Financials Mercialys

Equities

MERY

FR0010241638

Commercial REITs

Market Closed - Euronext Paris Other stock markets 11:37:08 2024-04-26 am EDT			5-day change	1st Jan Change
11.16 ^EUR	+1.00%		+2.48%	+12.22%

Apr. 19	MERCIALYS : Invest Securities remains Buy after the update	CF
Apr. 19	MERCIALYS : Indexation-driven top line. Exclusively.

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,131	660.4	800.5	910.4	926.6	1,041	-	-
Enterprise Value (EV) ¹	2,556	1,901	1,931	1,953	1,990	2,110	2,142	2,152
P/E ratio	-	7.68 x	9.12 x	21.2 x	17.4 x	13.3 x	12.8 x	12.7 x
Yield	9.33%	5.96%	10.7%	9.83%	9.95%	8.6%	8.78%	8.75%
Capitalization / Revenue	5.9 x	3.76 x	4.65 x	5.25 x	5.21 x	5.74 x	5.61 x	5.54 x
EV / Revenue	13.3 x	10.8 x	11.2 x	11.3 x	11.2 x	11.6 x	11.5 x	11.4 x
EV / EBITDA	15.7 x	14.5 x	13.3 x	13.5 x	13.3 x	13.9 x	13.6 x	13.4 x
EV / FCF	10.9 x	25.9 x	12.8 x	9.34 x	17.8 x	14.5 x	15.9 x	15.9 x
FCF Yield	9.16%	3.86%	7.79%	10.7%	5.61%	6.92%	6.3%	6.27%
Price to Book	0.6 x	0.38 x	0.47 x	0.53 x	0.61 x	0.68 x	0.68 x	0.66 x
Nbr of stocks (in thousands)	91,730	91,462	93,406	93,180	93,168	93,295	-	-
Reference price ²	12.33	7.220	8.570	9.770	9.945	11.16	11.16	11.16
Announcement Date	2/12/20	2/15/21	2/14/22	2/14/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	191.9	175.4	172.2	173.3	178	181.5	185.6	188
EBITDA ¹	163	131.2	144.7	144.2	149.4	152.1	157	160.2
EBIT ¹	125	124.5	103.5	106.2	85.82	125.5	130.3	132.5
Operating Margin	65.17%	70.96%	60.08%	61.3%	48.21%	69.15%	70.23%	70.51%
Earnings before Tax (EBT) ¹	100.2	99.86	69.65	50.14	45.5	98.15	99.55	98.2
Net income ¹	90.34	85.83	62.18	43.09	53.37	88.08	89.98	88.5
Net margin	47.09%	48.92%	36.1%	24.87%	29.98%	48.52%	48.48%	47.08%
EPS ²	-	0.9400	0.9400	0.4600	0.5700	0.8400	0.8700	0.8800
Free Cash Flow ¹	234	73.29	150.5	209.1	111.7	146	135	135
FCF margin	121.99%	41.78%	87.36%	120.69%	62.77%	80.43%	72.75%	71.82%
FCF Conversion (EBITDA)	143.58%	55.87%	103.99%	145%	74.79%	95.99%	85.97%	84.29%
FCF Conversion (Net income)	259.07%	85.39%	241.97%	485.28%	209.35%	165.77%	150.04%	152.54%
Dividend per Share ²	1.150	0.4300	0.9200	0.9600	0.9900	0.9600	0.9800	0.9767
Announcement Date	2/12/20	2/15/21	2/14/22	2/14/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2023 Q1	2023 S1	2024 Q1
Net sales ¹	96.37	92	83.44	84.66	87.57	43.23	43.63	88.16	45.54
EBITDA	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	52.85	-	-	-	-
Operating Margin	-	-	-	-	60.35%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	2/12/20	7/27/20	2/15/21	7/28/21	2/14/22	4/27/22	4/20/23	7/26/23	4/18/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,425	1,241	1,130	1,042	1,064	1,069	1,101	1,111
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.739 x	9.46 x	7.81 x	7.226 x	7.119 x	7.026 x	7.009 x	6.937 x
Free Cash Flow ¹	234	73.3	150	209	112	146	135	135
ROE (net income / shareholders' equity)	13.5%	14.1%	-	14.4%	15.5%	16.7%	17.4%	17.5%
ROA (Net income/ Total Assets)	-	3.69%	-	4.47%	4.91%	5.4%	5.5%	5.6%
Assets ¹	-	2,326	-	964.7	1,087	1,631	1,636	1,580
Book Value Per Share ²	20.50	19.10	18.40	18.40	16.30	16.40	16.50	16.90
Cash Flow per Share	1.690	1.470	-	-	-	-	-	-
Capex ¹	28	61.6	-	-	22.5	65	139	80
Capex / Sales	14.61%	35.11%	-	-	12.66%	35.81%	74.9%	42.56%
Announcement Date	2/12/20	2/15/21	2/14/22	2/14/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mercialys

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

11.16 EUR

Average target price

11.7 EUR

Spread / Average Target

+4.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
MERCIALYS	+12.22%	1.11B
REALTY INCOME CORPORATION	-6.46%	46.25B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-8.31%	20.33B
SEGRO PLC	-3.56%	13.07B
UNIBAIL-RODAMCO-WESTFIELD SE	+16.05%	11.53B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-4.85%	9.68B
FEDERAL REALTY INVESTMENT TRUST	-0.83%	8.48B
CAPITALAND ASCENDAS REIT	-14.19%	8.38B
KLÉPIERRE	+1.38%	7.63B
FIBRA UNO	-18.42%	5.53B

Other Commercial REITs