olivLaw · European equity research
Mercialys MERY.PA
France · Euronext Paris · Vertical: Listed companies from France
Mercialys is a Paris-listed property company that owns and manages shopping centres in France. Its growth strategy rests on decarbonisation and a carbon trajectory validated by SBTi, which matters for attracting investors and tenants as climate rules tighten.
At the close of 05 Nov 2026, Mercialys (MERY.PA) stock was 9.92 EUR (+0.71% on the day), with market capitalisation 935.9 m EUR, P/E 27.6 on diluted EPS of 0.36 EUR over the last 12 months, dividend yield 10.08%, beta 0.31, 52-week range 9.36–12.86 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.5
- strong (55–70)
- Bollinger (20, 2)
- 9.27 – 9.87
- above the upper band · %B 1.08 · band width 6.3%
- SMA 50 / 200
- 10.08 / 11.30
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.8% | −0.6% | +3.4 pp | — |
| 3 months | −16.9% | −4.2% | −12.8 pp | — |
| 6 months | −14.9% | +4.3% | −19.3 pp | — |
| Year to date | −10.1% | +7.5% | −17.7 pp | — |
| 1 year | −5.7% | +9.9% | −15.6 pp | −8.8% |
| 3 years | +18.8% | +49.8% | −31.0 pp | −10.0% |
| 5 years | +3.8% | +42.8% | −39.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 17.4, median 17.4, max 30.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 53.4 m | 53.8 m | 34.0 m |
| Net income YoY | unavailable | +0.7% | −36.8% |
| Diluted EPS | 0.57 | 0.58 | 0.36 |
| Diluted EPS YoY | unavailable | +1.8% | −37.9% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 435.3 m EUR
- Financial debt
- 1.2 bn EUR
- Net debt
- 799.2 m EUR
- Equity
- 666.5 m EUR
- Total assets
- 2.4 bn EUR
- Debt / equity
- 1.85x
- Current ratio
- 1.19x
- ROE
- 4.8%
- ROA
- 1.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 85.8 m | 102.1 m | 78.8 m | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 38.5 m | 37.8 m | 38.8 m | esef· 18 Mar 2026verified |
| EBITDA | 124.4 m ≈ | 140.0 m ≈ | 117.6 m ≈ | esef· 18 Mar 2026derived |
| Income tax | 495.0 k | 793.0 k | 1.1 m | esef· 18 Mar 2026verified |
| Net income | 53.4 m | 53.8 m | 34.0 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.57 | 0.58 | 0.36 | esef· 18 Mar 2026verified |
| Weighted average diluted shares | — | 93.4 m | 93.4 m | esef· 18 Mar 2026verified |
| Dividend per share | — | 0.99 | 1.00 | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 118.2 m | 283.7 m | 435.3 m | esef· 18 Mar 2026verified |
| Current assets | 187.4 m | 341.5 m | 498.8 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 5.8 m | 7.4 m | 9.1 m | esef· 18 Mar 2026verified |
| Goodwill | — | 0 | 11.5 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 3.1 m | 3.4 m | 12.4 m | esef· 18 Mar 2026verified |
| Total assets | 2.2 bn | 2.2 bn | 2.4 bn | esef· 18 Mar 2026verified |
| Long-term debt | 1.1 bn | 1.2 bn | 1.2 bn | esef· 18 Mar 2026verified |
| Current liabilities | 112.2 m | 111.3 m | 420.5 m | esef· 18 Mar 2026verified |
| Equity | 866.1 m | 762.0 m | 666.5 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 93.6 m | 92.7 m | 94.3 m | esef· 18 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 935.9 m EUR
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 18.55 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA0.00 – 5.21 (Mid 1.32)4 companies used · median multiple 7.9x · quartiles 6.2x – 11.0xABEO.PA, AI.PA, ANTIN.PA, ATE.PA
- Peers: P/E4.14 – 10.62 (Mid 6.41)21 companies used · median multiple 17.8x · quartiles 11.5x – 29.5x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)13.60 – 18.55 (Mid 15.69)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.2% | 32 (vs peers) | 23% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 6.8x | 14 (vs peers) | 23% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 27.6x | 42 (vs peers) | 23% |
| EV/EBITDA · Valuation | 14.8x | 20 (vs peers) | 23% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial32/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation31/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MERCIALYS (MERY.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 5.5%; net debt/EBITDA 6.8x.
The estimated value range is 4.14–10.62 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 6.41 EUR, the price of 9.92 EUR leaves a potential of -35.4% (value / price − 1) and a margin of safety of -54.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net debt / EBITDA: 6.8x
- EV/EBITDA: 14.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for MERY.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Mercialys is a Paris-listed property company that owns and manages shopping centres in France. Its growth strategy rests on decarbonisation and a carbon trajectory validated by SBTi, which matters for attracting investors and tenants as climate rules tighten 1.
SWOT
Strengths
Weaknesses
Opportunities
- Reconversion and densification of centres could create multifunctional spaces and new revenue streams 1.
- Renewable energy could make centres more energy autonomous and less exposed to price volatility 1.
- Sustainable finance and ESG criteria could lower the cost of capital if the climate trajectory stays credible 1.
Risks
- Physical climate riskshigh
Flooding and other extreme events can damage buildings and raise insurance and repair costs 1.
- Transition risksmedium
Regulatory and behavioural changes can raise adaptation costs and reduce rental income 1.
- Energy costsmedium
Higher energy prices or scarcer resources can increase centre operating costs 1.
- Reputational risklow
Ethical incidents or weak supplier performance could affect the company's image 1.
- Biodiversity and regulatory risklow
Growing biodiversity requirements can delay or change reconversion projects 1.
Investment thesis
What would need to be true (bull case)
- If the decarbonisation trajectory stays credible, the company could benefit from more favourable financing costs than peers 1.
- Its leadership in extra-financial rankings can support attracting tenants and ESG-oriented investors 1.
- Reconverting centres could open new revenue sources from multifunctional spaces such as health and leisure offers 1.
What would break the thesis
- If physical climate risks intensify, insurance and repair costs could rise faster than rental income 1.
- Investment required by climate rules could squeeze operating margins, especially if not offset by higher rents 1.
- Changing consumer behaviour could reduce visitor flows to centres that adapt slowly 1.
What to watch
- New decarbonisation trajectory presented to shareholders2026
- Progress toward the 2030 SBTi targets2027
- Evolution of the waste recovery rate from 73.1 %next 10-K
- Impact of insurance costs and natural risks on margins2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Mercialys is a property company specialised in shopping centres, and its CSR strategy '4 Fair Impacts for 2030' has four commitments: contributing to carbon neutrality, more responsible retail, a major partner in local development and an involved employer 1. The company took control of ImocomPartners in March 2025, an AMF-licensed portfolio management company, which extends its activity beyond direct property management 1.
The climate strategy relies on a carbon trajectory certified by SBTi since 2019, and a new 2030 and 2050 target was validated again under the 'Bâtiments' sector standard 1. Mercialys also aims to adapt its portfolio to physical risks through resilience studies for each asset 1.
The internal control and risk management system is organised on three lines of control, with a Risk Prevention Committee that meets quarterly and an Audit, Risk and Sustainable Development Committee overseeing the risk mapping 1.
Segments
Shopping centres
The core activity is managing shopping centres, with a focus on environmental certification, waste recovery and attracting responsible tenants 1.
Portfolio management
Through ImocomPartners, a subsidiary controlled since March 2025, the company carries out portfolio management activity regulated by the AMF 1.
Market context
The French commercial property market is under pressure to cut emissions, since the building sector generates 23 % of French greenhouse gas emissions 1. Environmental and energy performance certifications are becoming an important criterion for investors and tenants 1.
Climate change brings physical risks such as flooding and storms that affect assets and the operation of shopping centres, and a significant part of the portfolio lies in areas covered by natural risk prevention plans 1.
Trends
- Stricter climate regulationmixed
The European taxonomy and SFDR could lower the cost of capital for companies with credible decarbonisation paths, but they require extra investment in energy efficiency 1.
- More frequent physical climate risksheadwind
Extreme events can raise insurance premiums and repair costs, which could weigh on operating margins if not offset by adaptation 1.
- Demand for responsible retailtailwind
Consumers are shifting toward more responsible and local products and services, which creates opportunities to reconvert the retail mix 1.
- Circular economy and waste recoverymixed
Waste recovery and wider sorting streams can reduce tenant costs, but they require constant coordination with tenants 1.
Competitive position
Mercialys competes with other shopping centre operators for tenants and visitors, and differentiation through certifications and new services matters in this setting 1. The supplied sources do not explicitly name competitors.
According to the document, competitive pressure is intensifying, which makes offering new experiences and multifunctional spaces a source of differentiation 1.
- Other French shopping centre operators
Direct competition for tenants and visitors; the sources do not name other companies.
- European commercial property developers
Competition for capital and ESG-oriented investors.
- Office and leisure space operators
Competition for new uses of commercial spaces.
- Local commerce and responsible services platforms
Indirect competition for customer attention.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Mercialys · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.