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Mercialys SA (0IQU) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Mercialys SA €9.45, price €9.42, upside +0.3%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Real Estate · GB · Home France · ISIN FR0010241638

MS Thin data Sep 24, 2026

Mercialys SA

0IQU · LSE

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value €9.45 · Fairly valued (+0.3%)
!Quality 53/100
!Weak Growth (revenue 3y −1.8 %/yr)
✓Solidly profitable · 18.8% net margin (TTM)
!High debt
·10.6% dividend yield · Safety not assessed
!Moderate moat 57/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

€12.49 €4.77 Fair Value €9.45 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range €4.77 – €12.49 · fair‑value band €8.45 – €11.78 · the €9.42 price screens below the €9.45 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Mercialys SA is one of France's leading real estate companies. It specializes in the holding, management and transformation of retail spaces, anticipating consumer trends, on its own behalf and for third parties.

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Mercialys SA is one of France's leading real estate companies. It specializes in the holding, management and transformation of retail spaces, anticipating consumer trends, on its own behalf and for third parties. At December 31, 2025, Mercialys had a real estate portfolio valued at Euro 3.0 billion (including transfer taxes), with an annualized rental base of Euro 178.6 million. Mercialys has been listed on the stock market since October 12, 2005 and has (SIIC) real estate investment trust (REIT) tax status. Part of the SBF 120 and Euronext Paris Compartment A, it had 93,886,501 shares outstanding at December 31, 2025. Mercialys SA was established in August, 19, 1999 and was incorporated in 1999 in France.

Stock analysis

Mercialys SA (0IQU) currently trades at €9.42, while our model-based Fair Value estimate is €9.45, so the stock looks roughly fairly valued today (gap 0.3%).

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Valuation

Bull case: the Multiples group reads highest at a median of €15.38 per share, and 5 of the 14 models we run sit above the €9.42 price.

Bear case: the DCF Models group reads lowest at €3.66, and 9 of the 14 models stay below the price. Evidence for this calculation is low.

Scenario range: €8.45 (bear) to €11.78 (bull), the price of €9.42 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 53/100 (solid quality), in the Real Estate sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Mercialys SA reported revenue of €175M in FY2020 versus €190M in FY2016, a compound −1.9%/yr. Reported net income was €85.8M in FY2020, compounding −6.0%/yr from FY2016.

Key figures

Market cap €849M · P/S ratio 4.70 · Dividend yield 10.6% · Net margin 48.9% · Return on equity 5.2% · Return on assets (EBIT) 4.9% · Operating margin 25.3% · Revenue (TTM) €181M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 25% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −24% fair-value upside, at 0%, 0IQU screens cheaper than that median.

Fair Value models

Bear €8.45 Fair Value €9.45 Bull €11.78
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF n/a €3.66 €10.55 73
Residual Income €6.86 €7.66 €9.09 73
Growth DCF n/a €3.89 €9.92 71
All 15 models by family
DCF Models
FCF DCF n/a €3.66 €10.55 73
5Y Revenue Exit n/a €0.8700 >€3.48 66
5Y EBITDA Exit €3.83 €12.88 €24.87 66
10Y Revenue Exit n/a €0.6500 >€2.60 61
10Y EBITDA Exit €1.84 €7.43 €13.39 61
Dividend Discount
Gordon GGM €7.42 €8.00 €8.86 67
DDM Multi-Stage €7.42 €8.83 €10.65 65
Multiples
P/S Multiple €9.49 €12.66 €15.82 58
P/B Multiple €11.54 €15.38 €19.23 55
EV/EBIT €8.83 €16.43 €24.03 63
EV/EBITDA €10.70 €18.93 €27.15 65
EV/Revenue n/a n/a €3.75 50
Asset-Based
NCAV (Graham) €3.85 €5.15 €7.69 54
Growth DCF
Growth DCF n/a €3.89 €9.92 71
Economic Profit
Residual Income €6.86 €7.66 €9.09 73

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Quality Score breakdown

Overall quality 53/100

Of which business quality 50 · Market factors (momentum, volatility) 40

Profitability 39
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 94
Earnings quality: real cash, not paper profit
Fin. Strength 10
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−8.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.8%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
80.1% (2016) → 71.0% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

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Compare Mercialys SA with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 91 stocks

Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 54 · Below median
Fair Value upside −14.4% · Above median
Profitability
Return on equity (TTM) 5.2% · Below median
Return on assets 2.2% · Bottom 25%
Net margin (TTM) 18.8% · Bottom 25%
Operating margin (TTM) 25.3% · Bottom 25%
Growth and dividend
Revenue growth 4.4% · Below median
Dividend yield (TTM) 10.6% · Top 25%
Balance sheet
Debt / equity 1.89× · Highest 25%

Valuation Multiplesvs REIT - Retail median · lower = cheaper

P/B 1.42× · Pricier than median
P/S (TTM) 5.46× · Cheaper than median
EV/EBITDA 19.0× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Retail stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Simon Property Group SPG $200.76 $114.08 −43%
Realty Income Corporation O $55.35 $87.76 +59%
Kimco Realty Corporation KIM $22.49 $17.46 −22%
Unibail-Rodamco-Westfield SE URW €91.72 €70.12 −24%
CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U 2.24 SGD 1.38 SGD −38%
Regency Centers Corporation REG $73.23 $38.95 −47%
Scentre Group SCG A$3.35 A$3.49 +4%
Link Real Estate Investment Trust (Link REIT) 0823 HK$37.02 HK$38.68 +4%
Federal Realty Investment Trust FRT $108.29 $40.55 −63%
Brixmor Property Group BRX $28.07 $18.82 −33%

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Mercialys SA · Fair Value
€9.45 +0%Fair Value
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Cite: Fair Value Calculator (2026). "Mercialys SA Fair Value". https://www.fairvalue-calculator.com/stock/0IQU

Frequently asked questions

Is Mercialys SA (0IQU) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €9.45 versus a price of €9.42, about +0% upside (fairly valued).
What is the fair value of 0IQU?
Our model-based fair value for Mercialys SA is €9.45 (as of Sep 24, 2026), built from audited fundamentals. The current price: €9.42.
What is the quality score of 0IQU?
Mercialys SA has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mercialys SA (0IQU)?
Our model-based price target is the fair value of €9.45 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario €8.45, optimistic scenario €11.78. It is a calculation from audited fundamentals, not an analyst target.
What is the Mercialys SA stock forecast for 2026?
Our models put fair value at €9.45, about +0% upside versus a price of €9.42 (fairly valued). Cautious scenario €8.45, optimistic scenario €11.78. The calculation is refreshed regularly with new filings.
What is the revenue of Mercialys SA (0IQU)?
Mercialys SA reported trailing-twelve-month revenue of about €181M (latest available figure, as of Sep 24, 2026).
Does Mercialys SA pay a dividend?
Mercialys SA currently shows a dividend yield of about 10.62% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Mercialys SA (0IQU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mercialys SA it is €9.45 per share (as of Sep 24, 2026), against a price of €9.42. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Mercialys SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0IQU trades below its calculated fair value: price €9.42, fair value €9.45, a gap of about +0% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0IQU?
No. The price is what the market pays today (€9.42); the fair value is what the company's own numbers justify (€9.45). For Mercialys SA the two are €0.0300 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mercialys SA worth?
The market values Mercialys SA at about €849M (market capitalisation, as of Sep 24, 2026). Per share that is €9.42; our models calculate a fair value of €9.45 per share.
What do the bullish and bearish scenarios say about 0IQU?
Our models span a range for Mercialys SA: cautious scenario €8.45, base €9.45, optimistic €11.78 per share (as of Sep 24, 2026, price €9.42). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Mercialys SA (0IQU)?
Balance-sheet figures for Mercialys SA (as of Sep 24, 2026): return on equity 5.2%, debt of 1.89 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 0IQU from its 52-week high?
Mercialys SA trades at €9.42, about 25% below its 52-week high of €12.49 and at the low of €9.42 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €9.45 is for.
Which stocks are comparable to Mercialys SA?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mercialys SA stock attractive at the current price?
The data as of Sep 24, 2026: price €9.42, calculated fair value €9.45 (+0%), Quality Score 53/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0IQU calculated?
We run Mercialys SA through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €9.45, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Mercialys SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mercialys SA (0IQU)?
The closing price on Oct 2, 2026 was €9.42. Our model-based fair value is €9.45, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mercialys SA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Mercialys SA

How large is the market capitalisation of Mercialys SA (0IQU)?
The market capitalisation of Mercialys SA is €849M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mercialys SA (0IQU)?
The price-to-sales ratio of Mercialys SA is 4.70 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Mercialys SA (0IQU)?
The dividend yield of Mercialys SA is 10.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mercialys SA (0IQU)?
The net margin of Mercialys SA is 48.9% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mercialys SA (0IQU)?
The return on equity (ROE) of Mercialys SA is 5.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mercialys SA (0IQU)?
On an EBIT basis the return on assets of Mercialys SA is 4.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mercialys SA (0IQU)?
The operating margin of Mercialys SA is 25.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mercialys SA (0IQU)?
Revenue at Mercialys SA is growing +4.4% versus a year earlier (3y avg −1.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mercialys SA (0IQU)?
Earnings per share at Mercialys SA are growing +12.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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