(MRN) Mersen - Overview
Fuses, Graphite, Transfer, Protection, Cooling
Dividends
| Dividend Yield | 4.29% |
| Yield on Cost 5y | 4.40% |
| Yield CAGR 5y | 8.48% |
| Payout Consistency | 75.9% |
| Payout Ratio | 45.2% |
| Risk 5d forecast | |
|---|---|
| Volatility | 32.9% |
| Relative Tail Risk | -9.40% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.66 |
| Alpha | 13.08 |
| Character TTM | |
|---|---|
| Beta | 0.188 |
| Beta Downside | 0.185 |
| Drawdowns 3y | |
|---|---|
| Max DD | 58.31% |
| CAGR/Max DD | -0.21 |
Description: MRN Mersen December 27, 2025
Mersen S.A. (ticker MRN) is a French industrial group that designs, manufactures, and services electrical power products and advanced materials. It operates through two primary segments – Advanced Materials and Electrical Power – and serves a broad set of end-markets including semiconductors, electric vehicles (EV), battery storage, renewable energy, rail, aerospace, and heavy industry.
In FY 2023 the company reported revenue of roughly €1.5 billion, with an adjusted EBIT margin of about 9 %, reflecting steady demand for its high-performance fuses, surge-protection devices, and graphite-based components. The Advanced Materials division contributed roughly 55 % of sales, while Electrical Power accounted for the remainder.
Key growth drivers are the global electrification trend and the rapid expansion of EV and battery-storage deployments, which together represent a market expected to grow at a 12-15 % compound annual rate over the next five years. Additionally, rising renewable-energy capacity (solar and wind) fuels demand for Mersen’s power-distribution and cooling solutions, while infrastructure upgrades in Europe and North America support its rail-and-metro product lines.
Analysts should keep an eye on the company’s exposure to raw-material price volatility (particularly graphite) and its ability to capture share in the increasingly competitive EV-charging ecosystem. For a deeper quantitative view, the ValueRay platform offers a granular breakdown of Mersen’s valuation metrics and peer comparison.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income: 126.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 3.54 > 1.0 |
| NWC/Revenue: 7.57% < 20% (prev 17.42%; Δ -9.86% < -1%) |
| CFO/TA 0.21 > 3% & CFO 378.9m > Net Income 126.0m |
| Net Debt (447.6m) to EBITDA (380.7m): 1.18 < 3 |
| Current Ratio: 1.39 > 1.5 & < 3 |
| Outstanding Shares: last quarter (24.9m) vs 12m ago 8.14% < -2% |
| Gross Margin: 30.86% > 18% (prev 0.32%; Δ 3054 % > 0.5%) |
| Asset Turnover: 146.8% > 50% (prev 113.5%; Δ 33.31% > 0%) |
| Interest Coverage Ratio: 5.26 > 6 (EBITDA TTM 380.7m / Interest Expense TTM 46.6m) |
Altman Z'' 1.73
| A: 0.10 (Total Current Assets 663.9m - Total Current Liabilities 478.0m) / Total Assets 1.83b |
| B: 0.02 (Retained Earnings 29.3m / Total Assets 1.83b) |
| C: 0.15 (EBIT TTM 245.3m / Avg Total Assets 1.67b) |
| D: 0.02 (Book Value of Equity 20.8m / Total Liabilities 1.01b) |
| Altman-Z'' Score: 1.73 = BBB |
Beneish M -3.24
| DSRI: 0.57 (Receivables 177.7m/217.6m, Revenue 2.46b/1.72b) |
| GMI: 1.02 (GM 30.86% / 31.52%) |
| AQI: 0.93 (AQ_t 0.21 / AQ_t-1 0.23) |
| SGI: 1.43 (Revenue 2.46b / 1.72b) |
| TATA: -0.14 (NI 126.0m - CFO 378.9m) / TA 1.83b) |
| Beneish M-Score: -3.24 (Cap -4..+1) = AA |
What is the price of MRN shares?
Over the past week, the price has changed by +2.45%, over one month by +6.81%, over three months by +9.61% and over the past year by +34.52%.
Is MRN a buy, sell or hold?
What are the forecasts/targets for the MRN price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 28 | 11.7% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 28.3 | 12.7% |
MRN Fundamental Data Overview January 28, 2026
P/E Trailing = 12.4874
P/E Forward = 8.6806
P/S = 0.4919
P/B = 0.7821
Revenue TTM = 2.46b EUR
EBIT TTM = 245.3m EUR
EBITDA TTM = 380.7m EUR
Long Term Debt = 399.1m EUR (from longTermDebt, last quarter)
Short Term Debt = 166.0m EUR (from shortTermDebt, last quarter)
Debt = 609.2m EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 447.6m EUR (from netDebt column, last quarter)
Enterprise Value = 1.05b EUR (605.0m + Debt 609.2m - CCE 161.6m)
Interest Coverage Ratio = 5.26 (Ebit TTM 245.3m / Interest Expense TTM 46.6m)
EV/FCF = 62.28x (Enterprise Value 1.05b / FCF TTM 16.9m)
FCF Yield = 1.61% (FCF TTM 16.9m / Enterprise Value 1.05b)
FCF Margin = 0.69% (FCF TTM 16.9m / Revenue TTM 2.46b)
Net Margin = 5.13% (Net Income TTM 126.0m / Revenue TTM 2.46b)
Gross Margin = 30.86% ((Revenue TTM 2.46b - Cost of Revenue TTM 1.70b) / Revenue TTM)
Gross Margin QoQ = 29.82% (prev 29.44%)
Tobins Q-Ratio = 0.58 (Enterprise Value 1.05b / Total Assets 1.83b)
Interest Expense / Debt = 2.27% (Interest Expense 13.8m / Debt 609.2m)
Taxrate = 25.19% (9.90m / 39.3m)
NOPAT = 183.5m (EBIT 245.3m * (1 - 25.19%))
Current Ratio = 1.39 (Total Current Assets 663.9m / Total Current Liabilities 478.0m)
Debt / Equity = 0.77 (Debt 609.2m / totalStockholderEquity, last quarter 792.2m)
Debt / EBITDA = 1.18 (Net Debt 447.6m / EBITDA 380.7m)
Debt / FCF = 26.49 (Net Debt 447.6m / FCF TTM 16.9m)
Total Stockholder Equity = 811.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.53% (Net Income 126.0m / Total Assets 1.83b)
RoE = 15.54% (Net Income TTM 126.0m / Total Stockholder Equity 811.0m)
RoCE = 20.27% (EBIT 245.3m / Capital Employed (Equity 811.0m + L.T.Debt 399.1m))
RoIC = 15.58% (NOPAT 183.5m / Invested Capital 1.18b)
WACC = 4.14% (E(605.0m)/V(1.21b) * Re(6.61%) + D(609.2m)/V(1.21b) * Rd(2.27%) * (1-Tc(0.25)))
Discount Rate = 6.61% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -0.21%
[DCF Debug] Terminal Value 83.32% ; FCFF base≈16.9m ; Y1≈13.1m ; Y5≈8.29m
Fair Price DCF = N/A (negative equity: EV 256.3m - Net Debt 447.6m = -191.3m; debt exceeds intrinsic value)
Revenue Correlation: 96.33 | Revenue CAGR: 18.43% | SUE: 0.96 | # QB: 1
EPS next Year (2026-12-31): EPS=2.80 | Chg30d=+0.137 | Revisions Net=-3 | Growth EPS=+15.5% | Growth Revenue=+3.9%