Mersen - Solid Q1, but keep an eye on resurgent Sino-American tensions
The Group posted its highest Q1 sales ever, showing that momentum is not weakeningOrganic growth remained steady at close to +7% despite a particularly high basis effect (+18% in Q1 2023)2024 targets have been confirmed, but the return of trade tensions between China and the United States should be kept under reviewValuation still attractive on the grounds of our 2024 estimates, justifying our continued BUY opinionMersen 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.
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