AS MÁDARA Cosmetics

2020 23 liepos2024 1 kovo Nauris Treigys

AS MÁDARA Cosmetics was registered in the Latvian Enterprise Register on 28 July 2006 with registration number 40003844254. The Company is established under the laws of the Republic of Latvia. It was established in the form of a limited liability company and was reorganised into a joint stock company in January 2017.

The Company is the parent company of the Group. The registered field of activity of the Company is “manufacturing of perfumes and toilet preparations”. The Company was established 11 years ago with a strong belief that organic products are the key to living in a sustainable world.

The aim was to create an effective, innovative and trenddriven organic skincare line that would redefine the standards of cosmetics, making beauty sustainable, safe, science-based and fully natural (free from synthetic ingredients), and to develop highly competitive products to be sold both through specialized organic retail channels and through conventional channels.

History

2005. The MÁDARA brand is conceived and developed by Ms Tisenkopfa-Iltnere and Mr Iltners.
2006-2007. The brand is launched and first products are introduced to the Latvian market.
2008. The Group becomes the leader of the natural/organic cosmetics sector in Latvia. The Group opens its first factory and receives the ECOCERT certification for its products; starts industrial-scale production.
2008-2009. Products are launched in 20 countries including Belgium, Switzerland, Germany, the UK and Japan.
2009. MADARA Retail is established. MÁDARA own brand shops are opened in Riga.
2011. International online store is opened; over 3,000 purchases are made in the 1st day of operation.
2012. AS MÁDARA shapes a new approach to organic cosmetics – in vitro and in vivo research reveals rejuvenating effects of birch juice and Northern plant extracts; a new anti-ageing line “TIME MIRACLE” is developed based on these results.
2013. The Group starts successful collaboration with Finnish blogger Noora Shingler launching custom made products for Finnish market, and goes on to become the 3rd best known organic cosmetics brand in Finland.
2014. Harper’s Bazaar names MÁDARA brand “Natural cosmetics for Aesthetes”. Concept store-salon SKIN CAFÉ is opened in Riga.
2015. The Company commences development for its new factory and office building. Annual turnover reaches EUR 3.9 million and workforce reaches 78. Ms Tisenkopfa-Iltnere, the CEO, and the Company are ranked respectively 4th and 7th in the annual Business Reputation Awards 2016 by the Latvian Investment and Development Agency (LIAA), Nords Porter Novelli and Dienas Bizness newspaper. Trial production commences in the new factory.
2016. MÁDARA named the “No. 1 Greenest Brand” in the annual rankings “Most LLoved Brands in Latvia”. New factory is opened and commences full-scale production.

Group

AS MADARA Cosmetics is the parent company of the Group and the centre of its main operations. The Company develops, manufactures and sells organic cosmetics products under brands “MADARA” and “MOSSA”.

SIA “MADARA Retail” is a 100% subsidiary of the Company. It operates three MADARA brand stores and a beauty salon located in Riga, Latvia.

SIA “Cosmetics NORD” is a 100% subsidiary of the Company engaged in the development and wholesale manufacturing of products for third-party clients.

MADARA Cosmetics GmbH is a 100% subsidiary of the Company responsible for the distribution of the Group’s products in Germany.

The Company has two minority holdings: 19% in SIA “Farmācijas, biomedicīnas un medicīnas tehnoloģiju kompetences centrs” and 9% in SIA “Pharma and Chemistry Competence Centre of Latvia”.

On the R&D side, the Company has ten years of expertise in various emulsion formulations (creams, lotions, serums etc.), surfactant solutions (shampoos, soaps etc.) and other forms of skincare.

Produce

The Group’s product portfolio covers a wide spectrum of beauty and skincare products – facial cleansers, toners, moisturisers, masks, serums, facial oils, eye- and lip-care products, soap bars, liquid soaps, body moisturisers, deodorants, shampoos and conditioners.

Today, customers are offered around 80 different cosmetics products. A large part of the product range of the Group is intended for the age group from 25 to over 45.

Finansai

Kompanijos finansai valdomi labai konservatyviai. Ilgalaikių įsipareigojimų dalis Nuosavame kapitale yra vos 1% (dėl ilgalaikės nuomos įsipareigojimų). O Ilgalaikių skolų padengimui Grynuoju 2019 m. yra vos 0.004 metų.

EPS dinamika po naujų akcijų išleidimo dar nėra ilga. Tačiau pastarųjų 2 metų EPS vidutinis metinis augimo tempas buvo net 12.60%. Nepaskirstyto pelno rentabilumas yra 11.23%. Kompanija pelningai investuoja nepaskirstytą pelną ir vėl uždirba. 6 metų vidutinis ROAE yra 23%. Labai gera grąža.

Bendrovės veikla reikalauja nuolatinių kapitalo investicijų. 1 EUR, investuotas į IMT, uždirba 0.92 euro.

Jei kompanijos savininkai norėtų parduoti akcijas ir investuoti šiandien į Latvijos 10 m. VVP ir gauti tokią pat grąžą, kaip ir kompanija davė 2019 metais, tai akcijas turėtų parduoti po 76.70 euro.

AS MÁDARA Cosmetics akcijos

Kompanijos akcijos listinguojamos nuo 2017 m. lapkričio 10 d. Nasdaq Baltijos First North rinkoje. Trumpinys yra MDARA.

IPO metu kompanijos Nuosavo kapitalo akcijų skaičius buvo padidintas iki 3 745 242 vnt. Pirminio platinimo kanai siekė 6.25 EUR. AS MADARA Cosmetics IPO prospektą galima rasti čia. Kompanija neturi nustačiusi dividendų mokėjimo politikos.

Nuo listingavimo pradžios akcijų kaina jau pakilo 22%.

Kol kas rekomendacijų šiai akcijai neteikiame, tačiau matome, kad tai gerą potenciją augimui turinti kompanija ir ilgainiui gali tapti gera investicine idėja. Be to, tai labai nelikvidi akcija. Vidutinė dienos apyvarta yra vos 1 100 eurų. Tai labai mažai Sumaniam investuotojui.