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MERCIALYS
(MERY)
Select Model
Select Model
Rating:55Neutral
Price Target:
€12.50
▲(9.27% Upside)
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 model
Mercialys’s core business is long-term commercial leases producing recurring rent and recoverable service charges. This lease-based cashflow model provides durable revenue predictability and supports stable distributions and reinvestment capacity over a 2–6 month horizon, resilient to short-term volatility.
Negative Factors
Rising leverage
A materially higher debt-to-equity ratio reduces financial flexibility for a rate-sensitive REIT. Elevated leverage increases interest-expense vulnerability and constrains capital allocation for dividends, capex or acquisitions, making the business more exposed to rising rates and refinancing risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income model
Mercialys’s core business is long-term commercial leases producing recurring rent and recoverable service charges. This lease-based cashflow model provides durable revenue predictability and supports stable distributions and reinvestment capacity over a 2–6 month horizon, resilient to short-term volatility.
Read all positive factors
MERCIALYS (MERY) vs. iShares MSCI France ETF (EWQ)
Market Cap
€1.03B
Dividend Yield9.28%
Average Volume (3M)142.62K
Price to Earnings (P/E)19.3
Beta (1Y)0.47
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. Volume174,335
30 Day Avg. Volume142,616
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
€12.50Price Target Upside9.27% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.22
Revenue Forecast (FY)€191.86M
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 generating recurring rental income from its retail real estate portfolio. Its main revenue stream is rent charged to retail tenants under commercial lease agreements, typically comprising fixed base rent and, whe...
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
11.62
Negative
11.65
Negative
10.99
Negative
Market Momentum
-0.20
Positive
28.57
Positive
6.75
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 11.35, below the 50-day MA of 11.62, and above the 200-day MA of 10.99, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 28.57 is Positive, neither overbought nor oversold. The STOCH value of 6.75 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 | €2.18B | 7.39 | ― | 8.87% | -1.15% | -15.14% | |
74 Outperform | €10.70B | 7.96 | 14.54% | 5.13% | 3.02% | 15.66% | |
69 Neutral | €1.13B | 9.14 | 11.70% | 5.71% | 45.41% | 1859.21% | |
65 Neutral | €14.04B | 8.84 | 8.88% | 4.71% | -6.45% | 102.99% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €1.03B | 19.26 | 5.00% | 9.28% | 3.19% | 70.45% |
* General Sector Average
FR:MERY
MERCIALYS
10.78
0.70
6.94%
FR:LI
Klepierre (ex Compagnie Fonciere Klepierre)
37.02
5.47
17.33%
FR:URW
Unibail Rodamco Westfield
95.64
11.92
14.24%
FR:CARM
Carmila SAS
15.34
-0.23
-1.46%
FR:FREY
Frey SA
35.00
7.21
25.93%
FR:AREIT
Altareit SA
575.00
50.00
9.52%
MERCIALYS Corporate Events
Mercialys Delivers Strong H1 2026 Results and Raises Guidance
Jul 28, 2026
Mercialys reported strong first-half 2026 results, with net rental income up 4.5%, EBITDA rising 4.8% and recurrent net income increasing 4.1% to €64.1 million, alongside a 3.8% gain in EPRA NTA NAV per share. Portfolio appraisal value grew ...
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.