Mersen : Extremely limited visibility - target price adjusted to € 20 vs € 21
>Q1 sales release in line - Following a trading update in early April, Mersen had communicated preliminary Q1 sales of € 225m, reflecting an organic drop of nearly 9%. The group confirmed this estimate with reported sales of € 225.2m. This organic decline reflects: i/ a high benchmark effect (+8.4%) more particularly for chemicals and electronics and ii/ the health crisis with an impact in China from February onwards, and in Europe from March.Sharp declin...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.
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.
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