency, and meet growing international demand for Bianco Sivec marble.