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MERCIALYS
(MERY)
Select Model
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Rating:52Neutral
Price Target:
€12.00
▼(-6.54% Downside)
Action:Reiterated
Date:03/04/26
The score is held back primarily by weaker cash generation and higher leverage in 2025, which increase financial risk and reduce flexibility. Technicals are supportive but appear overextended, while valuation is balanced between a high dividend yield and a relatively high P/E.
Positive Factors
Stable Recurring Rental Model
Mercialys’s core REIT model produces predictable recurring cash inflows via fixed and indexed rents plus recoverable service charges. This durable leasing backbone supports steady revenue and provides a reliable platform for cash distributions and long‑term portfolio reinvestment and restructuring.
Negative Factors
Sharp Drop in Free Cash Flow
An 83% decline in free cash flow markedly reduces internal funding for dividends, debt paydown and capex. For a REIT, weak cash conversion raises persistent financial strain, limiting flexibility to sustain distributions or strategically invest in portfolio upgrades over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable Recurring Rental Model
Mercialys’s core REIT model produces predictable recurring cash inflows via fixed and indexed rents plus recoverable service charges. This durable leasing backbone supports steady revenue and provides a reliable platform for cash distributions and long‑term portfolio reinvestment and restructuring.
Read all positive factors
MERCIALYS (MERY) vs. iShares MSCI France ETF (EWQ)
Market Cap
€1.08B
Dividend Yield9.24%
Average Volume (3M)155.41K
Price to Earnings (P/E)32.4
Beta (1Y)0.40
Revenue Growth5.37%
EPS Growth-36.81%
CountryFR
Employees199
SectorGeneral
Sector StrengthN/A
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.36
Shares Outstanding93,886,500
10 Day Avg. Volume166,244
30 Day Avg. Volume155,409
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
€13.35Price Target Upside3.97% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)1.23
Revenue Forecast (FY)€193.43M
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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 236.59M | 221.16M | 178.01M | 176.89M | 205.35M |
| Gross Profit | 108.21M | 172.31M | 170.92M | 165.93M | 160.04M |
| EBITDA | 130.35M | 130.13M | 147.76M | 141.56M | 149.74M |
| Net Income | 33.97M | 53.76M | 53.37M | 43.09M | 62.18M |
Balance Sheet | |||||
| Total Assets | 2.43B | 2.16B | 2.15B | 2.29B | 2.43B |
| Cash, Cash Equivalents and Short-Term Investments | 435.32M | 283.65M | 118.16M | 216.09M | 257.18M |
| Total Debt | 1.75B | 1.30B | 1.20B | 1.27B | 1.40B |
| Total Liabilities | 1.77B | 1.40B | 1.28B | 1.36B | 1.49B |
| Stockholders Equity | 595.09M | 631.07M | 677.22M | 725.13M | 743.12M |
Cash Flow | |||||
| Free Cash Flow | 21.03M | 161.53M | 134.27M | 147.68M | 127.48M |
| Operating Cash Flow | 122.78M | 161.53M | 134.27M | 150.12M | 135.74M |
| Investing Cash Flow | -127.03M | 102.22M | -21.74M | 59.00M | 14.72M |
| Financing Cash Flow | 155.92M | -98.26M | -210.37M | -250.20M | -358.00M |
MERCIALYS Technical Analysis
Neutral
12.84
Price Trends
11.70
Negative
11.44
Positive
10.68
Positive
Market Momentum
-0.03
Positive
44.64
Neutral
29.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:MERY, the sentiment is Neutral. The current price of 12.84 is above the 20-day moving average (MA) of 11.69, above the 50-day MA of 11.70, and above the 200-day MA of 10.68, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 44.64 is Neutral, neither overbought nor oversold. The STOCH value of 29.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | €10.48B | 10.92 | 11.02% | 5.04% | 4.50% | 18.25% | |
71 Outperform | €2.29B | 12.56 | ― | 7.42% | 7.56% | -40.58% | |
65 Neutral | €1.14B | 14.52 | 0.61% | 6.51% | 21.16% | 92.51% | |
60 Neutral | €14.96B | 11.70 | ― | 3.80% | -6.07% | 745.49% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €1.08B | 32.44 | 5.80% | 9.24% | 5.37% | -36.81% |
* General Sector Average
FR:MERY
MERCIALYS
11.68
1.64
16.30%
FR:LI
Klepierre (ex Compagnie Fonciere Klepierre)
37.78
6.85
22.16%
FR:URW
Unibail Rodamco Westfield
103.65
26.40
34.17%
FR:CARM
Carmila SAS
16.58
1.09
7.02%
FR:FREY
Frey SA
35.00
7.77
28.55%
FR:AREIT
Altareit SA
585.00
70.00
13.59%
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.