MERY Stock Analysis: Mercialys | PA
REIT - Retail | PA, France | Market Cap: 872m EUR | 12M Return: -3.6% | FR0010241638 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.35M
Qual. Beats: 0
Rev. Trend: 61.2%
Warnings
Tailwinds
No distinct edge detected
Seasonality
Mercialys SA is a French real estate company specializing in the ownership, management, and transformation of retail properties, operating both on its own behalf and for third parties. As of June 30, 2026, the company held a real estate portfolio valued at €3.2 billion including transfer taxes, and operates under Frances SIIC regime, the countrys equivalent of a Real Estate Investment Trust (REIT) tax status. The company has been listed since October 12, 2005, and is classified within the Retail REITs sub-industry, focusing on commercial retail assets such as shopping centers.
Under the SIIC framework, Mercialys is generally exempt from corporate income tax on rental income and capital gains related to its real estate activities, provided it distributes a significant portion of its taxable income to shareholders-a structure designed to attract investment into commercial real estate. The companys strategy of transforming retail spaces reflects the broader sector trend of adapting physical shopping destinations to evolving consumer behaviors, including the growth of e-commerce and demand for mixed-use, experiential retail formats.
- French retail REIT occupancy rates face e-commerce pressure
- Casino group exposure drives tenant concentration risk
- European interest rate cuts impact REIT valuation and cap rates
| Net Income: 53.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -3.65 > 1.0 |
| NWC/Revenue: -8.39% < 20% (prev 23.24%; Δ -31.63% < -1%) |
| CFO/TA 0.03 > 3% & CFO 106.7m > Net Income 53.7m |
| Net Debt (1.40b) to EBITDA (137.1m): 10.22 < 3 |
| Current Ratio: 0.83 > 1.5 & < 3 |
| Outstanding Shares: last quarter (93.5m) vs 12m ago 0.01% < -2% |
| Gross Margin: 60.18% > 18% (prev 87.58%; Δ -27.40% > 0.5%) |
| Asset Turnover: 8.55% > 50% (prev 8.86%; Δ -0.31% > 0%) |
| Interest Coverage Ratio: 1.99 > 6 (EBIT TTM 115.2m / Interest Expense TTM 57.9m) |
| A: -0.01 (Total Current Assets 98.7m - Total Current Liabilities 118.5m) / Total Assets 3.08b |
| B: 0.32 (Retained Earnings 971.0m / Total Assets 3.08b) |
| C: 0.04 (EBIT TTM 115.2m / Avg Total Assets 2.77b) |
| D: 1.06 (Book Value of Equity 1.55b / Total Liabilities 1.47b) |
| Altman-Z'' = 2.38 = BBB |
| DSRI: 1.11 (Receivables 34.3m/28.5m, Revenue 236.8m/218.3m) |
| GMI: 1.46 (GM 87.58% / 60.18%) |
| AQI: 1.33 (AQ_t 0.96 / AQ_t-1 0.73) |
| SGI: 1.08 (Revenue 236.8m / 218.3m) |
| TATA: -0.02 (NI 53.7m - CFO 106.7m) / TA 3.08b) |
| Beneish M = -2.27 (Cap -4..+1) = BBB |
As of October 12, 2026, the stock is trading at EUR 9.46 with a total of 151,637 shares traded. Over the past week, the price has changed by +0.32%, over one month by -11.75%, over three months by -18.87% and over the past year by -3.58%.
Current recommended Stop Loss: 9.10 (which is 3.8% or 1.8 ATR below the current price).
Mercialys has no consensus analysts rating.
P/E Trailing = 16.4386
P/E Forward = 8.547
P/S = 4.7381
P/B = 1.7758
P/EG = 7.1236
Revenue TTM = 236.8m EUR
EBIT TTM = 115.2m EUR
EBITDA TTM = 137.1m EUR
Long Term Debt = 1.24b EUR (from longTermDebt, last quarter)
Short Term Debt = 58.6m EUR (from shortTermDebt, last quarter)
Debt = 1.45b EUR (from shortLongTermDebtTotal, last quarter) + Leases 78.4m
Net Debt = 1.40b EUR (calculated: Debt 1.45b - CCE 45.3m)
Enterprise Value = 2.27b EUR (872.0m + Debt 1.45b - CCE 45.3m)
Interest Coverage Ratio = 1.99 (Ebit TTM 115.2m / Interest Expense TTM 57.9m)
EV/FCF = 53.02x (Enterprise Value 2.27b / FCF TTM 42.9m)
FCF Yield = 1.89% (FCF TTM 42.9m / Enterprise Value 2.27b)
FCF Margin = 18.10% (FCF TTM 42.9m / Revenue TTM 236.8m)
Net Margin = 22.69% (Net Income TTM 53.7m / Revenue TTM 236.8m)
Gross Margin = 60.18% ((Revenue TTM 236.8m - Cost of Revenue TTM 94.3m) / Revenue TTM)
Gross Margin QoQ = 91.64% (prev 38.21%)
Tobins Q-Ratio = 0.74 (Enterprise Value 2.27b / Total Assets 3.08b)
Interest Expense / Debt = 4.00% (Interest Expense 57.9m / Debt 1.45b)
Taxrate = 1.86% (1.06m / 57.3m)
NOPAT = 113.1m (EBIT 115.2m * (1 - 1.86%))
Current Ratio = 0.83 (Total Current Assets 98.7m / Total Current Liabilities 118.5m)
Debt / Equity = 0.93 (Debt 1.45b / totalStockholderEquity, last quarter 1.55b)
Debt / EBITDA = 10.22 (Net Debt 1.40b / EBITDA 137.1m)
Debt / FCF = 32.68 (Net Debt 1.40b / FCF TTM 42.9m)
Total Stockholder Equity = 838.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.94% (Net Income 53.7m / Total Assets 3.08b)
RoE = 6.41% (Net Income TTM 53.7m / Total Stockholder Equity 838.5m)
RoCE = 5.55% (EBIT 115.2m / Capital Employed (Equity 838.5m + L.T.Debt 1.24b))
RoIC = 3.76% (NOPAT 113.1m / Invested Capital 3.00b)
WACC = 4.50% (E(872.0m)/V(2.32b) * Re(5.45%) + D(1.45b)/V(2.32b) * Rd(4.00%) * (1-Tc(0.02)))
Discount Rate = 5.45% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 47.35 | Cagr: 0.11%
[DCF] Terminal Value 73.10% ; FCFF base≈75.5m ; Y1≈66.2m ; Y5≈53.5m
[DCF] Fair Price = N/A (negative equity: EV 858.3m - Net Debt 1.40b = -542.2m; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: 61.22 | Revenue CAGR: 20.48% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=1.31 | Chg30d=-0.28% | Revisions=+0% | GrowthEPS=+4.3% | GrowthRev=+4.1%
EPS next Year (2027-12-31): EPS=1.34 | Chg30d=-0.05% | Revisions=-25% | GrowthEPS=+1.8% | GrowthRev=+3.6%
[Analyst] Revisions Ratio: -25% (up=0, down=1)