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MERCIALYS
(MERY)
Select Model
Select Model
Rating:55Neutral
Price Target:
€9.50
▼(-16.96% Downside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weaker 2025 cash generation and higher leverage, which reduce flexibility for a rate-sensitive REIT. Offsetting factors include a supportive technical uptrend and a high dividend yield, though the P/E near 21 tempers the valuation appeal.
Positive Factors
Recurring Rental Income
A portfolio-based model built on recurring commercial rents provides a visible underlying revenue stream and reduces reliance on one-time property disposals. Lease income can support cash-flow planning while occupancy, rent levels, indexation, and tenant quality determine the durability of earnings.
Negative Factors
Higher Leverage
The sharp increase in leverage reduces financial flexibility for a rate-sensitive retail property company. Higher debt exposure can constrain investment and refinancing choices, while interest and repayment obligations may leave less capacity to manage weaker property conditions or fund redevelopment.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Rental Income
A portfolio-based model built on recurring commercial rents provides a visible underlying revenue stream and reduces reliance on one-time property disposals. Lease income can support cash-flow planning while occupancy, rent levels, indexation, and tenant quality determine the durability of earnings.
Read all positive factors
MERCIALYS (MERY) vs. iShares MSCI France ETF (EWQ)
Market Cap
€873.99M
Dividend Yield10.68%
Average Volume (3M)246.64K
Price to Earnings (P/E)16.4
Beta (1Y)0.52
Revenue Growth3.19%
EPS Growth70.45%
CountryFR
Employees180
SectorGeneral
Sector StrengthN/A
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.57
Shares Outstanding93,886,500
10 Day Avg. Volume229,095
30 Day Avg. Volume246,641
Financial Highlights & Ratios
PEG Ratio-0.81
Price to Book (P/B)1.74
Price to Sales (P/S)4.38
P/FCF Ratio49.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€10.20Price Target Upside-10.84% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)1.31
Revenue Forecast (FY)€189.98M
MERCIALYS Business Overview & Revenue Model
Company Description
Mercialys is a prominent French real estate firm, specializing solely in retail assets such as shopping centers and high-street properties. As of June 30, 2020, its extensive portfolio included 2,111 leases, contributing an annualized rental incom...
How the Company Makes Money
Mercialys primarily makes money by renting retail space to tenants across its portfolio of shopping centers and retail parks. Its core revenue stream is recurring rental income generated through commercial lease contracts (base rent) and, where ap...
MERCIALYS Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
44
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 236.85M | 236.59M | 221.16M | 178.01M | 176.89M | 205.35M |
| Gross Profit | 142.54M | 108.21M | 172.31M | 170.92M | 165.93M | 160.04M |
| EBITDA | 137.08M | 130.35M | 130.13M | 147.76M | 141.56M | 149.74M |
| Net Income | 53.74M | 33.97M | 53.76M | 53.37M | 43.09M | 62.18M |
Balance Sheet | ||||||
| Total Assets | 3.08B | 2.43B | 2.16B | 2.15B | 2.29B | 2.43B |
| Cash, Cash Equivalents and Short-Term Investments | 45.26M | 435.32M | 283.65M | 118.16M | 216.09M | 257.18M |
| Total Debt | 1.37B | 1.75B | 1.30B | 1.20B | 1.27B | 1.40B |
| Total Liabilities | 1.47B | 1.77B | 1.40B | 1.28B | 1.36B | 1.49B |
| Stockholders Equity | 1.55B | 595.09M | 631.07M | 677.22M | 725.13M | 743.12M |
Cash Flow | ||||||
| Free Cash Flow | 42.86M | 21.03M | 161.53M | 134.27M | 147.68M | 127.48M |
| Operating Cash Flow | 106.73M | 122.78M | 161.53M | 134.27M | 150.12M | 135.74M |
| Investing Cash Flow | -63.25M | -127.03M | 102.22M | -21.74M | 59.00M | 14.72M |
| Financing Cash Flow | -440.32M | 155.92M | -98.26M | -210.37M | -250.20M | -358.00M |
MERCIALYS Technical Analysis
Negative
11.44
Price Trends
10.21
Negative
10.97
Negative
11.01
Negative
Market Momentum
-0.21
Negative
36.56
Neutral
17.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:MERY, the sentiment is Negative. The current price of 11.44 is above the 20-day moving average (MA) of 9.52, above the 50-day MA of 10.21, and above the 200-day MA of 11.01, indicating a bearish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 36.56 is Neutral, neither overbought nor oversold. The STOCH value of 17.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:MERY.
MERCIALYS Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | €2.04B | 6.92 | ― | 9.28% | -1.15% | -15.14% | |
74 Outperform | €9.93B | 7.39 | 14.54% | 5.39% | 3.02% | 15.66% | |
69 Neutral | €1.11B | 8.98 | 11.70% | 5.81% | 45.41% | 1859.21% | |
65 Neutral | €13.16B | 8.28 | 8.88% | 4.94% | -6.45% | 102.99% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €873.99M | 16.42 | 5.00% | 10.68% | 3.19% | 70.45% |
* General Sector Average
FR:MERY
MERCIALYS
9.36
-0.37
-3.80%
FR:LI
Klepierre (ex Compagnie Fonciere Klepierre)
35.24
3.86
12.29%
FR:URW
Unibail Rodamco Westfield
91.04
5.38
6.27%
FR:CARM
Carmila SAS
14.66
0.12
0.85%
FR:FREY
Frey SA
34.40
7.17
26.35%
FR:AREIT
Altareit SA
540.00
10.00
1.89%
MERCIALYS Corporate Events
Mercialys Raises €300 Million in Long‑Term Bond as S&P Confirms BBB Rating
Oct 27, 2026
Mercialys has reinforced its financial profile by issuing €300 million in bonds maturing in January 2033, in a turbulent rate environment marked by rising French sovereign yields. The new issue, carrying a 5.25% coupon and fully swapped to a...
Mercialys Names Maël Aoustin Lead Independent Director to Strengthen Governance
Oct 15, 2026
Mercialys has strengthened its governance structure by appointing independent director Maël Aoustin as Lead Independent Director, effective immediately, following a unanimous decision by the Board of Directors. Aoustin, who also chairs the Au...
Mercialys Extends Market Outperformance and Confirms 2026 Targets on Strong Shop•Park Momentum
Oct 15, 2026
Mercialys reported strong operational momentum for the first nine months of 2026, with footfall up 5.4% on a like-for-like basis and retailers’ sales rising 3.0%, both significantly ahead of national benchmarks. This performance is underpinn...
Mercialys Updates Share Capital and Voting Rights Structure
Oct 6, 2026
Mercialys reported that its share capital is composed of 93,886,501 shares, matching the total number of voting rights attached to its capital. The company also disclosed that 92,961,425 of these voting rights are currently exercisable at its gene...
Mercialys Sets Record GRESB Score, Cements ESG Leadership in Retail Real Estate
Oct 5, 2026
Mercialys has achieved a record score of 93 out of 100 in the 2026 Global Real Estate Sustainability Benchmark, placing it third among listed European retail property companies in its category and 12 points above the overall respondent average. Th...
Mercialys Names Jérôme Engelbrecht Group CFO to Drive Next Growth Phase
Sep 24, 2026
Mercialys has appointed Jérôme Engelbrecht as Group CFO and member of the Executive Committee, effective September 1, 2026, with responsibility for all finance functions and investor relations reporting to CEO Vincent Ravat. Engelbrecht ...
Mercialys Completes Share Buyback to Cover Employee Equity Plans
Sep 17, 2026
Mercialys has completed a series of share buyback transactions between September 14 and 16, 2026 on Euronext Paris, acquiring a total of 73,604 shares at a daily weighted average price of around 10.48 euros. These purchases form part of a broader ...
Mercialys Details Share Buybacks to Fund Employee Equity Plans
Sep 14, 2026
Mercialys has disclosed a series of share buyback transactions conducted on Euronext Paris between September 7 and September 11, 2026, involving a total of 299,041 shares at an overall weighted average acquisition price of €10.7432. These pu...
Mercialys Executes Targeted Share Buybacks to Cover Employee Bonus Plans
Sep 7, 2026
Mercialys has disclosed a series of share buyback transactions carried out on the Paris market between September 2 and September 4, 2026, involving a total of 57,355 shares at a weighted average purchase price of €10.9636. These operations w...
Mercialys Updates Share Capital and Voting Rights Structure
Sep 1, 2026
Mercialys has reported its latest share capital and voting rights structure, confirming 93,886,501 outstanding shares and an equal total number of voting rights, with 93,497,412 voting rights exercisable at the General Meeting. This disclosure pro...
Mercialys Discloses Updated Share Capital and Voting Rights Structure
Aug 11, 2026
Mercialys reported that it has 93,886,501 outstanding shares, corresponding to an equal total number of theoretical voting rights. The company also disclosed that 93,572,382 voting rights are exercisable at its General Meeting, indicating a small ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.