olivLaw · European equity research
Mersen MRN.PA
France · Euronext Paris · ISIN FR0000039620 · Vertical: Listed companies from France
At the close of 05 Nov 2026, Mersen (MRN.PA) stock was 36.18 EUR (−5.19% on the day), with market capitalisation 879.5 m EUR, P/E 63.5 on diluted EPS of 0.57 EUR over the last 12 months, dividend yield 2.49%, beta 1.26, 52-week range 20.55–44.84 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 34.46 – 43.39
- in the lower half of the band · %B 0.19 · band width 22.9%
- SMA 50 / 200
- 39.18 / 34.74
- mixed trend
- MACD (12, 26, 9)
- -0.33 / -0.24
- MACD below 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 | −16.5% | −0.6% | −15.8 pp | — |
| 3 months | −10.1% | −4.2% | −6.0 pp | — |
| 6 months | +5.7% | +4.3% | +1.3 pp | — |
| Year to date | +51.7% | +7.5% | +44.2 pp | — |
| 1 year | +69.5% | +9.9% | +59.5 pp | −6.8% |
| 3 years | +12.2% | +49.8% | −37.7 pp | −15.9% |
| 5 years | +15.5% | +42.8% | −27.4 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 100 percentile of its own 3-quarter history (min 8.7, median 10.3, max 41.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | unavailable | +2.7% | −4.6% |
| Net income | 81.6 m | 59.0 m | 14.1 m |
| Net income YoY | unavailable | −27.7% | −76.1% |
| Diluted EPS | 3.42 | 2.37 | 0.57 |
| Diluted EPS YoY | unavailable | −30.7% | −75.9% |
| net % | 6.7% | 4.7% | 1.2% |
| Free cash flow | 3.0 m | -10.3 m | 56.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 86.3 m EUR
- Financial debt
- 389.6 m EUR
- Net debt
- 303.3 m EUR
- Equity
- 807.2 m EUR
- Total assets
- 1.7 bn EUR
- Debt / equity
- 0.48x
- Current ratio
- 1.47x
- ROE
- 1.7%
- ROA
- 0.8%
- FCF margin
- 4.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn | esef· 07 Apr 2026verified |
| Cost of revenue | 825.5 m | 857.8 m | 834.7 m | esef· 07 Apr 2026verified |
| Gross profit | 385.4 m | 385.8 m | 351.7 m | esef· 07 Apr 2026verified |
| Operating income | 131.4 m | 107.5 m | 56.3 m | esef· 07 Apr 2026verified |
| Interest expense | 19.3 m | 24.9 m | 26.6 m | esef· 07 Apr 2026verified |
| Pre-tax income | 112.1 m | 83.5 m | 30.5 m | esef· 07 Apr 2026verified |
| Income tax | 26.2 m | 22.0 m | 17.8 m | esef· 07 Apr 2026verified |
| Net income | 81.6 m | 59.0 m | 14.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | 3.42 | 2.37 | 0.57 | esef· 07 Apr 2026verified |
| Dividend per share | 1.56 | 1.25 | 0.90 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 37.4 m | 51.3 m | 86.3 m | esef· 07 Apr 2026verified |
| Inventories | 299.2 m | 307.8 m | 257.5 m | esef· 07 Apr 2026verified |
| Current assets | 581.0 m | 590.4 m | 557.5 m | esef· 07 Apr 2026verified |
| Goodwill | 257.7 m | 298.1 m | 279.6 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 50.7 m | 66.2 m | 66.9 m | esef· 07 Apr 2026verified |
| Total assets | 1.5 bn | 1.8 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Long-term debt | 256.2 m | 349.5 m | 389.6 m | esef· 07 Apr 2026verified |
| Current liabilities | 327.3 m | 427.4 m | 378.3 m | esef· 07 Apr 2026verified |
| Equity | 817.7 m | 882.4 m | 807.2 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 23.3 m | 24.3 m | 24.3 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 179.3 m | 194.0 m | 186.0 m | esef· 07 Apr 2026verified |
| Capex | 176.3 m | 204.3 m | 129.3 m | esef· 07 Apr 2026verified |
| Free cash flow | 3.0 m ≈ | -10.3 m ≈ | 56.7 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -183.7 m | -279.9 m | -144.1 m | esef· 07 Apr 2026verified |
| Financing cash flow | -17.1 m | 96.7 m | -9.0 m | esef· 07 Apr 2026verified |
| Dividends paid | 36.4 m | 30.9 m | 26.5 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
Score: 49 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 879.5 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality56
- Returns66
- Balance sheet28
- Valuation43
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: 6.32 – 62.96 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)30.73 – 62.96 (Mid 42.20)WACC 7.2% · starting FCFF 79.0 m EUR · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -9.3%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E6.32 – 16.99 (Mid 9.76)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.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
- Dividend discount (DDM)12.24 – 16.69 (Mid 14.12)
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
Neutral profile · Score 49/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.1% | 33 (vs peers) | 17% |
| Net margin · Quality | 1.2% | 51 (vs peers) | 10% |
| FCF conversion · Quality | 402.1% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.1x | 9 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.5x | 56 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 63.5x | 13 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.4% | 81 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 46.7% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet28/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality56/100 · 3/3 factors with a value
- Returns66/100 · 2/2 factors with a value
- Valuation43/100 · 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
MERSEN (MRN.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.2 bn EUR in 2025; YoY growth -4.6%; net margin 1.2%; ROE 1.7%.
The estimated value range is 12.24–16.99 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 14.12 EUR, the price of 36.18 EUR leaves a potential of -61.0% (value / price − 1) and a margin of safety of -156.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 49/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 402.1%
- FCF yield: 6.4%
- Payout ratio (FCF): 46.7%
What contradicts it
- Interest coverage: 2.1x
- P/E (TTM): 63.5x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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% |
| 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% |
| MRN.PAMersen | 879.5 m | 63.5 | 1.7% | 1.2% | −4.6% | +66% / +8% |
| 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 MRN.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.77 Total return -44% · Per year -44% | 35.12 Total return -1% · Per year -1% | 53.13 Total return 49% · Per year 49% |
| 3 years | 15.84 Total return -53% · Per year -22% | 31.96 Total return -7% · Per year -2% | 53.56 Total return 54% · Per year 15% |
| 5 years | 12.69 Total return -60% · Per year -17% | 29.09 Total return -13% · Per year -3% | 53.99 Total return 59% · Per year 10% |
- Exit P/E± 7.99
- Net margin± 5.59
- Annual revenue growth± 5.03
- Annual dilution± 0.47
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.