MRN Stock Analysis: Mersen | PA
Electrical Equipment & Parts | PA, France | Market Cap: 865m EUR | 12M Return: 65.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.03M
Warnings
Tailwinds
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Mersen S.A. is a French-headquartered industrial manufacturer that operates through two segments-Electrical Power and Advanced Materials-producing a broad portfolio that includes fuses, surge protection devices, capacitors, power distribution blocks, bus bars, graphite-based components, carbon brushes, slip rings, and corrosion-resistant materials. The company serves highly diversified end markets such as semiconductors, electric vehicles, battery energy storage, solar and wind energy, railways, aerospace, chemicals, and electrical power distribution, and also offers related services like on-site maintenance, power stack design optimization, and training. Founded in 1889 and rebranded from Groupe Carb/one Lorraine in 2010, Mersen is listed in Paris under the ticker MRN.
As a player in the Electrical Components & Equipment sub-industry, Mersen benefits from exposure to several long-duration growth themes, including the electrification of transport and the build-out of renewable energy infrastructure, both of which require advanced fuse technology, power conversion components, and high-purity graphite solutions for silicon production and battery applications.
- Semiconductor capex recovery boosts SiC and graphite demand
- EV and battery storage growth expands power electronics revenue
- Graphite cost inflation pressures advanced materials margins
| Net Income: 14.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 3.29 > 1.0 |
| NWC/Revenue: 15.10% < 20% (prev 13.11%; Δ 2.00% < -1%) |
| CFO/TA 0.10 > 3% & CFO 165.0m > Net Income 14.1m |
| Net Debt (497.5m) to EBITDA (194.1m): 2.56 < 3 |
| Current Ratio: 1.47 > 1.5 & < 3 |
| Outstanding Shares: last quarter (24.4m) vs 12m ago -2.26% < -2% |
| Gross Margin: 29.64% > 18% (prev 31.02%; Δ -1.38% > 0.5%) |
| Asset Turnover: 67.71% > 50% (prev 69.04%; Δ -1.33% > 0%) |
| Interest Coverage Ratio: 4.24 > 6 (EBIT TTM 112.8m / Interest Expense TTM 26.6m) |
| A: 0.11 (Total Current Assets 557.5m - Total Current Liabilities 378.3m) / Total Assets 1.70b |
| B: 0.01 (Retained Earnings 14.1m / Total Assets 1.70b) |
| C: 0.06 (EBIT TTM 112.8m / Avg Total Assets 1.75b) |
| D: 0.87 (Book Value of Equity 782.8m / Total Liabilities 896.0m) |
| Altman-Z'' = 2.07 = BBB |
| DSRI: 0.98 (Receivables 195.7m/210.1m, Revenue 1.19b/1.24b) |
| GMI: 1.05 (GM 31.02% / 29.64%) |
| AQI: 1.00 (AQ_t 0.22 / AQ_t-1 0.22) |
| SGI: 0.95 (Revenue 1.19b / 1.24b) |
| TATA: -0.09 (NI 14.1m - CFO 165.0m) / TA 1.70b) |
| Beneish M = -3.04 (Cap -4..+1) = AA |
As of July 29, 2026, the stock is trading at EUR 35.16 with a total of 41,251 shares traded. Over the past week, the price has changed by -1.29%, over one month by -4.28%, over three months by +26.26% and over the past year by +65.59%.
Current recommended Stop Loss: 33.30 (which is 5.3% or 1.2 ATR below the current price).
Mersen has no consensus analysts rating.
P/E Trailing = 62.4211
P/E Forward = 8.6806
P/S = 0.7297
P/B = 1.1047
P/EG = 4.7188
Revenue TTM = 1.19b EUR
EBIT TTM = 112.8m EUR
EBITDA TTM = 194.1m EUR
Long Term Debt = 389.6m EUR (from longTermDebt, last quarter)
Short Term Debt = 21.8m EUR (from shortTermDebt, last quarter)
Debt = 591.9m EUR (from shortLongTermDebtTotal, last quarter) + Leases 57.5m
Net Debt = 497.5m EUR (calculated: Debt 591.9m - CCE 94.4m)
Enterprise Value = 1.36b EUR (864.8m + Debt 591.9m - CCE 94.4m)
Interest Coverage Ratio = 4.24 (Ebit TTM 112.8m / Interest Expense TTM 26.6m)
EV/FCF = 29.42x (Enterprise Value 1.36b / FCF TTM 46.3m)
FCF Yield = 3.40% (FCF TTM 46.3m / Enterprise Value 1.36b)
FCF Margin = 3.90% (FCF TTM 46.3m / Revenue TTM 1.19b)
Net Margin = 1.19% (Net Income TTM 14.1m / Revenue TTM 1.19b)
Gross Margin = 29.64% ((Revenue TTM 1.19b - Cost of Revenue TTM 834.7m) / Revenue TTM)
Gross Margin QoQ = 29.46% (prev 29.82%)
Tobins Q-Ratio = 0.80 (Enterprise Value 1.36b / Total Assets 1.70b)
Interest Expense / Debt = 4.49% (Interest Expense 26.6m / Debt 591.9m)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 84.6m (EBIT 112.8m * (1 - 25.00%))
Current Ratio = 1.47 (Total Current Assets 557.5m / Total Current Liabilities 378.3m)
Debt / Equity = 0.76 (Debt 591.9m / totalStockholderEquity, last quarter 782.8m)
Debt / EBITDA = 2.56 (Net Debt 497.5m / EBITDA 194.1m)
Debt / FCF = 10.75 (Net Debt 497.5m / FCF TTM 46.3m)
Total Stockholder Equity = 809.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.80% (Net Income 14.1m / Total Assets 1.70b)
RoE = 1.74% (Net Income TTM 14.1m / Total Stockholder Equity 809.6m)
RoCE = 9.41% (EBIT 112.8m / Capital Employed (Equity 809.6m + L.T.Debt 389.6m))
RoIC = 6.57% (NOPAT 84.6m / Invested Capital 1.29b)
WACC = 6.31% (E(864.8m)/V(1.46b) * Re(8.33%) + D(591.9m)/V(1.46b) * Rd(4.49%) * (1-Tc(0.25)))
Discount Rate = 8.33% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 86.10 | Cagr: 4.65%
[DCF] Terminal Value 75.44% ; FCFF base≈46.3m ; Y1≈46.5m ; Y5≈49.2m
[DCF] Fair Price = 11.05 (EV 766.0m - Net Debt 497.5m = Equity 268.5m / Shares 24.3m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
Revenue Correlation: 3.13 | Revenue CAGR: 0.06% | SUE: -0.01 | # QB: 0
EPS current Year (2026-12-31): EPS=2.34 | Chg30d=+0.92% | Revisions=-17% | GrowthEPS=+4.5% | GrowthRev=+3.2%
EPS next Year (2027-12-31): EPS=3.03 | Chg30d=+2.95% | Revisions=+17% | GrowthEPS=+29.2% | GrowthRev=+7.0%
[Analyst] Revisions Ratio: +0% (up=3, down=3)