(MERY) Mercialys - Ratings and Ratios
Retail Properties, Leasing, Asset Management, Property Transformation
Dividends
| Dividend Yield | 9.38% |
| Yield on Cost 5y | 22.17% |
| Yield CAGR 5y | 19.84% |
| Payout Consistency | 92.3% |
| Payout Ratio | 2.9% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 20.5% |
| Value at Risk 5%th | 33.3% |
| Relative Tail Risk | -1.59% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.70 |
| Alpha | 12.22 |
| CAGR/Max DD | 0.67 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.309 |
| Beta | 0.009 |
| Beta Downside | 0.084 |
| Drawdowns 3y | |
|---|---|
| Max DD | 20.64% |
| Mean DD | 8.10% |
| Median DD | 7.55% |
Description: MERY Mercialys November 17, 2025
Mercialys SA (ticker MERY) is a French retail-focused REIT that acquires, manages and redevelops shopping-center assets, both for its own portfolio and on behalf of third-party owners. As of 30 June 2025 the company owned €2.9 bn of real-estate (including transfer taxes) backed by 1,985 leases generating an annualized rental base of €180.4 m, and it remains listed on Euronext Paris (SBF 120, Compartment A) with 93.9 m shares outstanding.
Key performance indicators from the most recent interim report show an occupancy rate of roughly 96 % and a net operating income (NOI) of €115 m, yielding a dividend yield near 5.2 % and a leverage ratio of about 40 % of total assets. The REIT’s “SIIC” status provides tax-efficient distributions, which historically supports its relatively high payout ratio.
Sector-level drivers that materially affect Mercialys include the ongoing shift toward omnichannel retail (pressuring traditional mall footfall), the Euro-area interest-rate environment (impacting REIT financing costs and cap-rate expectations), and consumer-spending trends tied to French GDP growth, which has been averaging 1.3 % YoY in 2024-25. A slowdown in discretionary spending would directly erode rental growth, while successful asset repositioning can mitigate e-commerce headwinds.
For a deeper dive into Mercialys’ valuation metrics and scenario analysis, the ValueRay platform offers a concise, data-rich overview.
Piotroski VR‑10 (Strict, 0-10) 5.0
| Net Income (85.8m TTM) > 0 and > 6% of Revenue (6% = 21.3m TTM) |
| FCFTA 0.10 (>2.0%) and ΔFCFTA 0.25pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 14.27% (prev 26.77%; Δ -12.50pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.10 (>3.0%) and CFO 237.7m > Net Income 85.8m (YES >=105%, WARN >=100%) |
| Net Debt (1.27b) to EBITDA (253.3m) ratio: 5.01 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.11 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (93.3m) change vs 12m ago 0.03% (target <= -2.0% for YES) |
| Gross Margin 90.63% (prev 82.49%; Δ 8.14pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 15.41% (prev 13.05%; Δ 2.36pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 9.46 (EBITDA TTM 253.3m / Interest Expense TTM 20.0m) >= 6 (WARN >= 3) |
Altman Z'' 1.02
| (A) 0.02 = (Total Current Assets 517.0m - Total Current Liabilities 466.3m) / Total Assets 2.46b |
| (B) -0.00 = Retained Earnings (Balance) -3.60m / Total Assets 2.46b |
| (C) 0.08 = EBIT TTM 189.3m / Avg Total Assets 2.31b |
| (D) 0.32 = Book Value of Equity 581.2m / Total Liabilities 1.82b |
| Total Rating: 1.02 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 71.18
| 1. Piotroski 5.0pt |
| 2. FCF Yield 10.11% |
| 3. FCF Margin 66.62% |
| 4. Debt/Equity 2.97 |
| 5. Debt/Ebitda 5.01 |
| 6. ROIC - WACC (= 8.90)% |
| 7. RoE 13.99% |
| 8. Rev. Trend 20.86% |
| 9. EPS Trend -38.84% |
What is the price of MERY shares?
Over the past week, the price has changed by -2.74%, over one month by +1.33%, over three months by -1.84% and over the past year by +15.15%.
Is MERY a buy, sell or hold?
What are the forecasts/targets for the MERY price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 13.2 | 23.8% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 13.2 | 23.4% |
MERY Fundamental Data Overview November 27, 2025
Market Cap EUR = 997.2m (997.2m EUR * 1.0 EUR.EUR)
P/E Trailing = 31.4118
P/E Forward = 8.2508
P/S = 5.6431
P/B = 1.7123
Beta = 0.955
Revenue TTM = 355.7m EUR
EBIT TTM = 189.3m EUR
EBITDA TTM = 253.3m EUR
Long Term Debt = 1.24b EUR (from longTermDebt, last quarter)
Short Term Debt = 395.2m EUR (from shortTermDebt, last quarter)
Debt = 1.71b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.27b EUR (from netDebt column, last quarter)
Enterprise Value = 2.34b EUR (997.2m + Debt 1.71b - CCE 364.5m)
Interest Coverage Ratio = 9.46 (Ebit TTM 189.3m / Interest Expense TTM 20.0m)
FCF Yield = 10.11% (FCF TTM 237.0m / Enterprise Value 2.34b)
FCF Margin = 66.62% (FCF TTM 237.0m / Revenue TTM 355.7m)
Net Margin = 24.13% (Net Income TTM 85.8m / Revenue TTM 355.7m)
Gross Margin = 90.63% ((Revenue TTM 355.7m - Cost of Revenue TTM 33.3m) / Revenue TTM)
Gross Margin QoQ = 94.02% (prev 83.18%)
Tobins Q-Ratio = 0.95 (Enterprise Value 2.34b / Total Assets 2.46b)
Interest Expense / Debt = 1.17% (Interest Expense 20.0m / Debt 1.71b)
Taxrate = 2.87% (457.0k / 15.9m)
NOPAT = 183.9m (EBIT 189.3m * (1 - 2.87%))
Current Ratio = 1.11 (Total Current Assets 517.0m / Total Current Liabilities 466.3m)
Debt / Equity = 2.97 (Debt 1.71b / totalStockholderEquity, last quarter 575.4m)
Debt / EBITDA = 5.01 (Net Debt 1.27b / EBITDA 253.3m)
Debt / FCF = 5.35 (Net Debt 1.27b / FCF TTM 237.0m)
Total Stockholder Equity = 613.4m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.48% (Net Income 85.8m / Total Assets 2.46b)
RoE = 13.99% (Net Income TTM 85.8m / Total Stockholder Equity 613.4m)
RoCE = 10.20% (EBIT 189.3m / Capital Employed (Equity 613.4m + L.T.Debt 1.24b))
RoIC = 11.84% (NOPAT 183.9m / Invested Capital 1.55b)
WACC = 2.95% (E(997.2m)/V(2.71b) * Re(6.05%) + D(1.71b)/V(2.71b) * Rd(1.17%) * (1-Tc(0.03)))
Discount Rate = 6.05% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 33.33 | Cagr: 0.02%
[DCF Debug] Terminal Value 78.57% ; FCFE base≈222.7m ; Y1≈227.1m ; Y5≈250.3m
Fair Price DCF = 47.29 (DCF Value 4.41b / Shares Outstanding 93.3m; 5y FCF grow 1.73% → 3.0% )
EPS Correlation: -38.84 | EPS CAGR: -47.24% | SUE: 0.0 | # QB: 0
Revenue Correlation: 20.86 | Revenue CAGR: 21.82% | SUE: 1.18 | # QB: 2
EPS next Year (2026-12-31): EPS=1.29 | Chg30d=-0.007 | Revisions Net=-1 | Growth EPS=+2.4% | Growth Revenue=+5.8%