(MRN) Mersen - PA
Sector: Industrials | Industry: Electrical Equipment & Parts | Exchange: PA (France) | Market Cap: 1.084m EUR | Total Return: 124.1% in 12m
Avg Turnover: 3.29M
Warnings
P/E ratio 78.2
Tailwinds
Supp Ema20, Rs Leader, Idiosyncratic Leader, Tailwind
Mersen SA is a French industrial firm specializing in advanced materials and electrical power components. The company operates across two primary segments: Advanced Materials, which focuses on high-performance graphite and carbon-based products, and Electrical Power, which provides fuses, surge protection, and power electronics solutions. Its portfolio serves critical growth sectors including semiconductors, electric vehicles, renewable energy, and aerospace.
The company’s business model relies on the high barriers to entry inherent in specialized material science, particularly in the production of isostatic graphite used for semiconductor manufacturing. Mersen functions as a key supplier in the energy transition supply chain, providing thermal management and power protection components essential for high-voltage DC applications in battery storage and electric mobility.
Investors seeking a deeper technical analysis of these business segments can find more detailed metrics on ValueRay. Founded in 1889 and headquartered in Courbevoie, Mersen maintains a global manufacturing footprint to support industrial infrastructure and energy conversion systems worldwide.
- SiC semiconductor demand fuels high-margin sales growth in the Advanced Materials segment
- Electric vehicle market penetration drives revenue for specialized DC protection and cooling
- Solar and wind energy investments bolster order book for power conversion components
- Graphite and raw material costs significantly impact industrial segment operating margins
- Capital expenditure efficiency determines long-term profitability amidst aggressive capacity expansion plans
| Net Income: 12.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 3.29 > 1.0 |
| NWC/Revenue: 15.10% < 20% (prev 13.11%; Δ 2.00% < -1%) |
| CFO/TA 0.10 > 3% & CFO 165.0m > Net Income 12.6m |
| Net Debt (505.6m) to EBITDA (185.6m): 2.72 < 3 |
| Current Ratio: 1.47 > 1.5 & < 3 |
| Outstanding Shares: last quarter (24.4m) vs 12m ago -2.26% < -2% |
| Gross Margin: 29.64% > 18% (prev 31.02%; Δ -1.38% > 0.5%) |
| Asset Turnover: 67.71% > 50% (prev 69.04%; Δ -1.33% > 0%) |
| Interest Coverage Ratio: 4.04 > 6 (EBIT TTM 104.3m / Interest Expense TTM 25.8m) |
| A: 0.11 (Total Current Assets 557.5m - Total Current Liabilities 378.3m) / Total Assets 1.70b |
| B: 0.01 (Retained Earnings 14.1m / Total Assets 1.70b) |
| C: 0.06 (EBIT TTM 104.3m / Avg Total Assets 1.75b) |
| D: 0.87 (Book Value of Equity 782.8m / Total Liabilities 896.0m) |
| Altman-Z'' = 2.03 = BBB |
| DSRI: 0.98 (Receivables 195.7m/210.1m, Revenue 1.19b/1.24b) |
| GMI: 1.05 (GM 31.02% / 29.64%) |
| AQI: 2.87 (AQ_t 0.64 / AQ_t-1 0.22) |
| SGI: 0.95 (Revenue 1.19b / 1.24b) |
| TATA: -0.09 (NI 12.6m - CFO 165.0m) / TA 1.70b) |
| Beneish M = -1.93 (Cap -4..+1) = B |
As of June 19, 2026, the stock is trading at EUR 44.84 with a total of 119,965 shares traded.
Over the past week, the price has changed by +8.57%,
over one month by +25.11%,
over three months by +83.02% and
over the past year by +124.06%.
Mersen has no consensus analysts rating.
P/E Trailing = 78.2456
P/E Forward = 8.6806
P/S = 0.9137
P/B = 1.3849
P/EG = 4.7188
Revenue TTM = 1.19b EUR
EBIT TTM = 104.3m EUR
EBITDA TTM = 185.6m EUR
Long Term Debt = 389.6m EUR (from longTermDebt, last quarter)
Short Term Debt = 21.8m EUR (from shortTermDebt, last quarter)
Debt = 591.9m EUR (from shortLongTermDebtTotal, last quarter) + Leases 57.5m
Net Debt = 505.6m EUR (calculated: Debt 591.9m - CCE 86.3m)
Enterprise Value = 1.59b EUR (1.08b + Debt 591.9m - CCE 86.3m)
Interest Coverage Ratio = 4.04 (Ebit TTM 104.3m / Interest Expense TTM 25.8m)
EV/FCF = 34.33x (Enterprise Value 1.59b / FCF TTM 46.3m)
FCF Yield = 2.91% (FCF TTM 46.3m / Enterprise Value 1.59b)
FCF Margin = 3.90% (FCF TTM 46.3m / Revenue TTM 1.19b)
Net Margin = 1.06% (Net Income TTM 12.6m / Revenue TTM 1.19b)
Gross Margin = 29.64% ((Revenue TTM 1.19b - Cost of Revenue TTM 834.7m) / Revenue TTM)
Gross Margin QoQ = 29.46% (prev 29.82%)
Tobins Q-Ratio = 0.93 (Enterprise Value 1.59b / Total Assets 1.70b)
Interest Expense / Debt = 4.36% (Interest Expense 25.8m / Debt 591.9m)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 78.2m (EBIT 104.3m * (1 - 25.00%))
Current Ratio = 1.47 (Total Current Assets 557.5m / Total Current Liabilities 378.3m)
Debt / Equity = 0.76 (Debt 591.9m / totalStockholderEquity, last quarter 782.8m)
Debt / EBITDA = 2.72 (Net Debt 505.6m / EBITDA 185.6m)
Debt / FCF = 10.92 (Net Debt 505.6m / FCF TTM 46.3m)
Total Stockholder Equity = 809.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.72% (Net Income 12.6m / Total Assets 1.70b)
RoE = 1.56% (Net Income TTM 12.6m / Total Stockholder Equity 809.6m)
RoCE = 8.70% (EBIT 104.3m / Capital Employed (Equity 809.6m + L.T.Debt 389.6m))
RoIC = 6.08% (NOPAT 78.2m / Invested Capital 1.29b)
WACC = 6.39% (E(1.08b)/V(1.68b) * Re(8.10%) + D(591.9m)/V(1.68b) * Rd(4.36%) * (1-Tc(0.25)))
Discount Rate = 8.10% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 42.22 | Cagr: 4.65%
[DCF] Terminal Value 75.44% ; FCFF base≈46.3m ; Y1≈46.5m ; Y5≈49.2m
[DCF] Fair Price = 10.71 (EV 766.0m - Net Debt 505.6m = Equity 260.4m / Shares 24.3m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
Revenue Correlation: 3.13 | Revenue CAGR: 0.06% | SUE: -0.01 | # QB: 0
EPS current Year (2026-12-31): EPS=2.35 | Chg30d=-0.71% | Revisions=+14% | GrowthEPS=+4.6% | GrowthRev=+3.2%
EPS next Year (2027-12-31): EPS=2.95 | Chg30d=-1.87% | Revisions=+14% | GrowthEPS=+25.9% | GrowthRev=+6.3%
[Analyst] Revisions Ratio: +14%