Company Valuation: Mersen

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 766.3 778 851.6 501.8 580.7 886.1 - -
Change - 1.52% 9.47% -41.08% 15.72% 52.61% - -
Enterprise Value (EV) 1 1,012 1,074 1,064 872.1 963.2 1,294 1,259 1,216
Change - 6.12% -0.91% -18.05% 10.44% 34.38% -2.71% -3.48%
P/E 14.3x 11.8x 10.3x 8.69x 41.8x 13.5x 10.9x 9.19x
PBR 1.28x 1.19x 1.08x 0.61x 0.74x 1.08x 1.01x 0.94x
PEG - 0.5x 1.57x -0.3x -0.6x 0x 0.5x 0.5x
Capitalization / Revenue 0.83x 0.7x 0.7x 0.4x 0.49x 0.72x 0.67x 0.62x
EV / Revenue 1.1x 0.96x 0.88x 0.7x 0.81x 1.05x 0.95x 0.84x
EV / EBITDA 6.8x 5.76x 5.25x 4.24x 5.06x 6.41x 5.51x 4.77x
EV / EBIT 10.9x 8.83x 7.75x 6.65x 8.83x 11.2x 9.25x 7.82x
EV / FCF 42x 129x 355x -84.7x 161x 39x 19.7x 15.7x
FCF Yield 2.38% 0.77% 0.28% -1.18% 0.62% 2.56% 5.09% 6.38%
Dividend per Share 2 1 1.25 1.25 0.9 0.9 0.94 1.144 1.364
Rate of return 2.71% 3.31% 3.55% 4.37% 3.77% 2.58% 3.14% 3.74%
EPS 2 2.58 3.21 3.42 2.37 0.57 2.705 3.339 3.968
Distribution rate 38.8% 38.9% 36.5% 38% 158% 34.7% 34.3% 34.4%
Net sales 1 922.8 1,115 1,211 1,244 1,186 1,236 1,329 1,440
EBITDA 1 148.8 186.4 202.7 205.5 190.4 201.8 228.5 254.7
EBIT 1 92.6 121.6 137.3 131.1 109.1 116 136.2 155.4
Net income 1 54.4 67.7 81.6 59 14.1 64.25 77.62 92.25
Net Debt 1 245.7 296 212.5 370.3 382.5 408.2 373.2 329.4
Reference price 2 36.90 37.75 35.20 20.60 23.85 36.46 36.46 36.46
Nbr of stocks (in thousands) 20,768 20,608 24,194 24,360 24,347 24,304 - -
Announcement Date 16/03/22 14/03/23 12/03/24 13/03/25 31/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.1x2.9x15.83x2.15% 23TCr
16.27x2.09x9.38x3.1% 24TCr
28.6x3.68x17.03x1.71% 18TCr
34.92x5.23x22.18x1.09% 15TCr
39.48x5.28x23.67x1.26% 13TCr
89.68x11.29x64.08x0.35% 9.46TCr
39.29x6.46x25.96x0.1% 9.14TCr
30.35x4.93x17.15x1.49% 8.27TCr
31.86x6.91x21.71x0.58% 5.36TCr
Average 37.17x 5.42x 24.11x 1.31% 13.9TCr
Weighted average by Cap. 33.02x 4.59x 21.12x 1.65%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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