Mercialys (MERY.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+176.2%

€26.24

vs €9.50 price

Levered DCF

€30.76

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	30.67×	17.43×	17.46×	21.24×	12.79×	7.68×	12.58×	13.6×
P/B	1.74×	1.5×	1.37×	1.26×	1.07×	0.95×	1.72×	1.62×
P/S	4.38×	4.27×	5.22×	5.16×	3.87×	3.77×	4.83×	5.86×
EV / EBITDA	18.04×	15.1×	13.57×	13.88×	12.92×	10.43×	13.85×	15.81×
Gross margin	45.7%	77.9%	96.0%	93.8%	77.9%	85.7%	76.6%	93.6%
Operating margin	33.3%	46.2%	48.2%	60.1%	50.4%	71.0%	53.4%	66.3%
Net margin	14.4%	24.3%	30.0%	24.4%	30.3%	48.9%	38.6%	43.2%
Current ratio	1.26×	3.07×	1.67×	1.46×	1.82×	1.28×	0.41×	0.61×
Debt / equity	2.94×	2.07×	1.77×	1.75×	1.88×	2.41×	2.29×	2.76×
Interest coverage	1.47×	2.69×	2.3×	1.75×	2.37×	0×	5.64×	2.69×
Dividend yield	9.0%	9.8%	9.6%	9.4%	2.8%	6.7%	8.8%	9.9%
Payout ratio	275.2%	172.3%	167.8%	199.6%	36.0%	51.2%	110.7%	133.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.7%	8.5%	7.9%	5.9%	8.4%	12.4%	13.7%	11.9%
Return on invested capital	3.1%	4.8%	4.1%	4.7%	4.3%	4.6%	5.0%	4.3%
Return on assets	1.4%	2.5%	2.5%	1.9%	2.6%	3.2%	3.7%	2.8%
Free cash flow yield	2.0%	17.1%	14.5%	16.2%	16.0%	11.1%	11.4%	7.9%
Earnings yield	3.3%	5.7%	5.7%	4.7%	7.8%	13.0%	8.0%	7.4%
Enterprise value	€2.4B	€2B	€2B	€2B	€1.9B	€1.9B	€2.6B	€2.6B
Net debt / EBITDA	10.09×	7.84×	7.29×	7.44×	7.61×	6.73×	7.75×	9.13×
Cash conversion cycle (days)	17	-31	-404	-14	411	45	-32	-259