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Gorenje is a Slovenia-based manufacturer of white goods (larger home appliances). With a continent-wide market share of 4%, it is one of the eight largest manufacturers of home appliances in Europe. The Company operates through three business segments: Home, producing and selling products and services for home, such as major domestic appliances (MDA), small domestic appliances (SDA), heating, ventilation, air conditioning (HVAC) and kitchen furniture. Appliances are sold under company's own brands Gorenje, Mora, Atag, Pelgrim, Etna, Körting and Sidex, and are produced in the main production facility in Velenje as well as at the cooking appliances plant Mora Moravia in Mariánské Údolí (Czech Republic) and at the fridge-freezer plant in Valjevo (Serbia).

Finance

Gorenje has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 5.92% a year during that time to total of EUR 80.1 mil in 2015, or 6.54% of sales. That’s compared to 6.59% average margin seen in last five years.

The company netted EUR -8.20 mil in 2015 implying ROE of -2.21% and ROCE of -1.04%. Again, the average figures were -0.790% and -0.380%, respectively when looking at the previous 5 years.

Gorenje’s net debt amounted to EUR 330 mil at the end of 2015, or 0.905 of equity. When compared to EBITDA, net debt was 4.13x, down when compared to average of 4.22x seen in the last 5 years.

Valuation

Gorenje stock traded at EUR 4.60 per share at the end of 2015 resulting in a market capitalization of USD 136 mil. Over the previous five years, stock price fell by 65.3% or -19.1% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 5.19x and price to earnings (PE) of -13.7x as of 2015.