Mersen produces materials and electrical components intended for alternative energies, chemicals and pharmaceuticals, rail transportation, electronics and process industries. Co. divides its operations into two segments: Advanced Materials and Technologies (AMT - Materials), and Electrical Components and Technologies (ECT - Electrical). In addition, Co. produces four types of products: Electrical Applications, Electrical Protection, High-Temperature Applications, and Anticorrosion Equipment. Co. also caters to the process industries, supporting their transition towards greater energy efficiency and boasts an efficient manufacturing base with plants employing the very latest technologies.
  • TickerMRN
  • ISINFR0000039620
  • ExchangeEuronext Paris
  • SectorElectronic & Electrical Equipment
  • CountryFrance

Analysts

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/11/2020

...

Jean-François Granjon

Mersen : 2019 results broadly in line but 2020 under pressure - Results revised down by 16% - Target price € 25 (vs € 37.5) - Neutral (vs Buy)

>Full-year results in line for underlying operating profit - Whilst full-year sales have already been reported (see our comments of 31 January 2020), the group reported full-year earnings that were in line with our forecasts and those of the consensus except for attributable net profit. Underlying operating profit came in at € 102.1m (€ 103.5m estimated and € 101m for the consensus) and € 100.6m before IFRS 16 vs € 91.6m y-o-y (+9.8%). The underlying operating margin ...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/03/2020

...

Jean-François Granjon

Mersen : Résultats 2019 globalement en ligne mais 2020 sous pression – Estimations abaissées de 16% - OC 25 € (vs 37.5 €) – Neutre (vs Achat)

>Résultats annuels en ligne pour le ROC - Alors que le CA annuel a déjà été publié (cf. notre commentaire du 31 janvier 2020), le groupe affiche des résultats en ligne avec nos attentes et celles du consensus à l’exception du RNpg. Le ROC ressort ainsi à 102,1 M€ (103,5 M€ estimé, 101 M€ pour le consensus) et à 100,6 M€ avant IFRS 16 vs 91,6 M€ YoY (+9,8%). La MopC s’inscrit à 10,8% et 10,6% avant IFRS 16 en hausse de 20 pb en ligne avec les guidances (10,5/10,7%). Le...

An unfavourable environment weighs on MERSEN (EX LCL), which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of MERSEN (EX LCL) (FR), active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title still shows 2 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date February 11, 2020, the closing price was EUR 30.00 and its target price was estimated at EUR 26.86.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global equities consolidating We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency). Weakness within EM raises concerns that global equities may also succumb to weakness... see charts below. • Global equities consolidating. We take a look at the big picture, providing overviews on broad MSCI indexes (ACWI, ACWI ex-U.S., and EAFE)... see page 2. ...

Matthieu DRIOL

Short term view - MERSEN (EX. CARBONE LORRAINE) : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €28.65. The next target is at €24.59, then €22.91. Passing €31.96 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - MERSEN (EX. CARBONE LORRAINE) : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 28,65 € prochainement. Le prochain objectif est à 24,59 €, puis 22,91 €. Le franchissement de 31,96 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - MERSEN (EX. CARBONE LORRAINE) : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €28.65. The next target is at €24.59, then €22.91. Passing €31.96 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - MERSEN (EX. CARBONE LORRAINE) : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 28,65 € prochainement. Le prochain objectif est à 24,59 €, puis 22,91 €. Le franchissement de 31,96 € remettrait en cause la suite de la baisse.

A director sold 7,650 shares at 40.000EUR and

A director at Mersen sold 7,650 shares at 40.000EUR and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members ...

Jean-François Granjon

Mersen : 2019 results broadly in line but 2020 under pressure - Results revised down by 16% - Target price € 25 (vs € 37.5) - Neutral (vs Buy)

>Full-year results in line for underlying operating profit - Whilst full-year sales have already been reported (see our comments of 31 January 2020), the group reported full-year earnings that were in line with our forecasts and those of the consensus except for attributable net profit. Underlying operating profit came in at € 102.1m (€ 103.5m estimated and € 101m for the consensus) and € 100.6m before IFRS 16 vs € 91.6m y-o-y (+9.8%). The underlying operating margin ...

Jean-François Granjon

Mersen : Résultats 2019 globalement en ligne mais 2020 sous pression – Estimations abaissées de 16% - OC 25 € (vs 37.5 €) – Neutre (vs Achat)

>Résultats annuels en ligne pour le ROC - Alors que le CA annuel a déjà été publié (cf. notre commentaire du 31 janvier 2020), le groupe affiche des résultats en ligne avec nos attentes et celles du consensus à l’exception du RNpg. Le ROC ressort ainsi à 102,1 M€ (103,5 M€ estimé, 101 M€ pour le consensus) et à 100,6 M€ avant IFRS 16 vs 91,6 M€ YoY (+9,8%). La MopC s’inscrit à 10,8% et 10,6% avant IFRS 16 en hausse de 20 pb en ligne avec les guidances (10,5/10,7%). Le...

Jean-François Granjon

Mersen : Confirmation of the group's full-year targets

>Full-year sales publication in line with our forecasts - Mersen has reported full-year sales of € 950.2m (vs € 878.5m), up 8.2% and 4.1% on an organic basis. Full-year sales are fully in line with our forecasts Note that organic growth of 4.1% is in line with organic growth guidance of between +4% and +5%. For Q4 alone, sales came in at € 232.2m (+3.1% and +1% on an organic basis). As expected, this reflects a deceleration in the pace of growth (likewise in Q3) and a...

Jean-François Granjon

Mersen : Confirmation des objectifs annuels de résultats

>Publication du CA annuel en ligne avec nos attentes - Mersen publie un CA annuel de 950.2 M€ (vs 878.5 M€) en hausse de 8.2% et 4.1% en organique. Ce CA est totalement en ligne avec nos estimations. Notons que la hausse organique de 4.1% est en ligne avec les guidances de croissance organique comprise entre +4% et +5%. Au titre du seul T4, le CA ressort à 232.2 M€ (+3.1% et +1% en organique). Comme attendu, il traduit une décélération de la croissance (id au T3) et s...

Jean-François Granjon

Mersen : An activity rich in M&A

>Acquisition of Advanced Graphite Materials Italy - Mersen has announced a new acquisition: Advanced Graphite Materials Italy SRL, a benchmark European player in the finishing of customised extruded graphite parts. The group is present in Italy, Germany and central Europe and was part of the Graftech group until 2017. With a headcount of 40, this company generates annual sales of € 17m.This acquisition makes sense and is in line with the acquisition of graphite a...

Fatma Agnès Hamdani ...
  • Nicolas David
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/31/2018

...

Fatma Agnès Hamdani ...
  • Nicolas David
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 31/05/2018

...

Mersen : Acquisition in the field of power electronics – Stock in our list of Top Picks for H1 2018

>Acquisition of FTCap - Mersen has announced the signing of a contract with a view to acquiring FTCap, a developer and producer of capacitors. Our takeaways from contact with the company are as follows:FTCap is based in Germany and Switzerland and specialises in producing capacitors with a variety of applications in industry. The product range is wide, from film capacitors to electrolytic capacitors. The company employs around 200 staff and generated in 2017 sale...

Mersen : Acquisition dans le domaine de l’électronique de puissance – Titre dans notre Top Pick List H1 2018

>Acquisition de la société FTCap - Mersen annonce la signature d’un contrat en vue de l’acquisition de FTCap, concepteur et fabricant de condensateurs. Après un contact avec la société, nous retiendrons les quelques éléments suivants :Basé en Allemagne et en Suisse, FTCap est spécialisé dans la fabrication de condensateurs avec de nombreuses applications dans l’industrie. La gamme de produits est large, allant des condensateurs à film aux condensateurs électrolyt...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/11/2020

...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/03/2020

...

Alfred Glaser ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 01/31/2020 Date Performance since listing Date Performance since listing

After a favourable winter season, we are expecting the summer season to be just as promising (despite the risks posed by oil and the coronavirus) with the positive capacity environment becoming ever-more manifest in the intra-European and transatlantic networks. This streamlined capacity coupled with resilient demand (UK) instils us with optimism about pricing, particularly for low-cost airlines and IAG. - Cf. report published today. - ...

Alfred Glaser ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 31/01/2020 Date Performance depuis l’entrée Date Performance depuis l’entrée

Après une saison hivernale solide, nous anticipons une saison estivale tout aussi prometteuse (en dépit des risques sur le pétrole et le coronavirus) caractérisée par une atonie de l’offre, toujours plus visible sur l’intra-européen et le transatlantique. Cette rationalisation de l’offre couplée à une bonne tenue la demande (Royaume-Uni) nous permet d’afficher plus d’optimisme sur le pricing chez les low-costs et chez IAG. - Cf. étude publiée hier soir. - ...

Charles Lepetitpas ...
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 12/04/2019

...

An unfavourable environment weighs on MERSEN (EX LCL), which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of MERSEN (EX LCL) (FR), active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title still shows 2 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date February 11, 2020, the closing price was EUR 30.00 and its target price was estimated at EUR 26.86.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Florian Béchaz

Mersen - Assemblée Générale des actionnaires du 17 Mai 2019

La précédente assemblée générale du 17 mai 2018 aura été marqué par une réelle prise de conscience par la société de la perfectibilité des rémunérations de ses dirigeants. Il est vrai que les résolutions relatives à l'approbation des éléments de rémunérations versés au Directeur Général pour l'exercice 2017 et à l'approbation de sa politique de rémunération pour l'exercice à suivre, ont connues un taux d'approbation particulièrement faible avec respectivement 72,54% et 65,03%. Ainsi, la communication de la rémunération du Président du Conseil d'Administration pour l'exercice écoulé (résolutio...

Proxy Report - 17/05/2018

L'exercice 2017 fût marqué par un changement dans la gouvernance de la société s'agissant du Président du Conseil : Olivier Legrain a succédé à Hervé Couffin dans l'exercice de ses fonctions. S'agissant de la rémunération des dirigeants, Proxinvest soutiendra la rémunération 2017 des dirigeants (Résolutions 6, 7 et 8), notamment en raison du caractère modéré des montants attribués et de la bonne communication de la société. Toutefois, Proxinvest s'opposera à la politique de rémunération pour 2018 (Résolutions 9 et 10) en raison du manque de transparence sur les montants attribuables (montant ...

SRI Quantitative KPIs

Les analyses Gaïa sont des analyses ESG (Environnement, Social, Gouvernance) dediees aux entreprises de tailles intermediaires (PME, ETI) françaises. Elles presentent 120 indicateurs quantitatifs sur les trois derniers exercices.

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