[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-141902-en":3,"doc-seo-141902-105":30,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":11},141902,962084928432,"Maya Linwood","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","MADARA - Q3 Sales Update","MADARA Cosmetics reported Q3 2021 sales with strong growth across its main markets and rapid expansion of its direct e-commerce channel. Consolidated (unaudited) turnover reached EUR 4.9m (+22% y-o-y), while turnover for the first nine months totaled EUR 14.8m (+21% y-o-y). The report notes the 2023 EUR 27m guidance and highlights a makeup launch—Deep Matter Bold Volume Mascara—supported by natural and vegan requirements, plus key financial multiples and share data as of late October 2021.","Baltic Review  \n31st Oct 2021  \nMADARA: Q3 Sales Update  \nOn 25th October, AS Madara Cosmetics (‘MADARA’) reported its Q3 sales results, which showed strong sales growth in all of its main markets and rapid expansion of direct ecommerce channel.  \nDuring Q3 2021, the consolidated (unaudited) turnover of MADARA reached EUR 4.9m (+22% y-o-y) . The consolidated (unaudited) turnover of MADARA during the first nine months of 2021 amounted to EUR 14.8m, representing a growth of 21% y-o-y. Management guidance for the turnover target for 2023 is EUR 27m, and it remains unchanged, implying that MADARA is targeting sales CAGR of 19% in the period 2020-2023. Considering the strong sales growth in Q3 and the previous quarters (Q1-39% y-o-y and Q2 -9% y-o-y), the achievement of the set target for 2023 seems reasonable. In Q3, the turnover in Latvia, the European Union (excluding Latvia), and outside the European Union grew by 32%, 17%, and 135%, respectively, on a y-o-y basis. MADARA is continuously working on direct e-commerce development. The share of direct e-commerce soared to an all-time high of 48%, an increase of 18 pp compared to the corresponding period last year. The growing proportion of direct e-commerce sales are making MADARA more resilient to the consequences of the pandemic; furthermore, it will enhance profit margins.  \nBesides Q3 preliminary sales results, MADARA announced the launch of a makeup product – mascara (Deep Matter Bold Volume Mascara), which is available for purchase internationally from 26th October 2021. It is “COSMOS natural” certified and is vegan friendly. The product development lasted for several years and was finalised during Q3 . As per MADARA, the R&D lead time was longer than usual, which was related to high self-standards from the R&D team. Given that the goal was to create natural and veganfriendly mascara, product development had to meet a number of challenges, the biggest of which was the replacement of synthetic waxes with natural and vegan alternatives that would provide coverage, bulking effect, and durability equivalent to conventional mascaras.  \nAlthough natural certified mascaras are available in the market, there is very limited choice, and some do possess quality or functionality issues. The increased demand in the market can be observed not only for natural cosmetics, but vegan-friendly is also becoming one of the quality signs besides natural and organic. People are paying more and more attention to the composition of products, certified products and sustainability of the product itself and its packaging.  \nMascara is an essential extension of the MADARA makeup line; furthermore, it plans to expand its makeup product range, covering nearly all of the product types in the makeup segment.  \nIn H1 2021, makeup constituted c.a. 12% of the total sales; considering new product launches, the makeup segment is expected to grow its proportion in the total sales and further support total sales growth. Compared to other product launches, MADARA sees a very healthy initial demand for the launched mascara.  \n\n| Key Numbers (EURm) | 2018 | 2019 | 2020 | 2021E* | 2022E* | 2023E* |\n| --- | --- | --- | --- | --- | --- | --- |\n| Sales (EURm) | 9.5 | 11.5 | 16.1 | 20.3 | 24.1 | 27.0 |\n| Sales growth (%) | 28.7 | 21.2 | 39.2 | 26.6 | 18.6 | 12.0 |\n| Net profit (EURm) | 1.5 | 1.6 | 3.4 | 4.6 | 5.4 | 6.4 |\n| EPS (EUR) | 0.40 | 0.42 | 0.91 | 1.21 | 1.44 | 1.70 |\n| P/E (x) | 19.63 | 18.81 | 21.66 | 23.5 | 19.71 | 16.74 |\n| Payout per share (EUR)\\# | 0.09 | 0.12 | 0.15 | 0.40 | 0.61 | 0.72 |\n| Payout yield (%) | 1.1 | 1.5 | 0.8 | 1.4 | 2.1 | 2.5 |\n| P/B (x) | 3.53 | 3.08 | 6.00 | 6.91 | 5.74 | 4.80 |\n| EV/Sales (x) | 2.74 | 2.28 | 4.30 | 4.99 | 4.21 | 3.76 |\n| EV/EBITDA (x) | 13.08 | 12.08 | 16.19 | 18.1 | 15.19 | 12.92 |\n| EV/EBIT (x) | 17.70 | 17.87 | 19.54 | 20.60 | 16.96 | 14.40 |\n| ROE (%) | 19.34 | 17.39 | 31.36 | 32.69 | 31.84 | 31.23 |\n\nSource: MDARA, LHV *2021E-2023E multiples are based on the share ","cbCaihPvWH1ap8ZD","https://ap.wps.com/l/cbCaihPvWH1ap8ZD","pdf",67623,4,1,3,"English","en",105,"# Q3 2021 Sales Performance\n## Turnover Growth and Guidance\n## Direct E-commerce Expansion\n## New Product Launch: Mascara\n# Financials and Market Data\n## Key Numbers and Valuation Multiples\n## Company Profile and Share Data\n## Key Shareholders and Contacts","[{\"question\":\"What were MADARA’s Q3 2021 consolidated sales results?\",\"answer\":\"Q3 2021 consolidated (unaudited) turnover reached EUR 4.9m, up 22% year-on-year. The first nine months totaled EUR 14.8m, up 21% year-on-year.\"},{\"question\":\"How did direct e-commerce perform in Q3 2021?\",\"answer\":\"Direct e-commerce sales rose to an all-time high of 48%, up 18 percentage points versus the same period last year, improving resilience amid the pandemic and supporting profit margins.\"},{\"question\":\"What new product did MADARA launch during Q3 2021?\",\"answer\":\"MADARA launched Deep Matter Bold Volume Mascara, available internationally from 26 October 2021. The product is “COSMOS natural” certified and vegan friendly.\"}]","MADARA - Q3 Sales Update | PDF",1787670389,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":29},"madara-q3-sales-update","",{"@graph":36,"@context":84},[37,52,67],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,50],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":22},"https://docshare.wps.com/document/research-report/",{"item":51,"name":13,"@type":43,"position":20},"https://docshare.wps.com/document/madara-q3-sales-update/141902/",{"url":51,"name":13,"@type":53,"author":54,"headline":13,"publisher":56,"fileFormat":59,"inLanguage":24,"description":14,"dateModified":60,"datePublished":61,"encodingFormat":59,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":55},"Person",{"url":41,"name":57,"@type":58},"DocShare","Organization","application/pdf","2026-09-04","2026-08-25",true,{"@type":64,"interactionType":65,"userInteractionCount":20},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What were MADARA’s Q3 2021 consolidated sales results?","Question",{"text":74,"@type":75},"Q3 2021 consolidated (unaudited) turnover reached EUR 4.9m, up 22% year-on-year. The first nine months totaled EUR 14.8m, up 21% year-on-year.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How did direct e-commerce perform in Q3 2021?",{"text":79,"@type":75},"Direct e-commerce sales rose to an all-time high of 48%, up 18 percentage points versus the same period last year, improving resilience amid the pandemic and supporting profit margins.",{"name":81,"@type":72,"acceptedAnswer":82},"What new product did MADARA launch during Q3 2021?",{"text":83,"@type":75},"MADARA launched Deep Matter Bold Volume Mascara, available internationally from 26 October 2021. The product is “COSMOS natural” certified and vegan friendly.","https://schema.org",{"og:url":51,"og:type":86,"og:title":13,"og:site_name":57,"og:description":14},"article",{"robots":88,"canonical":51},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":91},[92,96,100,104,109,114,119,122,127,130,134],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":93,"show_sort_weight":94,"slug":95},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":20,"doc_module":4,"doc_module_name":46,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":105,"doc_module":4,"doc_module_name":46,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":46,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":46,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":46,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":46,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":46,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":46,"category_name":136,"show_sort_weight":105,"slug":137},19,"General","general"]