Mercialys is one of France’s leading real estate companies, focused exclusively on shopping centers and high-street retail assets.
Price History & Performance
|Historical stock prices|
|Current Share Price||€9.46|
|52 Week High||€3.89|
|52 Week Low||€11.07|
|1 Month Change||-0.37%|
|3 Month Change||-12.25%|
|1 Year Change||124.38%|
|3 Year Change||-26.21%|
|5 Year Change||-49.61%|
|Change since IPO||-55.27%|
Recent News & Updates
|MERY||FR REITs||FR Market|
Return vs Industry: MERY exceeded the French REITs industry which returned 35% over the past year.
Return vs Market: MERY exceeded the French Market which returned 35.2% over the past year.
Stable Share Price: MERY is not significantly more volatile than the rest of French stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: MERY's weekly volatility (4%) has been stable over the past year.
About the Company
Mercialys is one of France’s leading real estate companies, focused exclusively on shopping centers and high-street retail assets. At June 30, 2020, Mercialys had a portfolio of 2,111 leases, representing a rental value of Euro 182.3 million on an annualized basis. At June 30, 2020, it owned properties with an estimated value of Euro 3.5 billion (including transfer taxes).
Mercialys Fundamentals Summary
|MERY fundamental statistics|
Is MERY overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|MERY income statement (TTM)|
|Cost of Revenue||€22.41m|
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
|Earnings per share (EPS)||0.90|
|Net Profit Margin||49.97%|
How did MERY perform over the long term?See historical performance and comparison
4.5%Current Dividend Yield
Is Mercialys undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MERY (€9.41) is trading below our estimate of fair value (€23)
Significantly Below Fair Value: MERY is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: MERY is good value based on its PE Ratio (10.5x) compared to the French REITs industry average (11.1x).
PE vs Market: MERY is good value based on its PE Ratio (10.5x) compared to the French market (19.5x).
Price to Earnings Growth Ratio
PEG Ratio: MERY is poor value based on its PEG Ratio (3.8x)
Price to Book Ratio
PB vs Industry: MERY is overvalued based on its PB Ratio (1.2x) compared to the FR REITs industry average (0.7x).
How is Mercialys forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MERY's forecast earnings growth (2.7% per year) is above the savings rate (0.3%).
Earnings vs Market: MERY's earnings (2.7% per year) are forecast to grow slower than the French market (12.3% per year).
High Growth Earnings: MERY's earnings are forecast to grow, but not significantly.
Revenue vs Market: MERY's revenue (3.2% per year) is forecast to grow slower than the French market (6.2% per year).
High Growth Revenue: MERY's revenue (3.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MERY's Return on Equity is forecast to be low in 3 years time (12.9%).
How has Mercialys performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MERY has a large one-off gain of €35.8M impacting its June 30 2021 financial results.
Growing Profit Margin: MERY's current net profit margins (50%) are higher than last year (45.4%).
Past Earnings Growth Analysis
Earnings Trend: MERY's earnings have declined by 4.3% per year over the past 5 years.
Accelerating Growth: MERY's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: MERY had negative earnings growth (-1.8%) over the past year, making it difficult to compare to the REITs industry average (3.1%).
Return on Equity
High ROE: MERY's Return on Equity (10.2%) is considered low.
How is Mercialys's financial position?
Financial Position Analysis
Short Term Liabilities: MERY's short term assets (€374.5M) exceed its short term liabilities (€244.4M).
Long Term Liabilities: MERY's short term assets (€374.5M) do not cover its long term liabilities (€1.4B).
Debt to Equity History and Analysis
Debt Level: MERY's debt to equity ratio (164.2%) is considered high.
Reducing Debt: MERY's debt to equity ratio has reduced from 165.8% to 164.2% over the past 5 years.
Debt Coverage: MERY's debt is not well covered by operating cash flow (9.6%).
Interest Coverage: MERY's interest payments on its debt are not well covered by EBIT (2.4x coverage).
What is Mercialys's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MERY's dividend (4.57%) is higher than the bottom 25% of dividend payers in the French market (1.32%).
High Dividend: MERY's dividend (4.57%) is in the top 25% of dividend payers in the French market (3.93%)
Stability and Growth of Payments
Stable Dividend: MERY's dividend payments have been volatile in the past 10 years.
Growing Dividend: MERY's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (25.4%), MERY's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MERY's dividends in 3 years are forecast to be covered by earnings (65.1% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Vincent Ravat (47 yo)
Mr. Vincent Ravat has been the Chief Executive Officer at Mercialys since February 13, 2019. He was Chief Operating Officer and MD of Mercialys until February 13, 2019. He joined Mercialys in January 2014...
CEO Compensation Analysis
Compensation vs Market: Vincent's total compensation ($USD1.26M) is above average for companies of similar size in the French market ($USD549.68K).
Compensation vs Earnings: Vincent's compensation has been consistent with company performance over the past year.
Experienced Management: MERY's management team is considered experienced (2.7 years average tenure).
Experienced Board: MERY's board of directors are considered experienced (4.8 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.4%.
Mercialys's employee growth, exchange listings and data sources
- Name: Mercialys
- Ticker: MERY
- Exchange: ENXTPA
- Founded: 1999
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: €880.634m
- Shares outstanding: 93.58m
- Website: https://www.mercialys.com
Number of Employees
- 16-18 rue du Quatre Septembre
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/10/26 17:54|
|End of Day Share Price||2021/10/26 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.