Buy Or Sell Opportunity • Aug 20
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €37.96. The fair value is estimated to be €48.76, 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 50%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 444% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €40.10, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 22x in the Electrical industry in Germany. Total returns to shareholders of 7.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €48.36 per share. Reported Earnings • Aug 04
First half 2026 earnings released: EPS: €1.27 (vs €1.21 in 1H 2025) First half 2026 results: EPS: €1.27 (up from €1.21 in 1H 2025). Revenue: €611.5m (flat on 1H 2025). Net income: €30.8m (up 5.1% from 1H 2025). Profit margin: 5.0% (up from 4.8% in 1H 2025). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Jul 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (48% net debt to equity). Dividend is not well covered by earnings (155% payout ratio). Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Buy Or Sell Opportunity • Jul 17
Now 21% undervalued Over the last 90 days, the stock has risen 35% to €36.14. The fair value is estimated to be €46.00, 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 31%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 40% per annum over the same time period. Upcoming Dividend • Jun 30
Upcoming dividend of €0.90 per share Eligible shareholders must have bought the stock before 07 July 2026. Payment date: 09 July 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €41.26, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 29x in the Electrical industry in Germany. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €48.93 per share. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Florence Lambert was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 16
Terra Innovatum Global N.V. and Mersen Achieve Graphite Prototype Manufacturing and Validation Milestone to Support First Deployment of Solo Micro-Reactor Terra Innovatum Global N.V. and Mersen announced the successful production of a graphite reactor core prototype marking an important step in manufacturing readiness for its FOAK reactor deployment. The milestone highlights the companies’ collaboration in advancing next-generation nuclear technologies. It demonstrates also Terra Innovatum’s progress in converting supply chain preparation into manufacturing execution as it advances toward FOAK deployment and NOAK commercialization. The milestone builds on Terra Innovatum’s previously announced agreement with Mersen securing nuclear-grade graphite and procurement of critical materials required for SOLO FOAK deployment targeted for 2027 and NOAK commercialization beginning in 2028. Leveraging Mersen’s expertise in nuclear-grade materials, the companies successfully produced a graphite prototype (i.e. an engineering prototype) to support SOLO FOAK development. The graphite engineering prototype has been successfully manufactured to required tolerances, validating reactor system integration and readiness for scalable, serialized production. The development of this graphite engineering prototype represents a meaningful technical milestone in the realization of the SOLO reactor core. These components are designed to host critical systems and core elements that influence thermal performance, and overall system reliability. This work also establishes the procedures and quality standards required for repeatable manufacturing and scalable deployment. SOLO will offer a wide range of versatile applications, providing CO2-free, behind-the-meter, and off-grid power solutions for data centers, mini-grids serving remote towns and villages, and large-scale industrial operations in hard-to-abate sectors like cement production, oil and gas, steel manufacturing, and mining. It also has the ability to supply heat for industrial applications and other specialized processes, including water treatment, desalination and co-generation. Thanks to its modular design, SOLO can easily scale to deliver up to 1GW or more of CO2-free power with a minimal footprint, making it an ideal solution for rapidly replacing fossil fuel-based thermal plants. Beyond electricity and heat generation, SOLO can also contribute to critical applications in the medical sector by producing radioisotopes essential for oncology research and cancer treatment. Aankondiging • Apr 07
Mersen S.A., Annual General Meeting, May 12, 2026 Mersen S.A., Annual General Meeting, May 12, 2026. Location: 112 avenue kleber, paris France Aankondiging • Mar 20
Mersen S.A. announces Annual dividend, payable on July 09, 2026 Mersen S.A. announced Annual dividend of EUR 0.9000 per share payable on July 09, 2026, ex-date on July 07, 2026 and record date on July 08, 2026. Aankondiging • Apr 08
Mersen S.A. announces Annual dividend, payable on July 09, 2025 Mersen S.A. announced Annual dividend of EUR 0.9000 per share payable on July 09, 2025, ex-date on July 07, 2025 and record date on July 08, 2025. Aankondiging • Mar 14
Mersen S.A., Annual General Meeting, May 16, 2025 Mersen S.A., Annual General Meeting, May 16, 2025. Aankondiging • Oct 23
Mersen S.A. to Report Fiscal Year 2024 Results on Jan 29, 2025 Mersen S.A. announced that they will report fiscal year 2024 results After-Market on Jan 29, 2025 Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €23.85, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Electrical industry in Germany. Total loss to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.41 per share. Reported Earnings • Jul 31
First half 2024 earnings released First half 2024 results: Revenue: €624.0m (up 2.7% from 1H 2023). Net income: €38.9m (down 11% from 1H 2023). Profit margin: 6.2% (down from 7.2% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Electrical industry in Germany. Declared Dividend • Mar 31
Dividend of €1.25 announced Shareholders will receive a dividend of €1.25. Ex-date: 2nd July 2024 Payment date: 4th July 2024 Dividend yield will be 3.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 14
Full year 2023 earnings released Full year 2023 results: Revenue: €1.21b (up 8.6% from FY 2022). Net income: €81.6m (up 21% from FY 2022). Profit margin: 6.7% (up from 6.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Electrical industry in Germany. Aankondiging • Feb 06
Mersen S.A., Annual General Meeting, May 16, 2024 Mersen S.A., Annual General Meeting, May 16, 2024, at 10:00 Central European Standard Time. Location: Trinity Tower Auditorium 1 Place de la Défense, 92400 Courbevoie, France Courbevoie France Board Change • Dec 02
Insufficient new directors There 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. 1 highly experienced director. Representative Director Emmanuel Blot 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. Aankondiging • Nov 09
Mersen S.A. to Report First Half, 2024 Results on Jul 30, 2024 Mersen S.A. announced that they will report first half, 2024 results on Jul 30, 2024 Aankondiging • Sep 08
Mersen S.A. to Report Fiscal Year 2023 Results on Mar 13, 2024 Mersen S.A. announced that they will report fiscal year 2023 results Pre-Market on Mar 13, 2024 Reported Earnings • Jul 31
First half 2023 earnings released: EPS: €1.96 (vs €1.62 in 1H 2022) First half 2023 results: EPS: €1.96 (up from €1.62 in 1H 2022). Revenue: €607.7m (up 16% from 1H 2022). Net income: €43.9m (up 25% from 1H 2022). Profit margin: 7.2% (up from 6.7% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 14x cash flows per share). Shareholders have been diluted in the past year (17% increase in shares outstanding). Upcoming Dividend • Jun 27
Upcoming dividend of €1.25 per share at 3.2% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 06 July 2023. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.1%). Reported Earnings • Mar 17
Full year 2022 earnings released Full year 2022 results: Revenue: €1.11b (up 21% from FY 2021). Net income: €67.7m (up 24% from FY 2021). Profit margin: 6.1% (up from 5.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Electrical industry in Germany. Board Change • Nov 16
Insufficient new directors There 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 Luc Themelin 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 30
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €25.5m from profit in 1H 2021). Profit margin: (down from 5.7% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 6.0%, compared to a 16% growth forecast for the industry in Germany. Upcoming Dividend • Jun 28
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 07 July 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.1%). Board Change • Jun 02
Insufficient new directors There 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 Luc Themelin 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 • Mar 17
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €922.8m (up 8.9% from FY 2020). Net income: €54.4m (up €66.4m from FY 2020). Profit margin: 5.9% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.1%, compared to a 16% growth forecast for the industry in Germany. Reported Earnings • Aug 02
First half 2021 earnings released: EPS €1.23 (vs €0.79 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €450.9m (up 4.9% from 1H 2020). Net income: €25.5m (up 56% from 1H 2020). Profit margin: 5.7% (up from 3.8% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 29
Upcoming dividend of €0.65 per share Eligible shareholders must have bought the stock before 06 July 2021. Payment date: 08 July 2021. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (3.1%). Higher than average of industry peers (1.5%). Reported Earnings • Mar 13
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €847.2m (down 11% from FY 2019). Net loss: €12.0m (down 121% from profit in FY 2019). Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations Revenue exceeded analyst estimates by 0.9%. Over the next year, revenue is forecast to grow 4.6%, compared to a 15% growth forecast for the Electrical industry in Germany. Is New 90 Day High Low • Feb 24
New 90-day high: €29.40 The company is up 15% from its price of €25.50 on 25 November 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.29 per share. Aankondiging • Feb 17
Mersen SA (ENXTPA:MRN) acquired 50% stake in Fusetech Elektrotechnikai Alkatresz Gyarto Es Kereskedelmi Korlatolt Felelossegu Tarsasag from Hager Uk Limited for approximately €4 million. Mersen SA (ENXTPA:MRN) acquired 50% stake in Fusetech Elektrotechnikai Alkatresz Gyarto Es Kereskedelmi Korlatolt Felelossegu Tarsasag from Hager Uk Limited for approximately €4 million on February 15, 2021. The consideration is of approximately €4 million, excluding any future earn-out payments. Post completion, Mersen SA gains full control of Fusetech.
Mersen SA (ENXTPA:MRN) completed the acquisition of 50% stake in Fusetech Elektrotechnikai Alkatresz Gyarto Es Kereskedelmi Korlatolt Felelossegu Tarsasag from Hager Uk Limited on February 15, 2021. Is New 90 Day High Low • Feb 06
New 90-day high: €26.55 The company is up 13% from its price of €23.55 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 43% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.41 per share. Is New 90 Day High Low • Jan 11
New 90-day high: €26.20 The company is up 1.0% from its price of €25.90 on 13 October 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.80 per share. Is New 90 Day High Low • Nov 01
New 90-day low: €20.85 The company is down 8.0% from its price of €22.55 on 03 August 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.44 per share. Valuation Update With 7 Day Price Move • Oct 31
Market pulls back on stock over the past week After last week's 17% share price decline to €20.85, the stock is trading at a trailing P/E ratio of 11.3x, down from the previous P/E ratio of 13.5x. This compares to an average P/E of 29x in the Electrical industry in Germany. Total return to shareholders over the past three years is a loss of 44%. Aankondiging • Jul 30
Mersen S.A. (ENXTPA:MRN) completed the acquisition of Gab Neumann GmbH from a family. Mersen S.A. (ENXTPA:MRN) signed a binding agreement to acquire Gab Neumann GmbH from a family on November 28, 2019. Post the acquisition, GAB Neumann's existing management and its entire team in Maulburg, Germany will continue to run and expand its business. GAB Neumann will become Mersen Group's competence center for the annular-groove technology and silicon carbide heat exchangers. Gab Neumann becomes part of the Advanced Materials segment of the Mersen Group. The transaction is subject to the approval of the German anti-trust authorities and expected to be finalized in early 2020. Heiko Wiechers, Andreas Lohbeck, Kai-Guido Schic, Carsten Domke, Rolf Hempel, Martin Mohr and Kai-Oliver Giesa of CMS Hasche Sigle PG v. RA u. STB mbH acted as legal advisors for Mersen.
Mersen S.A. (ENXTPA:MRN) completed the acquisition of Gab Neumann GmbH from a family on February 28, 2020. 
