Report
Jean-François Granjon

Mersen : Better H1 but persistently limited visibility

>Interim earnings ahead of our expectations - Mersen reported results ahead of our expectations. Interim sales showed a sharp decline of 11.1%, or 13.4% organic. While Q1 had already been largely affected by its exposure to China (-8.9% organically), Q2 posted an 18% organic drop, largely impacted by the health crisis in Europe and North America. Underlying operating profit came in at € 34.7m (€ 20.9m estimated) vs € 53.6m, down 35%, i.e. a decline of 300bp in the und...
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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