Report
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...
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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