Mersen S.A.

MRN.PA · Industrials · Electrical Equipment & Parts · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

558.91M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

502.68M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

951.04M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

670.88M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

954.20M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.70×

the ratio the screener ranks by

Margin of Safety

-42.2%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 558.91M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)1.01B USD
−②Net Debt Today453.22M USD
+③Growth Value0 USD
=Value558.91M USD

EPV of the Operations (NOPAT over WACC)

1.01B USD

Net debt today

-453.22M USD

Growth Value

0 USD

Value

558.91M USD

①EPV (earnings power value)

1.01B USD

②Net Debt Today

453.22M USD

③Growth Value

0 USD

Market value

Market Cap954.20M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-70.7%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 502.68M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE318.62M USD
+②Equity at Year 15, Today184.06M USD
=Value502.68M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

318.62M USD

②Equity at Year 15, Today

184.06M USD

Market value

Market Cap954.20M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-89.8%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 951.04M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an FCFF at or below zero in the latest three years), so the value is the book value today, 951.04M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap954.20M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-0.3%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 9.70%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.58×Market Risk Premium 6.00%= 13.99%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 20.93M USDPretax Income 35.87M USD= 58.36%

The tax the interest saves.

Interest Expense =EBIT 61.50M USD−Pretax Income 35.87M USD= 25.63M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 25.63M USDTotal Debt 531.43M USD×(1 − Tax Rate for WACC 58.36%)= 2.01%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 531.43M USDMarket Cap + Total Debt 954.20M USD + 531.43M USD= 35.77%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 64.23%×Cost of Equity 13.99%+Debt Weight 35.77%×Cost of Debt 2.01%= 9.70%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 2.00B USD − Total Liabilities 1.05B USD = Book Value Today 951.04M USD

Total Debt 531.43M USD − Cash and Short-Term Investments 78.20M USD = Net Debt Today 453.22M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.5%at most 5%passes24,304,498 / 24,189,558
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets10.1%at least -10.0%passes(218.72M USD − 16.58M USD) ÷ 2.00B USD
Price to bookMarket Cap ÷ Book Value Today1.00×at most 3×passes954.20M USD ÷ 951.04M USD
Operating marginOperating Income ÷ Revenue9.2%above 10.0%does not pass128.29M USD ÷ 1.40B USD
Revenue growthRevenue ÷ Revenue a Year Before − 17.7%above 10.0%does not pass1.40B USD / 1.30B USD
Net cash(Cash − Total Debt) ÷ Market Cap-48.2%above -30%does not pass(71.34M USD − 531.43M USD) ÷ 954.20M USD
Operating efficiencyOperating Income ÷ Gross Profit31.0%above 25.0%passes128.29M USD ÷ 413.57M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

35.08 EUR

Enterprise value

1.34B EUR

the provider's own figure

EV / EBITDA

7.87×

Price / book

1.05×

the provider's book

Price / earnings

56.52×

Return on equity

1.8%

the provider's figure, not this page's

Profit margin

1.3%

Revenue growth

0.2%

Analyst target, mean

47.45 EUR

Analysts

5

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

1.19B1.34B1.30B1.40B

Gross profit

371.37M426.99M401.87M413.57M

Operating income

129.76M152.01M136.56M128.29M

EBITDA

operating income before depreciation and amortisation

182.59M212.06M183.85M157.10M

Pretax income

103.83M124.20M86.98M35.87M

Net income

72.25M90.41M61.46M16.58M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

82.68M95.75M79.93M62.88M

R&D

————
Balance sheet, year end

Total assets

1.54B1.70B1.88B2.00B

Total liabilities

795.45M795.27M957.28M1.05B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

705.70M873.27M885.62M920.50M

Total debt

420.24M358.75M497.39M533.51M

Cash and equivalents

63.17M41.44M53.44M101.48M

Net PP&E

fixed assets after depreciation

535.60M678.38M842.49M899.21M

Working capital

current assets less current liabilities

256.43M281.08M169.79M210.72M
Cash flow

Operating cash flow

112.58M198.65M202.08M218.72M

Capital expenditure

paid out, so below zero

-110.45M-207.51M-225.62M-167.80M

Depreciation and amortisation

69.15M72.46M77.60M95.60M

Free cash flow

operating cash flow plus capital expenditure

2.13M-8.86M-23.54M50.92M