Equity Brief · Consumer Cyclical2026-09-01
VNC.RO·Consumer Cyclical

Vrancart

I · AI Analysis

The brief

Vrancart produces corrugated cardboard packaging (single-wall, double-wall variants), paperboard products (testliner, wellenstoff), and tissue paper products for retail, logistics, and industrial customers. The company also operates waste collection and recycling services and sells electricity from photovoltaic parks. It distributes through supermarket chains, local partners, and direct channels across Romania and international markets.

Vrancart is a Romanian corrugated cardboard and paper manufacturer that lost 8.4 million lei in the first half of 2026, though that loss was smaller than the prior year [informat.ro]. Operating revenue fell 19% year-over-year as the company cut costs faster than sales declined [informat.ro]. The Pavalas brothers, founders of Romanian home improvement chain Dedeman, are shareholders [Ziarul Financiar].

The company is losing money, deeply indebted, and shrinking revenue, though cost cuts are narrowing losses.

The brief AI analysisConfidence 6/10

Sentinellis health

Significant risks

2.6/10

7.5+ strong · 4.5–7.5 moderate · under 4.5 weak

Profitability

16% of score3.3/10
Net margin-10.6%· need > 5%Gross margin+43.1%

Returns on capital

16% of score0.0/10
ROIC-6.7%· need > 10%Return on equity-13.3%· need > 12%

Growth & momentum

11% of score0.0/10
Revenue growth0.0%· need > +5% YoYOperating margin trend· no data

Balance sheet

32% of score1.7/10
Current ratio0.9x· need > 1.2xNet debt / EBITDA20.4x· need < 2.5xInterest coverage-3.4x· need > 3.0xDebt / equity1.10

Cash generation

16% of score10.0/10
Free cash flowRON 37.1MCash vs reported profitRON 55.7M vs RON -41.8M

Value creation

11% of score0.0/10
ROIC vs cost of capital-11.1pp· need ROIC above WACC

Sentinellis calculation from the published statements — not a score reported by any data source. Each category is scored on the checks that had data; missing inputs are excluded rather than counted as failures.

Market capitalisation

RON 185.9M

Revenue (TTM)

RON 393.6M

II · Recent news

What moved

4 stories · ranked by relevance

  • company2026-08-14

    Vrancart recorded an individual loss of 8.4 million lei in S1/2026, but has reduced losses compared to last year. Operating revenues decreased by 19%. - Informat.ro

    informat.ro

  • company2026-08-14

    Vrancart, companie din portofoliul fraţilor Pavăl de la Dedeman, şi-a redus pierderile la 5 mil. lei în p - Ziarul Financiar

    Ziarul Financiar

  • company2026-08-14

    Vrancart, cu fondatorii Dedeman în acționariat, este pe pierdere la jumătate anului - profit.ro

    profit.ro

  • company2026-08-14

    Vrancart a înregistrat o pierdere individuală de 8,4 milioane lei în S1/2026, dar a redus pierderile față de anul trecut. Veniturile din exploatare au scăzut cu 19% - Informat.ro

    informat.ro

Premium · Free with any account

Operating revenue fell 19% year-over-year in H1 2026, indicating lost market share or pricing pressure in the packaging and paper sectors [informat.ro]

1 of 5 risks in this report

Risks

5

Opportunities

5

Red flags

4

Leadership

3

13 more findings in the full report — free with any account.

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III · Related

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Produced 01 Sept 2026, 09:04 UTC

Figures come from company filings and market data. The Sentinellis health score and the wording attached to it are our interpretation of those figures, not numbers the company reported.

Not investment advice and not a recommendation to buy or sell. Sentinellis holds no positions in the companies it covers, takes no payment from issuers, and has no broker referral arrangements.

How every figure and score is calculated