Mercialys（M8Y）株式概要メルシャリスはフランス有数の不動産会社である。 詳細M8Y ファンダメンタル分析スノーフレーク・スコア評価2/6将来の成長4/6過去の実績0/6財務の健全性1/6配当金4/6報酬当社が推定した公正価値より38.4%で取引されている 収益は年間28.82%増加すると予測されています リスク分析利払いは収益で十分にカバーされない 財務結果に影響を与える大きな一時的項目 不安定な配当実績 利益率(18.8%)は昨年より低い(29.9%) すべてのリスクチェックを見るM8Y Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair Value€Current Price€11.6624.0% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture0220m2016201920222025202620282031Revenue €220.4mEarnings €41.5mAdvancedSet Fair ValueView all narrativesMercialys SA 競合他社Hamborner REITSymbol: XTRA:HABAMarket cap: €424.6mAlexander'sSymbol: NYSE:ALXMarket cap: US$1.3bSupermarket Income REITSymbol: LSE:SUPRMarket cap: UK£1.0bCBL & Associates PropertiesSymbol: NYSE:CBLMarket cap: US$1.5b価格と性能株価の高値、安値、推移の概要Mercialys過去の株価現在の株価€11.6652週高値€12.7252週安値€10.34ベータ0.861ヶ月の変化-6.12%3ヶ月変化-3.16%1年変化7.96%3年間の変化57.89%5年間の変化8.47%IPOからの変化-41.70%最新ニュースBoard Change • May 20Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Arnaud Le Mintier was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.お知らせ • May 19Mercialys SA to Report Fiscal Year 2026 Results on Feb 11, 2027Mercialys SA announced that they will report fiscal year 2026 results at 6:00 PM, Central European Standard Time on Feb 11, 2027お知らせ • May 18Mercialys SA to Report Q3, 2026 Results on Oct 15, 2026Mercialys SA announced that they will report Q3, 2026 results After-Market on Oct 15, 2026お知らせ • Apr 09Mercialys SA (ENXTPA:MERY) acquired 8,200 sqm retail park in Toulouse for €18 million.Mercialys SA (ENXTPA:MERY) acquired 8,200 sqm retail park in Toulouse for €18 million on April 8, 2026. The €18 million acquisition price (including transfer tax) delivers an immediate yield significantly above Mercialys’ portfolio average appraisal yield. The acquired asset, comprising the buildings and associated parking areas, totals more than 8,200 sqm of GLA and includes six mid-sized retail units. The transaction is an immediately accretive strategic acquisition. Arsène-Cabinet d'Avocats acted as legal advisor for Mercialys SA. HALDIS acted as technical due diligence provider for Mercialys SA. PASCUAL advised the Seller in the transaction. Mercialys SA (ENXTPA:MERY) completed the acquisition of 8,200 sqm retail park in Toulouse on April 8, 2026.お知らせ • Mar 18Mercialys SA, Annual General Meeting, Apr 23, 2026Mercialys SA, Annual General Meeting, Apr 23, 2026. Location: 16 18 rue du quatre septembre, paris Franceお知らせ • Feb 19Mercialys SA announces Annual dividend, payable on May 06, 2026Mercialys SA announced Annual dividend of EUR 1.0000 per share payable on May 06, 2026, ex-date on May 04, 2026 and record date on May 05, 2026.最新情報をもっと見るRecent updatesBoard Change • May 20Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Arnaud Le Mintier was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.お知らせ • May 19Mercialys SA to Report Fiscal Year 2026 Results on Feb 11, 2027Mercialys SA announced that they will report fiscal year 2026 results at 6:00 PM, Central European Standard Time on Feb 11, 2027お知らせ • May 18Mercialys SA to Report Q3, 2026 Results on Oct 15, 2026Mercialys SA announced that they will report Q3, 2026 results After-Market on Oct 15, 2026お知らせ • Apr 09Mercialys SA (ENXTPA:MERY) acquired 8,200 sqm retail park in Toulouse for €18 million.Mercialys SA (ENXTPA:MERY) acquired 8,200 sqm retail park in Toulouse for €18 million on April 8, 2026. The €18 million acquisition price (including transfer tax) delivers an immediate yield significantly above Mercialys’ portfolio average appraisal yield. The acquired asset, comprising the buildings and associated parking areas, totals more than 8,200 sqm of GLA and includes six mid-sized retail units. The transaction is an immediately accretive strategic acquisition. Arsène-Cabinet d'Avocats acted as legal advisor for Mercialys SA. HALDIS acted as technical due diligence provider for Mercialys SA. PASCUAL advised the Seller in the transaction. Mercialys SA (ENXTPA:MERY) completed the acquisition of 8,200 sqm retail park in Toulouse on April 8, 2026.お知らせ • Mar 18Mercialys SA, Annual General Meeting, Apr 23, 2026Mercialys SA, Annual General Meeting, Apr 23, 2026. Location: 16 18 rue du quatre septembre, paris Franceお知らせ • Feb 19Mercialys SA announces Annual dividend, payable on May 06, 2026Mercialys SA announced Annual dividend of EUR 1.0000 per share payable on May 06, 2026, ex-date on May 04, 2026 and record date on May 05, 2026.お知らせ • Dec 12Mercialys Announces Departure of Élisabeth Cunin as Director, Effective December 31, 2025Mercialys announced that due to an increase in her professional commitments, Ms Élisabeth Cunin, a Company director since 2012, informed Mercialys’ Board of Directors that she wished to stand down from her position, which the Board acknowledged. Her resignation will take effect on December 31, 2025. Ms Élisabeth Cunin chaired the Appointments and Compensation Committee from 2017 to 2021, then the Strategy and Transformation Committee from 2021 to 2024. Throughout her years in office, Ms Élisabeth Cunin has played a significant role in further strengthening the Company's governance, developing its strategy and supporting its growth. Her in-depth knowledge of the retail sector and her vision of the factors behind its development have been valuable assets for the Company.お知らせ • Oct 16+ 1 more updateMercialys SA Reaffirms Financial Guidance for the Full-Year 2025Mercialys SA reaffirmed financial guidance for the full-year 2025. Business at end-September enables Mercialys to confirm its full-year targets for net recurrent earnings (NRE) per share of EUR 1.24 to EUR 1.27 (target revised upward in July vs. previous range of EUR 1.22 to EUR 1.25).お知らせ • Sep 18Mercialys SA to Report First Half, 2026 Results on Jul 28, 2026Mercialys SA announced that they will report first half, 2026 results on Jul 28, 2026お知らせ • Sep 17Mercialys SA to Report Fiscal Year 2025 Results on Feb 17, 2026Mercialys SA announced that they will report fiscal year 2025 results After-Market on Feb 17, 2026お知らせ • Jul 24Mercialys Confirms Dividend Guidance for the Full Year of 2025Mercialys confirmed target for a dividend of at least EUR 1.00 per share for the full year of 2025.お知らせ • Jul 16Mercialys SA (ENXTPA:MERY) acquired remaining 49% stake in Hyperthetis Participations, SA for €28 million.Mercialys SA (ENXTPA:MERY) acquired remaining 49% stake in Hyperthetis Participations, SA for €28 million on July 15, 2025. Mercialys was advised by Forvis Mazars on accounting matters and by Archers on legal aspects. Mercialys SA (ENXTPA:MERY) completed the acquisition of remaining 49% stake in Hyperthetis Participations, SA on July 15, 2025.お知らせ • Jun 10Mercialys SA (ENXTPA:MERY) acquired Saint-Genis 2 shopping center in western Lyon for €146 million.Mercialys SA (ENXTPA:MERY) acquired Saint-Genis 2 shopping center in western Lyon for €146 million on June 10, 2025. Arsene Taxand, Accounting Arm as accountant, Screeb Notaires as legal advisor and Haldis as technical due diligence advisor for Mercialys SA. Morgan Stanley and BNP Paribas as financial advisor for sellers. Mercialys SA (ENXTPA:MERY) completed the acquisition of Saint-Genis 2 shopping center in western Lyon on June 10, 2025.お知らせ • Apr 30Mercialys Appoints Arnaud Le Mintier as Independent DirectorMercialys in its general meeting held on April 29, 2025 approved the appointment of Mr. Arnaud Le Mintier as an independent director. With over 25 years' experience in real estate investment and asset management, with a particular focus on logistics and sustainable finance, Mr. Le Mintier brings expertise in urban planning, construction and project structuring. His arrival will further enhance the Board of Directors’ strategic discussions. The Board of Directors also decided to further strengthen the independence of its Committees. Compensation and Governance Committee and Mr. Arnaud Le Mintier to the Sustainable Investment Committee. The independence rate of the Audit, Risks and Sustainable Development Committee remains at 100%. The independence rate for the Nominations, Remunerations and Governance Committee as well as the Sustainable Investments Committee will now rise to 67%.お知らせ • Apr 29Mercialys SA (ENXTPA:MERY) acquired an additional 70% stake in Imocom Partners.Mercialys SA (ENXTPA:MERY) acquired an additional 70% stake in Imocom Partners in March 2025. This operation will have an accretive impact on the Company's results from 2025. Mercialys SA (ENXTPA:MERY) completed the acquisition of an additional 70% stake in Imocom Partners in March 2025.お知らせ • Feb 12Mercialys SA Proposes Dividend for the Year 2024, Payable on May 6, 2025Mercialys SA announced that Board of Directors will submit a proposal at the General Meeting to be held on April 29, 2025 for a dividend of Euro 1.00 per share, compared with a dividend of Euro 0.99 per share for 2023. The payout corresponds to 83% of 2024 NRE and offers a yield of 6.1% on the NDV of Euro 16.45 per share at end-2024 and 9.9% on the year’s closing price. The ex-dividend date is May 2, 2025, with the dividend to be paid on May 6, 2025.お知らせ • Feb 06Mercialys SA to Report Nine Months, 2025 Results on Oct 16, 2025Mercialys SA announced that they will report nine months, 2025 results on Oct 16, 2025お知らせ • Dec 18Mercialys SA (ENXTPA:MERY) commences an Equity Buyback Plan for 10% of its issued share capital, under the authorization approved on April 25, 2024.Mercialys SA (ENXTPA:MERY) commences share repurchases on December 9, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 25, 2024. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The purchase price of the shares shall not exceed €16 per share, with a par value of €1 each. The purpose of the program is to maintain liquidity and stimulate the market, to implement any savings plan or any other share-based compensation scheme, to deliver them upon the exercise of rights attached to securities giving access to the Company’s share capital, to keep them with a view to subsequently using them as payment or exchange in connection with, or following, any external growth transaction, to cancel all or part of them in order to optimize net earnings per share in connection with a share capital reduction. The repurchase authorization is valid for 18 months.お知らせ • Nov 27Mercialys SA to Report First Half, 2025 Results on Jul 24, 2025Mercialys SA announced that they will report first half, 2025 results on Jul 24, 2025Reported Earnings • Jul 28First half 2024 earnings released: FFO per share: €0.6 (vs €0.62 in 1H 2023)First half 2024 results: FFO per share: €0.6 (up from €0.62 in 1H 2023). Revenue: €91.6m (up 3.9% from 1H 2023). Funds from operations (FFO): €59.3m (up 3.3% from 1H 2023). FFO margin: 65% (in line with 1H 2023). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.7% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.お知らせ • May 15Mercialys SA to Report Fiscal Year 2024 Results on Feb 12, 2025Mercialys SA announced that they will report fiscal year 2024 results After-Market on Feb 12, 2025お知らせ • May 05Mercialys SA to Report Nine Months, 2024 Results on Oct 24, 2024Mercialys SA announced that they will report nine months, 2024 results on Oct 24, 2024お知らせ • May 01Mercialys SA, Annual General Meeting, Apr 29, 2025Mercialys SA, Annual General Meeting, Apr 29, 2025, at 10:00 Central European Standard Time.Upcoming Dividend • Apr 22Upcoming dividend of €0.99 per shareEligible shareholders must have bought the stock before 29 April 2024. Payment date: 02 May 2024. Trailing yield: 9.1%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (5.4%).Declared Dividend • Feb 19Dividend increased to €0.99Dividend of €0.99 is 3.1% higher than last year. Ex-date: 29th April 2024 Payment date: 2nd May 2024 Dividend yield will be 9.5%, which is higher than the industry average of 5.6%.New Risk • Feb 16New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results.Reported Earnings • Feb 16Full year 2023 earnings released: EPS: €0.57 (vs €0.46 in FY 2022)Full year 2023 results: EPS: €0.57 (up from €0.46 in FY 2022). Revenue: €178.0m (up 2.7% from FY 2022). Net income: €53.4m (up 24% from FY 2022). Profit margin: 30% (up from 25% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.8% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.Buy Or Sell Opportunity • Feb 16Now 21% undervaluedOver the last 90 days, the stock has risen 18% to €9.83. The fair value is estimated to be €12.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 17% per annum over the same time period.お知らせ • Feb 15Mercialys SA Proposes Dividend for the Year 2023, Payable on May 2, 2024Mercialys SA announced that board of directors will submit a proposal at the General Meeting on April 25, 2024 for a dividend of EUR 0.99 per share for the year 2023 compared with a dividend of EUR 0.96 per share for 2022. The payout corresponds to 85% of 2023 net recurrent earnings and offers a yield of 5.8% on the NDV of Euro 17.10 per share at end-2023 and 9.9% on the year’s closing price. The ex-dividend date is April 29, 2024, with the dividend to be paid on May 2, 2024.お知らせ • Jan 11Mercialys SA to Report First Half, 2024 Results on Jul 24, 2024Mercialys SA announced that they will report first half, 2024 results on Jul 24, 2024Buying Opportunity • Dec 18Now 21% undervaluedOver the last 90 days, the stock is up 6.9%. The fair value is estimated to be €11.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 25%. Revenue is forecast to grow by 5.1% in 2 years. Earnings is forecast to grow by 24% in the next 2 years.お知らせ • Sep 14Mercialys (ENXTPA:MERY) signed an agreement to acquire 30% stake in Imocom Partners for €7 million.Mercialys (ENXTPA:MERY) signed an agreement to acquire 30% stake in Imocom Partners for €7 million on September 12, 2023. he remaining 70% will be acquired by Mercialys during the first half of 2025 following an interim period during which the current management team will accompany and support the company’s development. Lacourte Raquin Tatar acted as legal advisor to Mercialys (ENXTPA:MERY). Mazars Group, Investment Banking Arm acted as financial advisor to Mercialys (ENXTPA:MERY). Rothschild & Co SCA (ENXTPA:ROTH) acted as financial advisor to Imocom Partners. Bryan Cave Leighton Paisner LLP acted as legal advisor to Imocom Partners. Impulsa Capital acted as legal advisor to Imocom Partners.Buying Opportunity • Jul 28Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 12%. The fair value is estimated to be €9.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 25%. Revenue is forecast to grow by 5.7% in 2 years. Earnings is forecast to decline by 3.2% in the next 2 years.Reported Earnings • Jul 28First half 2023 earnings released: FFO per share: €0.6 (vs €0.61 in 1H 2022)First half 2023 results: FFO per share: €0.6. Revenue: €88.2m (up 2.0% from 1H 2022). Funds from operations (FFO): €57.5m (flat on 1H 2022). FFO margin: 65% (down from 67% in 1H 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.3% decline forecast for the Retail REITs industry in Europe.お知らせ • May 11+ 1 more updateMercialys, Annual General Meeting, Apr 25, 2024Mercialys, Annual General Meeting, Apr 25, 2024, at 10:00 Central European Standard Time.Buying Opportunity • May 03Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 20%. The fair value is estimated to be €10.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings is also forecast to grow by 11% per annum over the same time period.Upcoming Dividend • Apr 25Upcoming dividend of €0.96 per share at 11% yieldEligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Trailing yield: 11%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (6.8%).お知らせ • Feb 15+ 1 more updateMercialys (ENXTPA:MERY) acquired the remaining 70% stake in SCI Rennes Anglet from L'Immobilière Groupe Casino SAS for €4.9 million.Mercialys (ENXTPA:MERY) acquired the remaining 70% stake in SCI Rennes Anglet from L'Immobilière Groupe Casino SAS for €4.9 million in September 2022.Mercialys (ENXTPA:MERY) completed the acquisition of the remaining 70% stake in SCI Rennes Anglet from L'Immobilière Groupe Casino SAS in September 2022.Reported Earnings • Feb 15Full year 2022 earnings released: EPS: €0.46 (vs €0.67 in FY 2021)Full year 2022 results: EPS: €0.46 (down from €0.67 in FY 2021). Revenue: €173.3m (flat on FY 2021). Net income: €43.1m (down 31% from FY 2021). Profit margin: 25% (down from 36% in FY 2021). Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.お知らせ • Dec 20A private investor acquired Two Shopping Centers in Marseille from Mercialys (ENXTPA:MERY) for €10.1 million.A private investor acquired Two Shopping Centers in Marseille from Mercialys (ENXTPA:MERY) for €10.1 million on December 19, 2022. €10.1 million is for Two Shopping Centers including transfer taxes, in line with their June 30, 2022 appraisal values. These two local retail sites, representing a combined area of 2,700 sq.m, include a total of 25 stores and are anchored with food stores operated by the Casino group under the Casino Supermarché and Hyper Casino banners. These food stores were not owned by Mercialys and are not part of the scope for this transaction. Mercialys was supported by the notary’s office LBMB. Chapter One Capital and ROPCO also acted as advisors on the transaction. A private investor completed the acquisition o f Two Shopping Centers in Marseille from Mercialys (ENXTPA:MERY) on December 19, 2022.お知らせ • Oct 27Mercialys Announces Executive ChangesMercialys announced that the ’Board of Directors decided, on October 20, 2022, to co-opt Mr. Jean-Louis Constanza as an independent director. He has been appointed to replace the company Generali Vie, represented by Mr. Sébastien Pezet, which had indicated on July 1, 2022 that it was resigning from its position as a director of the Company. The ratification of this co-opting will be submitted for approval at the General Meeting to be held on April 27, 2023. The appointment of Mr. Jean-Louis Constanza will enable the Board of Directors to benefit from his strong entrepreneurial expertise, as well as a strategic vision concerning technological, human and societal stakes for Mercialys’ future developments. Mr. Jean-Louis Constanza has a DEA in Marketing and Strategy from Université Paris Dauphine-PSL and an MBA from INSEAD, and graduated from Ecole Nationale Supérieure et de l’Espace (ENSAE-SUPAERO) after studying at Stanford and UCLA. After starting out in the aerospace sector, and moving into consulting in the internet and telecoms sector with Arthur D. Little (1991-1998), he joined Tele2 in 1998 and developed Tele2 France then Tele2 Southern Europe. Tele2 became one of Europe’s leading alternative telecommunications operators with over 15 million customers. Building on this entrepreneurial success, Mr. Jean-Louis Constanza was involved in setting up Envie de Fraises (2006), one of the first full web fashion brands, and in the same year he founded Ten (mobile internet), which was acquired by Orange. From 2007 to 2013, he was CEO of Orange Vallée, then became Chief Innovation Officer at Critéo. In 2012, he co-founded Wandercraft, a leader for robotic exoskeletons for people with disabilities, where he is Chief Business Officer in charge of products, marketing, clinical activities, investor relations and international development. He is also a member of the company’s Board of Directors, and was previously a director of Direct Energie, Ingenico and Visa Europe in London.お知らせ • Sep 27+ 1 more updateMercialys to Report Q2, 2023 Results on Jul 26, 2023Mercialys announced that they will report Q2, 2023 results on Jul 26, 2023Reported Earnings • Jul 28First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €31.4m from profit in 1H 2021). Profit margin: (down from 37% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to stay flat compared to a 2.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Board Change • Jul 16Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. CEO & Director Vincent Ravat was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.お知らせ • Jun 16Mercialys, Annual General Meeting, Apr 27, 2023Mercialys, Annual General Meeting, Apr 27, 2023. Agenda: To consider executive changes.お知らせ • May 03Cristal Rente managed by Inter-Gestion acquired Two Géant Casino Hypermarkets from Mercialys (ENXTPA:MERY).Cristal Rente managed by Inter-Gestion acquired Two Géant Casino Hypermarkets from Mercialys (ENXTPA:MERY) on May 2, 2022. On this operation, Mercialys was supported by the notary’s office LBMB, while Inter Gestion REIM on behalf of SCPI CRISTAL RENTE, was supported by the notaries DDA. Jones Lang Lasalle and Arthur Loyd were also advisors on this transaction. Cristal Rente managed by Inter-Gestion completed the acquisition of Two Géant Casino Hypermarkets from Mercialys (ENXTPA:MERY) on May 2, 2022.Board Change • Apr 27Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Head of Western Europe Region at Generali Real Estate & Representative of Generali Vie Sébastien Pezet was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.お知らせ • Apr 27Mercialys Announces Resignation of Michel Savart as DirectorMr. Michel Savart, a non-independent director, informed Mercialys that he was resigning from his position as a director.Reported Earnings • Mar 19Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: FFO: €172.2m per share (up from €1.04 in FY 2020). Revenue: €172.2m (down 1.8% from FY 2020). Funds from operations (FFO): €101.8m (up 6.5% from FY 2020). FFO margin: 59% (up from 55% in FY 2020). Revenue was in line with analyst estimates. Over the next year,revenue is forecast to stay flat, in line with the revenue forecast for the reits industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings.Reported Earnings • Feb 15Full year 2021 earnings: EPS in line with expectations, revenues disappointFull year 2021 results: EPS: €0.67 (down from €0.94 in FY 2020). Revenue: €172.2m (down 1.8% from FY 2020). Net income: €62.2m (down 28% from FY 2020). Profit margin: 36% (down from 49% in FY 2020). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 5.3% while thereits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings.お知らせ • Feb 15Mercialys Proposes Dividend for the Year 2021 At the General Meeting on April 28, 2022, Payable on May 5, 2022Mercialy announced that the Board of Directors will submit a proposal at the General Meeting on April 28, 2022 for a dividend of Euro 0.92 per share, compared with a limited dividend of Euro 0.43 per share for 2020. The payout corresponds to 85% of 2021 FFO and offers a yield of 5.2% on the NDV of Euro 17.60 per share at end-2021 and 10.7% on the year’s closing price. The ex-dividend date is May 3, 2022, and the dividend will be paid on May 5, 2022.お知らせ • Jan 11An unknown buyer acquired Marseille Canebière Monoprix store and the Carré Duparc retail park from Mercialys (ENXTPA:MERY) for €96.6 million.An unknown buyer acquired Marseille Canebière Monoprix store and the Carré Duparc retail park from Mercialys (ENXTPA:MERY) for €96.6 million during the fourth quarter of 2021. An unknown buyer completed the acquisition of Marseille Canebière Monoprix store and the Carré Duparc retail park from Mercialys (ENXTPA:MERY) during the fourth quarter of 2021.Board Change • Aug 01Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Head of Western Europe Region at Generali Real Estate & Representative of Generali Vie Sébastien Pezet was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Reported Earnings • Jul 30First half 2021 earnings released: FFO €0.61 per share (vs €0.69 in 1H 2020)The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: €84.7m (down 8.0% from 1H 2020). Funds from operations (FFO): €55.7m (down 12% from 1H 2020). FFO margin: 66% (down from 69% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.Upcoming Dividend • Apr 24Upcoming dividend of €0.43 per shareEligible shareholders must have bought the stock before 29 April 2021. Payment date: 21 May 2021. Trailing yield: 4.2%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.5%).Valuation Update With 7 Day Price Move • Mar 01Investor sentiment improved over the past weekAfter last week's 18% share price gain to €9.22, the stock is trading at a trailing P/E ratio of 9.6x, up from the previous P/E ratio of 8.1x. This compares to an average P/E of 12x in the REITs industry in Germany. Total return to shareholders over the past three years is a loss of 26%.Reported Earnings • Feb 18Full year 2020 earnings released: FFO €1.04 per share (vs €1.35 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €175.4m (down 8.6% from FY 2019). Funds from operations (FFO): €95.5m (down 23% from FY 2019). FFO margin: 55% (down from 65% in FY 2019). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings.Analyst Estimate Surprise Post Earnings • Feb 18Revenue beats expectationsRevenue exceeded analyst estimates by 0.4%. Over the next year, revenue is forecast to stay flat compared to a 60% growth forecast for the REITs industry in Germany.Is New 90 Day High Low • Feb 12New 90-day high: €7.71The company is up 42% from its price of €5.44 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.83 per share.お知らせ • Dec 24+ 1 more updateMercialys (ENXTPA:MERY) acquired remaining 60.1% stake in Montauban and Valence 2 Shopping Centers in France from SCI AMR.Mercialys (ENXTPA:MERY) acquired remaining 60.1% stake in Montauban and Valence 2 Shopping Centers in France from SCI AMR on December 23, 2020. Mercialys (ENXTPA:MERY) completed the acquisition of remaining 60.1% stake in Montauban and Valence 2 Shopping Centers in France from SCI AMR on December 23, 2020.お知らせ • Dec 23An unknown buyer acquired Asnières Monoprix site from Mercialys (ENXTPA:MERY) for €30.8 million.An unknown buyer acquired Asnières Monoprix site from Mercialys (ENXTPA:MERY) for €30.8 million on December 21, 2020. The transaction was financed by BRED. The buyer was advised by PICTURE Asset Management, the notary’s office Allez & Associés, Archers for real estate aspects and Cazals Manzo Pichot regarding the tax structure. The law firms EDGE and FRIEH supported the buyer with regard to corporate aspects. The transaction was brokered by Ropco. LBMB acted as legal officer to Mercialys. An unknown buyer completed the acquisition of Asnières Monoprix site from Mercialys (ENXTPA:MERY) on December 21, 2020.お知らせ • Nov 05Mercialys Suspends Guidance for Full Year 2020Mercialys Suspends guidance for full year 2020. For the period, the company is suspending its full-year guidance for 2020, with the revised version published on July 27, 2020.Is New 90 Day High Low • Oct 29New 90-day low: €4.14The company is down 37% from its price of €6.61 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.14 per share.Is New 90 Day High Low • Sep 19New 90-day low: €5.37The company is down 32% from its price of €7.84 on 19 June 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.38 per share.株主還元M8YDE Retail REITsDE 市場7D-0.3%1.2%1.6%1Y8.0%9.6%2.2%株主還元を見る業界別リターン: M8Y過去 1 年間で9.6 % の収益を上げたGerman Retail REITs業界を下回りました。リターン対市場: M8Y過去 1 年間で2.2 % の収益を上げたGerman市場を上回りました。価格変動Is M8Y's price volatile compared to industry and market?M8Y volatilityM8Y Average Weekly Movement4.1%Retail REITs Industry Average Movement3.1%Market Average Movement6.0%10% most volatile stocks in DE Market13.2%10% least volatile stocks in DE Market2.7%安定した株価: M8Y 、 German市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。時間の経過による変動: M8Yの 週次ボラティリティ ( 4% ) は過去 1 年間安定しています。会社概要設立従業員CEO（最高経営責任者ウェブサイト1999180Vincent Ravatwww.mercialys.comメルシャリスはフランス有数の不動産会社である。自社および第三者のために、消費者動向を先取りした小売スペースの保有、管理、転換を専門としている。2023年12月31日現在、Mercialysの不動産ポートフォリオは29億ユーロ（譲渡税を含む）。2,038件のリースポートフォリオは、年換算で1億7,550万ユーロの賃貸料に相当する。メルカリスは2005年10月12日より株式市場に上場しており（ティッカー：MERY）、「SIIC」不動産投資信託（REIT）の税務上の地位を有している。SBF120およびユーロネクスト・パリ・コンパートメントBに属し、2023年12月31日現在の発行済み株式数は93,886,501株。もっと見るMercialys SA 基礎のまとめMercialys の収益と売上を時価総額と比較するとどうか。M8Y 基礎統計学時価総額€1.10b収益（TTM）€33.96m売上高(TTM)€180.59m32.4xPER（株価収益率6.1xP/SレシオM8Y は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計M8Y 損益計算書（TTM）収益€180.59m売上原価€10.09m売上総利益€170.50mその他の費用€136.53m収益€33.96m直近の収益報告Dec 31, 2025次回決算日Jul 28, 2026一株当たり利益（EPS）0.36グロス・マージン94.41%純利益率18.81%有利子負債／自己資本比率239.2%M8Y の長期的なパフォーマンスは？過去の実績と比較を見る配当金8.5%現在の配当利回り80%配当性向View Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/27 13:35終値2026/05/27 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Mercialys SA 6 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。11 アナリスト機関Kai KloseBerenbergValerie Jacob GueziBernsteinValerie Jacob GueziBNP Paribas8 その他のアナリストを表示
Board Change • May 20Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Arnaud Le Mintier was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
お知らせ • May 19Mercialys SA to Report Fiscal Year 2026 Results on Feb 11, 2027Mercialys SA announced that they will report fiscal year 2026 results at 6:00 PM, Central European Standard Time on Feb 11, 2027
お知らせ • May 18Mercialys SA to Report Q3, 2026 Results on Oct 15, 2026Mercialys SA announced that they will report Q3, 2026 results After-Market on Oct 15, 2026
お知らせ • Apr 09Mercialys SA (ENXTPA:MERY) acquired 8,200 sqm retail park in Toulouse for €18 million.Mercialys SA (ENXTPA:MERY) acquired 8,200 sqm retail park in Toulouse for €18 million on April 8, 2026. The €18 million acquisition price (including transfer tax) delivers an immediate yield significantly above Mercialys’ portfolio average appraisal yield. The acquired asset, comprising the buildings and associated parking areas, totals more than 8,200 sqm of GLA and includes six mid-sized retail units. The transaction is an immediately accretive strategic acquisition. Arsène-Cabinet d'Avocats acted as legal advisor for Mercialys SA. HALDIS acted as technical due diligence provider for Mercialys SA. PASCUAL advised the Seller in the transaction. Mercialys SA (ENXTPA:MERY) completed the acquisition of 8,200 sqm retail park in Toulouse on April 8, 2026.
お知らせ • Mar 18Mercialys SA, Annual General Meeting, Apr 23, 2026Mercialys SA, Annual General Meeting, Apr 23, 2026. Location: 16 18 rue du quatre septembre, paris France
お知らせ • Feb 19Mercialys SA announces Annual dividend, payable on May 06, 2026Mercialys SA announced Annual dividend of EUR 1.0000 per share payable on May 06, 2026, ex-date on May 04, 2026 and record date on May 05, 2026.
Board Change • May 20Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Arnaud Le Mintier was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
お知らせ • May 19Mercialys SA to Report Fiscal Year 2026 Results on Feb 11, 2027Mercialys SA announced that they will report fiscal year 2026 results at 6:00 PM, Central European Standard Time on Feb 11, 2027
お知らせ • May 18Mercialys SA to Report Q3, 2026 Results on Oct 15, 2026Mercialys SA announced that they will report Q3, 2026 results After-Market on Oct 15, 2026
お知らせ • Apr 09Mercialys SA (ENXTPA:MERY) acquired 8,200 sqm retail park in Toulouse for €18 million.Mercialys SA (ENXTPA:MERY) acquired 8,200 sqm retail park in Toulouse for €18 million on April 8, 2026. The €18 million acquisition price (including transfer tax) delivers an immediate yield significantly above Mercialys’ portfolio average appraisal yield. The acquired asset, comprising the buildings and associated parking areas, totals more than 8,200 sqm of GLA and includes six mid-sized retail units. The transaction is an immediately accretive strategic acquisition. Arsène-Cabinet d'Avocats acted as legal advisor for Mercialys SA. HALDIS acted as technical due diligence provider for Mercialys SA. PASCUAL advised the Seller in the transaction. Mercialys SA (ENXTPA:MERY) completed the acquisition of 8,200 sqm retail park in Toulouse on April 8, 2026.
お知らせ • Mar 18Mercialys SA, Annual General Meeting, Apr 23, 2026Mercialys SA, Annual General Meeting, Apr 23, 2026. Location: 16 18 rue du quatre septembre, paris France
お知らせ • Feb 19Mercialys SA announces Annual dividend, payable on May 06, 2026Mercialys SA announced Annual dividend of EUR 1.0000 per share payable on May 06, 2026, ex-date on May 04, 2026 and record date on May 05, 2026.
お知らせ • Dec 12Mercialys Announces Departure of Élisabeth Cunin as Director, Effective December 31, 2025Mercialys announced that due to an increase in her professional commitments, Ms Élisabeth Cunin, a Company director since 2012, informed Mercialys’ Board of Directors that she wished to stand down from her position, which the Board acknowledged. Her resignation will take effect on December 31, 2025. Ms Élisabeth Cunin chaired the Appointments and Compensation Committee from 2017 to 2021, then the Strategy and Transformation Committee from 2021 to 2024. Throughout her years in office, Ms Élisabeth Cunin has played a significant role in further strengthening the Company's governance, developing its strategy and supporting its growth. Her in-depth knowledge of the retail sector and her vision of the factors behind its development have been valuable assets for the Company.
お知らせ • Oct 16+ 1 more updateMercialys SA Reaffirms Financial Guidance for the Full-Year 2025Mercialys SA reaffirmed financial guidance for the full-year 2025. Business at end-September enables Mercialys to confirm its full-year targets for net recurrent earnings (NRE) per share of EUR 1.24 to EUR 1.27 (target revised upward in July vs. previous range of EUR 1.22 to EUR 1.25).
お知らせ • Sep 18Mercialys SA to Report First Half, 2026 Results on Jul 28, 2026Mercialys SA announced that they will report first half, 2026 results on Jul 28, 2026
お知らせ • Sep 17Mercialys SA to Report Fiscal Year 2025 Results on Feb 17, 2026Mercialys SA announced that they will report fiscal year 2025 results After-Market on Feb 17, 2026
お知らせ • Jul 24Mercialys Confirms Dividend Guidance for the Full Year of 2025Mercialys confirmed target for a dividend of at least EUR 1.00 per share for the full year of 2025.
お知らせ • Jul 16Mercialys SA (ENXTPA:MERY) acquired remaining 49% stake in Hyperthetis Participations, SA for €28 million.Mercialys SA (ENXTPA:MERY) acquired remaining 49% stake in Hyperthetis Participations, SA for €28 million on July 15, 2025. Mercialys was advised by Forvis Mazars on accounting matters and by Archers on legal aspects. Mercialys SA (ENXTPA:MERY) completed the acquisition of remaining 49% stake in Hyperthetis Participations, SA on July 15, 2025.
お知らせ • Jun 10Mercialys SA (ENXTPA:MERY) acquired Saint-Genis 2 shopping center in western Lyon for €146 million.Mercialys SA (ENXTPA:MERY) acquired Saint-Genis 2 shopping center in western Lyon for €146 million on June 10, 2025. Arsene Taxand, Accounting Arm as accountant, Screeb Notaires as legal advisor and Haldis as technical due diligence advisor for Mercialys SA. Morgan Stanley and BNP Paribas as financial advisor for sellers. Mercialys SA (ENXTPA:MERY) completed the acquisition of Saint-Genis 2 shopping center in western Lyon on June 10, 2025.
お知らせ • Apr 30Mercialys Appoints Arnaud Le Mintier as Independent DirectorMercialys in its general meeting held on April 29, 2025 approved the appointment of Mr. Arnaud Le Mintier as an independent director. With over 25 years' experience in real estate investment and asset management, with a particular focus on logistics and sustainable finance, Mr. Le Mintier brings expertise in urban planning, construction and project structuring. His arrival will further enhance the Board of Directors’ strategic discussions. The Board of Directors also decided to further strengthen the independence of its Committees. Compensation and Governance Committee and Mr. Arnaud Le Mintier to the Sustainable Investment Committee. The independence rate of the Audit, Risks and Sustainable Development Committee remains at 100%. The independence rate for the Nominations, Remunerations and Governance Committee as well as the Sustainable Investments Committee will now rise to 67%.
お知らせ • Apr 29Mercialys SA (ENXTPA:MERY) acquired an additional 70% stake in Imocom Partners.Mercialys SA (ENXTPA:MERY) acquired an additional 70% stake in Imocom Partners in March 2025. This operation will have an accretive impact on the Company's results from 2025. Mercialys SA (ENXTPA:MERY) completed the acquisition of an additional 70% stake in Imocom Partners in March 2025.
お知らせ • Feb 12Mercialys SA Proposes Dividend for the Year 2024, Payable on May 6, 2025Mercialys SA announced that Board of Directors will submit a proposal at the General Meeting to be held on April 29, 2025 for a dividend of Euro 1.00 per share, compared with a dividend of Euro 0.99 per share for 2023. The payout corresponds to 83% of 2024 NRE and offers a yield of 6.1% on the NDV of Euro 16.45 per share at end-2024 and 9.9% on the year’s closing price. The ex-dividend date is May 2, 2025, with the dividend to be paid on May 6, 2025.
お知らせ • Feb 06Mercialys SA to Report Nine Months, 2025 Results on Oct 16, 2025Mercialys SA announced that they will report nine months, 2025 results on Oct 16, 2025
お知らせ • Dec 18Mercialys SA (ENXTPA:MERY) commences an Equity Buyback Plan for 10% of its issued share capital, under the authorization approved on April 25, 2024.Mercialys SA (ENXTPA:MERY) commences share repurchases on December 9, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 25, 2024. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The purchase price of the shares shall not exceed €16 per share, with a par value of €1 each. The purpose of the program is to maintain liquidity and stimulate the market, to implement any savings plan or any other share-based compensation scheme, to deliver them upon the exercise of rights attached to securities giving access to the Company’s share capital, to keep them with a view to subsequently using them as payment or exchange in connection with, or following, any external growth transaction, to cancel all or part of them in order to optimize net earnings per share in connection with a share capital reduction. The repurchase authorization is valid for 18 months.
お知らせ • Nov 27Mercialys SA to Report First Half, 2025 Results on Jul 24, 2025Mercialys SA announced that they will report first half, 2025 results on Jul 24, 2025
Reported Earnings • Jul 28First half 2024 earnings released: FFO per share: €0.6 (vs €0.62 in 1H 2023)First half 2024 results: FFO per share: €0.6 (up from €0.62 in 1H 2023). Revenue: €91.6m (up 3.9% from 1H 2023). Funds from operations (FFO): €59.3m (up 3.3% from 1H 2023). FFO margin: 65% (in line with 1H 2023). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.7% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.
お知らせ • May 15Mercialys SA to Report Fiscal Year 2024 Results on Feb 12, 2025Mercialys SA announced that they will report fiscal year 2024 results After-Market on Feb 12, 2025
お知らせ • May 05Mercialys SA to Report Nine Months, 2024 Results on Oct 24, 2024Mercialys SA announced that they will report nine months, 2024 results on Oct 24, 2024
お知らせ • May 01Mercialys SA, Annual General Meeting, Apr 29, 2025Mercialys SA, Annual General Meeting, Apr 29, 2025, at 10:00 Central European Standard Time.
Upcoming Dividend • Apr 22Upcoming dividend of €0.99 per shareEligible shareholders must have bought the stock before 29 April 2024. Payment date: 02 May 2024. Trailing yield: 9.1%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (5.4%).
Declared Dividend • Feb 19Dividend increased to €0.99Dividend of €0.99 is 3.1% higher than last year. Ex-date: 29th April 2024 Payment date: 2nd May 2024 Dividend yield will be 9.5%, which is higher than the industry average of 5.6%.
New Risk • Feb 16New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results.
Reported Earnings • Feb 16Full year 2023 earnings released: EPS: €0.57 (vs €0.46 in FY 2022)Full year 2023 results: EPS: €0.57 (up from €0.46 in FY 2022). Revenue: €178.0m (up 2.7% from FY 2022). Net income: €53.4m (up 24% from FY 2022). Profit margin: 30% (up from 25% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.8% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.
Buy Or Sell Opportunity • Feb 16Now 21% undervaluedOver the last 90 days, the stock has risen 18% to €9.83. The fair value is estimated to be €12.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 17% per annum over the same time period.
お知らせ • Feb 15Mercialys SA Proposes Dividend for the Year 2023, Payable on May 2, 2024Mercialys SA announced that board of directors will submit a proposal at the General Meeting on April 25, 2024 for a dividend of EUR 0.99 per share for the year 2023 compared with a dividend of EUR 0.96 per share for 2022. The payout corresponds to 85% of 2023 net recurrent earnings and offers a yield of 5.8% on the NDV of Euro 17.10 per share at end-2023 and 9.9% on the year’s closing price. The ex-dividend date is April 29, 2024, with the dividend to be paid on May 2, 2024.
お知らせ • Jan 11Mercialys SA to Report First Half, 2024 Results on Jul 24, 2024Mercialys SA announced that they will report first half, 2024 results on Jul 24, 2024
Buying Opportunity • Dec 18Now 21% undervaluedOver the last 90 days, the stock is up 6.9%. The fair value is estimated to be €11.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 25%. Revenue is forecast to grow by 5.1% in 2 years. Earnings is forecast to grow by 24% in the next 2 years.
お知らせ • Sep 14Mercialys (ENXTPA:MERY) signed an agreement to acquire 30% stake in Imocom Partners for €7 million.Mercialys (ENXTPA:MERY) signed an agreement to acquire 30% stake in Imocom Partners for €7 million on September 12, 2023. he remaining 70% will be acquired by Mercialys during the first half of 2025 following an interim period during which the current management team will accompany and support the company’s development. Lacourte Raquin Tatar acted as legal advisor to Mercialys (ENXTPA:MERY). Mazars Group, Investment Banking Arm acted as financial advisor to Mercialys (ENXTPA:MERY). Rothschild & Co SCA (ENXTPA:ROTH) acted as financial advisor to Imocom Partners. Bryan Cave Leighton Paisner LLP acted as legal advisor to Imocom Partners. Impulsa Capital acted as legal advisor to Imocom Partners.
Buying Opportunity • Jul 28Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 12%. The fair value is estimated to be €9.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 25%. Revenue is forecast to grow by 5.7% in 2 years. Earnings is forecast to decline by 3.2% in the next 2 years.
Reported Earnings • Jul 28First half 2023 earnings released: FFO per share: €0.6 (vs €0.61 in 1H 2022)First half 2023 results: FFO per share: €0.6. Revenue: €88.2m (up 2.0% from 1H 2022). Funds from operations (FFO): €57.5m (flat on 1H 2022). FFO margin: 65% (down from 67% in 1H 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.3% decline forecast for the Retail REITs industry in Europe.
お知らせ • May 11+ 1 more updateMercialys, Annual General Meeting, Apr 25, 2024Mercialys, Annual General Meeting, Apr 25, 2024, at 10:00 Central European Standard Time.
Buying Opportunity • May 03Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 20%. The fair value is estimated to be €10.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings is also forecast to grow by 11% per annum over the same time period.
Upcoming Dividend • Apr 25Upcoming dividend of €0.96 per share at 11% yieldEligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Trailing yield: 11%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (6.8%).
お知らせ • Feb 15+ 1 more updateMercialys (ENXTPA:MERY) acquired the remaining 70% stake in SCI Rennes Anglet from L'Immobilière Groupe Casino SAS for €4.9 million.Mercialys (ENXTPA:MERY) acquired the remaining 70% stake in SCI Rennes Anglet from L'Immobilière Groupe Casino SAS for €4.9 million in September 2022.Mercialys (ENXTPA:MERY) completed the acquisition of the remaining 70% stake in SCI Rennes Anglet from L'Immobilière Groupe Casino SAS in September 2022.
Reported Earnings • Feb 15Full year 2022 earnings released: EPS: €0.46 (vs €0.67 in FY 2021)Full year 2022 results: EPS: €0.46 (down from €0.67 in FY 2021). Revenue: €173.3m (flat on FY 2021). Net income: €43.1m (down 31% from FY 2021). Profit margin: 25% (down from 36% in FY 2021). Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.
お知らせ • Dec 20A private investor acquired Two Shopping Centers in Marseille from Mercialys (ENXTPA:MERY) for €10.1 million.A private investor acquired Two Shopping Centers in Marseille from Mercialys (ENXTPA:MERY) for €10.1 million on December 19, 2022. €10.1 million is for Two Shopping Centers including transfer taxes, in line with their June 30, 2022 appraisal values. These two local retail sites, representing a combined area of 2,700 sq.m, include a total of 25 stores and are anchored with food stores operated by the Casino group under the Casino Supermarché and Hyper Casino banners. These food stores were not owned by Mercialys and are not part of the scope for this transaction. Mercialys was supported by the notary’s office LBMB. Chapter One Capital and ROPCO also acted as advisors on the transaction. A private investor completed the acquisition o f Two Shopping Centers in Marseille from Mercialys (ENXTPA:MERY) on December 19, 2022.
お知らせ • Oct 27Mercialys Announces Executive ChangesMercialys announced that the ’Board of Directors decided, on October 20, 2022, to co-opt Mr. Jean-Louis Constanza as an independent director. He has been appointed to replace the company Generali Vie, represented by Mr. Sébastien Pezet, which had indicated on July 1, 2022 that it was resigning from its position as a director of the Company. The ratification of this co-opting will be submitted for approval at the General Meeting to be held on April 27, 2023. The appointment of Mr. Jean-Louis Constanza will enable the Board of Directors to benefit from his strong entrepreneurial expertise, as well as a strategic vision concerning technological, human and societal stakes for Mercialys’ future developments. Mr. Jean-Louis Constanza has a DEA in Marketing and Strategy from Université Paris Dauphine-PSL and an MBA from INSEAD, and graduated from Ecole Nationale Supérieure et de l’Espace (ENSAE-SUPAERO) after studying at Stanford and UCLA. After starting out in the aerospace sector, and moving into consulting in the internet and telecoms sector with Arthur D. Little (1991-1998), he joined Tele2 in 1998 and developed Tele2 France then Tele2 Southern Europe. Tele2 became one of Europe’s leading alternative telecommunications operators with over 15 million customers. Building on this entrepreneurial success, Mr. Jean-Louis Constanza was involved in setting up Envie de Fraises (2006), one of the first full web fashion brands, and in the same year he founded Ten (mobile internet), which was acquired by Orange. From 2007 to 2013, he was CEO of Orange Vallée, then became Chief Innovation Officer at Critéo. In 2012, he co-founded Wandercraft, a leader for robotic exoskeletons for people with disabilities, where he is Chief Business Officer in charge of products, marketing, clinical activities, investor relations and international development. He is also a member of the company’s Board of Directors, and was previously a director of Direct Energie, Ingenico and Visa Europe in London.
お知らせ • Sep 27+ 1 more updateMercialys to Report Q2, 2023 Results on Jul 26, 2023Mercialys announced that they will report Q2, 2023 results on Jul 26, 2023
Reported Earnings • Jul 28First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €31.4m from profit in 1H 2021). Profit margin: (down from 37% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to stay flat compared to a 2.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Board Change • Jul 16Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. CEO & Director Vincent Ravat was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
お知らせ • Jun 16Mercialys, Annual General Meeting, Apr 27, 2023Mercialys, Annual General Meeting, Apr 27, 2023. Agenda: To consider executive changes.
お知らせ • May 03Cristal Rente managed by Inter-Gestion acquired Two Géant Casino Hypermarkets from Mercialys (ENXTPA:MERY).Cristal Rente managed by Inter-Gestion acquired Two Géant Casino Hypermarkets from Mercialys (ENXTPA:MERY) on May 2, 2022. On this operation, Mercialys was supported by the notary’s office LBMB, while Inter Gestion REIM on behalf of SCPI CRISTAL RENTE, was supported by the notaries DDA. Jones Lang Lasalle and Arthur Loyd were also advisors on this transaction. Cristal Rente managed by Inter-Gestion completed the acquisition of Two Géant Casino Hypermarkets from Mercialys (ENXTPA:MERY) on May 2, 2022.
Board Change • Apr 27Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Head of Western Europe Region at Generali Real Estate & Representative of Generali Vie Sébastien Pezet was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
お知らせ • Apr 27Mercialys Announces Resignation of Michel Savart as DirectorMr. Michel Savart, a non-independent director, informed Mercialys that he was resigning from his position as a director.
Reported Earnings • Mar 19Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: FFO: €172.2m per share (up from €1.04 in FY 2020). Revenue: €172.2m (down 1.8% from FY 2020). Funds from operations (FFO): €101.8m (up 6.5% from FY 2020). FFO margin: 59% (up from 55% in FY 2020). Revenue was in line with analyst estimates. Over the next year,revenue is forecast to stay flat, in line with the revenue forecast for the reits industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings.
Reported Earnings • Feb 15Full year 2021 earnings: EPS in line with expectations, revenues disappointFull year 2021 results: EPS: €0.67 (down from €0.94 in FY 2020). Revenue: €172.2m (down 1.8% from FY 2020). Net income: €62.2m (down 28% from FY 2020). Profit margin: 36% (down from 49% in FY 2020). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 5.3% while thereits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings.
お知らせ • Feb 15Mercialys Proposes Dividend for the Year 2021 At the General Meeting on April 28, 2022, Payable on May 5, 2022Mercialy announced that the Board of Directors will submit a proposal at the General Meeting on April 28, 2022 for a dividend of Euro 0.92 per share, compared with a limited dividend of Euro 0.43 per share for 2020. The payout corresponds to 85% of 2021 FFO and offers a yield of 5.2% on the NDV of Euro 17.60 per share at end-2021 and 10.7% on the year’s closing price. The ex-dividend date is May 3, 2022, and the dividend will be paid on May 5, 2022.
お知らせ • Jan 11An unknown buyer acquired Marseille Canebière Monoprix store and the Carré Duparc retail park from Mercialys (ENXTPA:MERY) for €96.6 million.An unknown buyer acquired Marseille Canebière Monoprix store and the Carré Duparc retail park from Mercialys (ENXTPA:MERY) for €96.6 million during the fourth quarter of 2021. An unknown buyer completed the acquisition of Marseille Canebière Monoprix store and the Carré Duparc retail park from Mercialys (ENXTPA:MERY) during the fourth quarter of 2021.
Board Change • Aug 01Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Head of Western Europe Region at Generali Real Estate & Representative of Generali Vie Sébastien Pezet was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Reported Earnings • Jul 30First half 2021 earnings released: FFO €0.61 per share (vs €0.69 in 1H 2020)The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: €84.7m (down 8.0% from 1H 2020). Funds from operations (FFO): €55.7m (down 12% from 1H 2020). FFO margin: 66% (down from 69% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Apr 24Upcoming dividend of €0.43 per shareEligible shareholders must have bought the stock before 29 April 2021. Payment date: 21 May 2021. Trailing yield: 4.2%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.5%).
Valuation Update With 7 Day Price Move • Mar 01Investor sentiment improved over the past weekAfter last week's 18% share price gain to €9.22, the stock is trading at a trailing P/E ratio of 9.6x, up from the previous P/E ratio of 8.1x. This compares to an average P/E of 12x in the REITs industry in Germany. Total return to shareholders over the past three years is a loss of 26%.
Reported Earnings • Feb 18Full year 2020 earnings released: FFO €1.04 per share (vs €1.35 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €175.4m (down 8.6% from FY 2019). Funds from operations (FFO): €95.5m (down 23% from FY 2019). FFO margin: 55% (down from 65% in FY 2019). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings.
Analyst Estimate Surprise Post Earnings • Feb 18Revenue beats expectationsRevenue exceeded analyst estimates by 0.4%. Over the next year, revenue is forecast to stay flat compared to a 60% growth forecast for the REITs industry in Germany.
Is New 90 Day High Low • Feb 12New 90-day high: €7.71The company is up 42% from its price of €5.44 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.83 per share.
お知らせ • Dec 24+ 1 more updateMercialys (ENXTPA:MERY) acquired remaining 60.1% stake in Montauban and Valence 2 Shopping Centers in France from SCI AMR.Mercialys (ENXTPA:MERY) acquired remaining 60.1% stake in Montauban and Valence 2 Shopping Centers in France from SCI AMR on December 23, 2020. Mercialys (ENXTPA:MERY) completed the acquisition of remaining 60.1% stake in Montauban and Valence 2 Shopping Centers in France from SCI AMR on December 23, 2020.
お知らせ • Dec 23An unknown buyer acquired Asnières Monoprix site from Mercialys (ENXTPA:MERY) for €30.8 million.An unknown buyer acquired Asnières Monoprix site from Mercialys (ENXTPA:MERY) for €30.8 million on December 21, 2020. The transaction was financed by BRED. The buyer was advised by PICTURE Asset Management, the notary’s office Allez & Associés, Archers for real estate aspects and Cazals Manzo Pichot regarding the tax structure. The law firms EDGE and FRIEH supported the buyer with regard to corporate aspects. The transaction was brokered by Ropco. LBMB acted as legal officer to Mercialys. An unknown buyer completed the acquisition of Asnières Monoprix site from Mercialys (ENXTPA:MERY) on December 21, 2020.
お知らせ • Nov 05Mercialys Suspends Guidance for Full Year 2020Mercialys Suspends guidance for full year 2020. For the period, the company is suspending its full-year guidance for 2020, with the revised version published on July 27, 2020.
Is New 90 Day High Low • Oct 29New 90-day low: €4.14The company is down 37% from its price of €6.61 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.14 per share.
Is New 90 Day High Low • Sep 19New 90-day low: €5.37The company is down 32% from its price of €7.84 on 19 June 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.38 per share.
