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Poslovni Sistem Mercator (or Mercator) is a Slovenia-based retail and wholesaler of consumer goods. The Company's operations are focused on distributing of consumer goods such as food and beverages as well as appliances and electronics under the brand M Tehnika, construction materials under the brand M Grandja and furniture under the brand M Pohistvo. In addition, the Company is involved in food processing, such as the production of bread and pastry, fruit, vegetables, coffee and cocoa products, as well as hospitality and other services. The Company was founded in 1949 under the name Živila Ljubljana. Today, Mercator is the biggest Slovenian and southeastern retail chain, operating hypermarkets, supermarkets and grocery stores in Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Bulgaria and Albania.

Finance

Mercator has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 9.9% a year during that time to total of EUR 101 mil in 2014, or 3.79% of sales. That’s compared to 4.67% average margin seen in last five years.

The company netted EUR -44.5 mil in 2014 implying ROE of -7.83% and ROCE of -2.89%. Again, the average figures were -3.67% and -1.34%, respectively when looking at the previous 5 years.

Mercator’s net debt amounted to EUR 815 mil at the end of 2014, or 1.31 of equity. When compared to EBITDA, net debt was 8.10x, down when compared to average of 8.17x seen in the last 5 years.

Valuation

Mercator stock traded at EUR 75.5 per share at the end of 2014 resulting in a market capitalization of USD 557 mil. Over the previous five years, stock price fell by 50.7% or -13.2% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 11.9x and price to earnings (PE) of -10.3x as of 2014.