(MRN) Mersen - Ratings and Ratios
Fuses, Graphite, Brushes, Cooling, Composites
Dividends
| Dividend Yield | 4.14% |
| Yield on Cost 5y | 4.55% |
| Yield CAGR 5y | 24.36% |
| Payout Consistency | 73.8% |
| Payout Ratio | 45.2% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 40.5% |
| Value at Risk 5%th | 60.7% |
| Relative Tail Risk | -8.88% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.46 |
| Alpha | 12.03 |
| CAGR/Max DD | -0.21 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.555 |
| Beta | 0.187 |
| Beta Downside | 0.149 |
| Drawdowns 3y | |
|---|---|
| Max DD | 58.31% |
| Mean DD | 27.83% |
| Median DD | 24.22% |
Description: MRN Mersen October 24, 2025
Mersen S.A. (ticker MRN) is a French-based industrial group that designs, manufactures, and services electrical power products and advanced materials for a broad range of end-markets, including EVs, renewable energy, rail, aerospace, and process industries. The business is organized into two segments – Advanced Materials and Electrical Power – and sells items such as fuses, surge-protect devices, high-power switches, graphite components, PTFE fittings, carbon brushes, and DC protection solutions, complemented by on-site maintenance, simulation tools, and training services.
Key financial snapshots (FY 2023) show revenue of roughly €1.3 billion, an EBITDA margin of about 12 %, and a net-debt/EBITDA ratio near 2.0×, indicating modest leverage for a capital-intensive business. The company’s growth is tied to two macro drivers: (1) the accelerating electrification of transport and industry, which is expanding demand for high-performance fuses, EV-battery protection, and rail power distribution; and (2) the global push toward renewable-energy infrastructure, boosting sales of power-conversion and cooling solutions for solar, wind, and grid-storage projects.
Geographically, Mersen generates roughly 30 % of sales in North America, 25 % in Europe, and the remainder across Asia-Pacific and other regions, giving it exposure to the fastest-growing EV and battery-storage markets in China and the United States. Recent strategic moves include expanding its carbon-carbon composite portfolio for high-temperature aerospace applications and launching a digital simulation platform that helps customers optimize power-distribution designs.
For analysts looking to deepen their valuation work, the ValueRay platform hosts a detailed breakdown of Mersen’s segment-level cash-flow forecasts and peer-adjusted multiples that can help test the sensitivity of the stock to changes in EV-battery demand and industrial electricity consumption.
Piotroski VR‑10 (Strict, 0-10) 5.0
| Net Income (126.0m TTM) > 0 and > 6% of Revenue (6% = 147.4m TTM) |
| FCFTA 0.01 (>2.0%) and ΔFCFTA 3.54pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 7.57% (prev 17.42%; Δ -9.86pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.21 (>3.0%) and CFO 378.9m > Net Income 126.0m (YES >=105%, WARN >=100%) |
| Net Debt (447.6m) to EBITDA (380.7m) ratio: 1.18 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.39 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (24.9m) change vs 12m ago 8.14% (target <= -2.0% for YES) |
| Gross Margin 30.86% (prev 31.52%; Δ -0.67pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 146.8% (prev 113.5%; Δ 33.31pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 5.26 (EBITDA TTM 380.7m / Interest Expense TTM 46.6m) >= 6 (WARN >= 3) |
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 (Balance) 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 |
| Total Rating: 1.73 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 75.78
| 1. Piotroski 5.0pt |
| 2. FCF Yield 1.74% |
| 3. FCF Margin 0.69% |
| 4. Debt/Equity 0.77 |
| 5. Debt/Ebitda 1.18 |
| 6. ROIC - WACC (= 11.56)% |
| 7. RoE 15.54% |
| 8. Rev. Trend 96.36% |
| 10. EPS Trend data missing |
What is the price of MRN shares?
Over the past week, the price has changed by +0.93%, over one month by -5.02%, over three months by -10.12% and over the past year by +14.56%.
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 | 27.7 | 27.4% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 23.1 | 6.2% |
MRN Fundamental Data Overview November 27, 2025
Market Cap EUR = 525.9m (525.9m EUR * 1.0 EUR.EUR)
P/E Trailing = 10.8543
P/E Forward = 8.6806
P/S = 0.4276
P/B = 0.6745
Beta = 1.3
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 = 973.5m EUR (525.9m + Debt 609.2m - CCE 161.6m)
Interest Coverage Ratio = 5.26 (Ebit TTM 245.3m / Interest Expense TTM 46.6m)
FCF Yield = 1.74% (FCF TTM 16.9m / Enterprise Value 973.5m)
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 = 0.53 (Enterprise Value 973.5m / 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 = 6.89% (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 = 4.01% (E(525.9m)/V(1.14b) * Re(6.70%) + D(609.2m)/V(1.14b) * Rd(2.27%) * (1-Tc(0.25)))
Discount Rate = 6.70% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: -100.0 | Cagr: -0.21%
[DCF Debug] Terminal Value 73.94% ; FCFE base≈16.9m ; Y1≈13.1m ; Y5≈8.31m
Fair Price DCF = 6.39 (DCF Value 155.7m / Shares Outstanding 24.3m; 5y FCF grow -26.90% → 3.0% )
Revenue Correlation: 96.36 | Revenue CAGR: 18.43% | SUE: 0.96 | # QB: 1