Mersen S.A. (MRN.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

-121.9%

-€8.53

vs €38.92 price

Levered DCF

€19.62

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.31

Grey zone

Rating

B-

Overall 2 / 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	41.12×	8.48×	10×	11.52×	14.09×	-42.36×	12.35×	8.53×
P/B	0.68×	0.59×	1.03×	1.18×	1.27×	1×	1.29×	0.95×
P/S	0.45×	0.4×	0.67×	0.7×	0.83×	0.6×	0.75×	0.55×
EV / EBITDA	5.03×	5.15×	5.79×	6.52×	7.4×	6.34×	7.08×	5.82×
Gross margin	29.6%	31.0%	31.8%	31.2%	31.4%	29.7%	31.6%	32.5%
Operating margin	9.5%	8.6%	10.9%	9.9%	9.5%	2.0%	9.6%	10.0%
Net margin	1.2%	4.7%	6.7%	6.1%	5.9%	-1.4%	6.0%	6.4%
Current ratio	1.47×	1.38×	1.78×	1.68×	1.75×	1.72×	1.92×	1.22×
Debt / equity	0.68×	0.56×	0.42×	0.6×	0.55×	0.71×	0.6×	0.52×
Interest coverage	4.37×	4.93×	6.81×	10.2×	8.95×	1.58×	7.9×	8.52×
Dividend yield	4.1%	6.2%	3.7%	2.7%	1.8%	0.0%	3.1%	3.3%
Payout ratio	155.3%	52.4%	37.0%	30.6%	24.8%	-0.8%	38.6%	28.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.8%	6.9%	10.4%	10.2%	9.0%	-2.4%	10.4%	11.2%
Return on invested capital	3.5%	5.4%	8.1%	7.2%	6.3%	-2.9%	6.9%	7.6%
Return on assets	0.8%	3.3%	5.3%	4.7%	4.2%	-1.0%	4.8%	5.2%
Free cash flow yield	6.8%	-4.5%	-1.0%	1.1%	3.1%	13.5%	8.2%	7.5%
Earnings yield	2.7%	11.8%	10.0%	8.7%	7.1%	-2.3%	8.1%	11.7%
Enterprise value	€976.8M	€926.8M	€1.1B	€1.1B	€1B	€763.5M	€990.7M	€711.9M
Net debt / EBITDA	2.31×	2.37×	1.53×	1.96×	1.98×	2.1×	2.02×	1.87×
Cash conversion cycle (days)	141	158	159	157	157	144	151	152