Report
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 ...
Underlying
Mersen SA

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Jean-François Granjon

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