10th June 2022
MADARA Cosmetics AS
Table of Contents Investment Summary
1
Company Overview
3
MADARA Cosmetics Group
3
Management
3
Shareholders
4
History
4
Research and Development
5
Manufacturing
5
Raw Materials
6
Products
6
Brands
6
Certification and Standards
6
Main Markets
7
Distribution Channels
8
COVID-19 Resilience
8
Russia-Ukraine War Implications
8
Sector Overview
10
Cosmetics Industry
10
SWOT Analysis MADARA
13
Print-on-Demand Project
14
POD Sector Overview
14
SWOT Analysis of Selfnamed
16
Financials
18
Revenues
18
Cost Structure
19
Profitability
19
Non-Current Assets
20
Investments
20
Debt Position
21
Dividends
21
Valuation
23
ESG Considerations
23
Discounted Cash Flow
23
Peer Valuation
25
Valuation Summary
26
Key Risks
27
Financial Tables
28
INSTITUTIONAL EQUITIES
TARTU MNT 2, 10145 TALLINN, ESTONIA
LHV.EE
