Mersen : « La route sera plus longue faute de batteries… »

Mersen : The road set to be longer due to batteries

ODDO BHF Small & MIDCAP MORNING NEWS – 12/11/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 11/12/2024

ODDO BHF Small & MIDCAP MORNING NEWS - 10/24/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 24/10/2024

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Mersen : Sharp slowdown prompts guidance downgrade

>Q3 sales 3% below our estimate - Mersen reported Q3 sales of € 308.8m (ODDO BHF estimate: € 319.6m) vs € 302.1m in Q3 2023, up 2.2% or 1.2% LFL. This was lower than we expected (+3%). For the first nine months of the year, organic growth thus came to 3.7% (of which 4.9% in H1) with sales of € 932.8m (ODDO BHF estimate: € 943.6m) vs € 909.8m in 9M 2023. Both divisions slowed (+1.6% in Q3 for Advanced Materials vs +7% in H1 and +0.6% for Electrical Power vs +2.3% in H...

Mersen : Un net ralentissement qui justifie une remise en cause des gu...

>Publication du CA T3 inférieure de 3% à nos attentes - Mersen publie un CA T3 de 308.8 M€ (319.6 M€ estimé) vs 302.1 M€ en hausse de 2.2% et de 1.2% en organique. Il s’agit d’une performance inférieure à nos attentes (+3%). Aussi, pour les 9 mois, la croissance organique ressort à 3.7% (dont 4.9% au S1) avec un CA de 932.8 M€ (943.6 M€ estimé) vs 909.8 M€. Le ralentissement concerne les 2 pôles (+1.6% au T3 pour Advanced Materials vs +7% au S1, et +0.6% pour Electr...

ODDO BHF Small & MIDCAP MORNING NEWS - 10/09/2024

A specialist in fluid treatment, Sulzer is a global player present in the energy, natural resources and industrial process markets. With two centuries’ experience, Sulzer offers a solid profile with structural mid-single growth and EBITDA margin improvement to 17% out to 2028 (vs 13.3% in 2023), thanks to the strategic plan based on a favourable product mix and industrial efficiency. Despite the stock’s strong performance, it is trading at a discount of 22% to its historical multiples...

ODDO BHF Small & MIDCAP MORNING NEWS - 09/10/2024

Spécialiste du traitement des fluides, Sulzer est un acteur mondial évoluant sur les marchés de l’énergie, des ressources naturelles et des process industriels. Fort de 2 siècles d’expérience, Sulzer offre un profil solide avec une croissance structurelle mid-single digit et une amélioration de la marge d’EBITDA à 17% d’ici 2028 (vs 13.3% en 2023), grâce à son plan stratégique reposant sur un mix-produits favorable et une efficience industrielle. Malgré la forte performance du titre,...

Mersen : A more cautious tone - target price adjusted to € 46 (vs € 50...

>Markets still buoyant over a long period - The messages delivered during the interim publications (see our comments of 30 and 31 July 2024) were a fairly good omen for validating the targets of the 2027 plan. As a reminder, the SiC activity posted interim revenue growth of more than 20% to € 50m. The same was true revenue at the EV business with € 13m. The other activities also performed well (chemicals, process industry, transport, etc.), justifying consolidated hal...

Mersen : Une tonalité plus prudente – OC ajusté à 46 € (vs 50 €)

>Des marchés toujours porteurs sur longue période - Les messages affichés lors des semestriels (cf. nos commentaires des 30 et 31 juillet 2024) étaient plutôt de bon augure permettant de valider les objectifs du plan 2027. Pour rappel, le CA semestriel du SiC affichait une croissance supérieure à 20% pour atteindre 50 M€. Il en était de même pour le CA EV à 13 M€. Les autres activités n’étaient pas en reste (Chimie, Industrie de procédés, Transport…) permettant de jus...

Mersen: 1 director

A director at Mersen bought 623 shares at 32.100EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...

ODDO BHF Small & MIDCAP MORNING NEWS - 07/31/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 31/07/2024

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Mersen : Guidance and 2027 roadmap confirmed

>Feedback from conference call - During the conference call, management confirmed its guidance for the current year as well as the 2027 roadmap. Moreover, it provided a reassuring message in a context that was occasionally less buoyant for the electric vehicle market and the semiconductor sector.Management returned to this quality half-year since it is a historically highest revenue, confirming good organic momentum (+4.9%) despite a one-off sequential slowdown (...

Mersen : Confirmation des guidances et de la feuille de route 2027

>CA record avec une dynamique des nouveaux marchés qui se confirme - Pendant la conf call, le management a confirmé ses guidances pour l’année en cours ainsi que la feuille de route 2027. Par ailleurs, il a apporté un message rassurant dans un contexte ponctuellement moins porteur pour le marché des véhicules électriques ainsi que pour le secteur des semi-conducteurs.Le management est revenu sur ce semestre de qualité puisqu’il s’agit d’un CA historiquement le pl...

ODDO BHF Small & MIDCAP MORNING NEWS - 07/30/2024

With regard to our list of recommended stocks, i) we are adding: adidas, Merck KGaA, Santander, Technip FMC, Unilever and Vivendi , ii) we are maintaining ASMi, Atlas Copco, AXA, Deutsche Boerse, GSK, Holcim, Inditex, Lonza, Sodexo, RELX and Rolls-Royce, iii) we are removing: BASF, Nemetschek, Nestlé and TUI AG. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 30/07/2024

Au sein de notre liste de valeurs recommandées, i) nous faisons entrer : adidas, Merck KGaA, Santander, Technip FMC, Unilever et Vivendi, ii) nous maintenons ASMi, Atlas Copco, Axa, Deutsche Boerse, GSK, Holicm, Inditex, Lonza, Sodexo, RELX et Rolls-Royce, iii) nous faisons sortir : BASF, Nemetschek, Nestlé, TUI AG. - ...

Mersen : Confirmation of full-year guidance

>Interim results in line with our expectations - Mersen has reported interim results fully in line with our forecasts. Sales came in at € 624.0m (€ 629.9m estimated) vs € 607.7m, up 2.7% and +4.9% on an organic basis (vs +6.8% in Q1 and +3.1% in Q2) . By division, we note the continuing positive performances with, for advanced materials (AM), an organic increase of +7% (+8.9% in Q1 and +5.2% in Q2) and for electrical power (EP) an organic increase of +2.3% (+4.2% in Q...