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Mersen S.A (CBLNF) fair value: what the stock is really worth

We calculate from audited financials what Mersen S.A is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Industrials · US · ISIN FR0000039620

MS Mersen S.A logo Broad data Sep 13, 2026

Mersen S.A

CBLNF · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $12.82 · Strongly overvalued (−73%)
!Quality 50/100
!Mixed Growth (revenue 5y +7.0 %/yr)
!Thin margins · 1.2% net margin (TTM)
✓Low debt · generates free cash flow
·1.89% dividend yield
!Narrow moat 34/100

What runs behind every stock

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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$47.67 $19.08 Fair Value $12.82 Jul 2017 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range $19.08 – $47.67 · fair‑value band $9.62 – $14.13 · the $47.67 price screens above the $12.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Mersen S.A. manufactures and sells electrical power products and advanced materials in France, North America, rest of Europe, the Asia-Pacific, and internationally. It operates through two segments, Electrical Power and Advanced Materials.

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Mersen S.A. manufactures and sells electrical power products and advanced materials in France, North America, rest of Europe, the Asia-Pacific, and internationally. It operates through two segments, Electrical Power and Advanced Materials. The company offers fuses, fuse holders and systems, surge protection, accessories, power distribution blocks, IEC fuse switch disconnectors, low-voltage and high power switches, capacitors, cooling, power transfer for rail, isostatic and extruded graphite, bus bar, engineered panels, graphite bursting discs, and heat exchangers, as well as PTFE bellows, pipes, and fittings products and solutions. It also provides carbon brushes, brush-holders, carbon insulation, SSiC, process technologies, carbon/carbon composite, slip rings, DC protection for EV and batteries, corrosion resistant materials, brush gear assembly housing, signal and power transfer systems, dust collectors, industrial current collectors, and power stacks, as well as columns, reactors, and pressure vessels products and solutions. In addition, the company offers simulation tools, on-site maintenance, power stack design optimization, motor maintenance, wind services, electrical test lab, and knowledge center, as well as training for process industries and energy production solutions. It serves semiconductors; electric vehicles; battery energy storage system; solar; wind; railways and metros; aerospace; chemicals; building and infrastructure; electrical power distribution; and energy conversion. The company was formerly known as Groupe Carb/one Lorraine SA and changed its name to Mersen S.A. in May 2010. Mersen S.A. was founded in 1889 and is headquartered in Courbevoie, France.

Stock analysis

Mersen S.A (CBLNF) currently trades at $47.67, while our model-based Fair Value estimate is $12.82, implying the stock looks roughly 271.9% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $21.94 per share, and 3 of the 24 models we run sit above the $47.67 price.

Bear case: the Growth DCF group reads lowest at $5.07, and 21 of the 24 models stay below the price. Evidence for this calculation is high.

Scenario range: $9.62 (bear) to $14.13 (bull), the price of $47.67 sits above 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 50/100 (solid quality), in the Industrials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Mersen S.A reported revenue of €1.2B in FY2025 versus €923M in FY2021, a compound +6.5%/yr. Reported net income was €12.8M in FY2025, compounding −30.4%/yr from FY2021.

Key figures

Market cap $1.1B · P/E ratio 72.2 · P/S ratio 0.78 · EPS (TTM) $0.6600 · Dividend yield 1.9% · Net margin 1.1% · Return on equity 1.5% · Return on assets (EBIT) 7.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).

What moves the price

The share trades near its 52-week high and 116% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −38% fair-value upside, at −73%, CBLNF screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely ($1.01 to $89.32). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear $9.62 Fair Value $12.82 Bull $14.13
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. 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
Residual Income $21.26 $20.00 $14.23 76
EPV $17.59 $21.69 $25.11 74
5Y EBITDA Exit $32.05 $63.34 $98.81 73
All 24 models by family
DCF Models
FCF DCF $0.6100 $5.31 $11.19 72
5Y Revenue Exit $15.35 $33.48 $56.19 70
5Y EBITDA Exit $32.05 $63.34 $98.81 73
5Y P/E Exit n/a $1.01 $4.77 68
10Y Revenue Exit $7.93 $21.94 $39.84 63
10Y EBITDA Exit $18.48 $40.43 $68.33 65
10Y P/E Exit n/a $1.83 $5.45 61
Earnings-Based
Graham-Dodd $3.58 $8.74 $11.31 65
PEG = 1.0 $1.56 $2.23 $2.90 57
EPV $17.59 $21.69 $25.11 74
Dividend Discount
Gordon GGM $7.00 $11.37 $15.87 68
DDM Multi-Stage $7.00 $9.91 $12.67 67
Multiples
P/E Multiple $8.29 $11.05 $13.82 63
P/S Multiple $6.71 $8.95 $11.19 58
P/B Multiple $6.71 $8.95 $11.19 55
EV/EBIT $44.73 $63.80 $82.87 65
EV/EBITDA $63.87 $89.32 $114.76 67
EV/Revenue $28.35 $45.85 $63.35 53
Asset-Based
NCAV (Graham) $16.10 $21.57 $32.19 54
Growth DCF
Growth DCF $0.8100 $5.07 $10.13 71
Rev-Margin DCF $15.35 $33.37 $52.64 70
Economic Profit
Residual Income $21.26 $20.00 $14.23 76
ROIC Compounder $17.59 $21.69 $25.11 72
Growth Earnings
Growth-Adj P/E $6.34 $9.06 $11.78 67

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Quality Score breakdown

Overall quality 50/100

Of which business quality 49 · Market factors (momentum, volatility) 78

Profitability 29
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 64
Disciplined investing over empire-building
Low Volatility 24
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 90
Share count: buybacks or dilution?

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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. 63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.6%
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.
+2.1%
Revenue growth 5 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.
+7.0%
Revenue growth 24 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.
+1.6%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+6.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.3%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−26% vs 22%, slowing
Profit margin 2020 to 2025 ⓘ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.2% → 9%

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+30.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.1%
Yearly sales growth analysts expect, extended to five years.
Forecast 2026 (sales)+3.2%
Forecast 2027 (sales)+6.3%
Projected 2028 (sales)+5.8%
Projected 2029 (sales)+5.3%
Projected 2030 (sales)+4.7%

CBLNF screens 272% overvalued. Compare with Contemporary Amperex Technology Co →

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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

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$12.82 −272%Fair Value
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Cite: Fair Value Calculator (2026). "Mersen S.A Fair Value". https://www.fairvalue-calculator.com/stock/CBLNF

Frequently asked questions

Is Mersen S.A (CBLNF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $12.82 versus a price of $47.67, about −73% upside (overvalued).
What is the fair value of CBLNF?
Our model-based fair value for Mersen S.A is $12.82 (as of Sep 13, 2026), built from audited fundamentals. The current price: $47.67.
What is the quality score of CBLNF?
Mersen S.A has a Quality Score of 50/100. 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 Mersen S.A (CBLNF)?
Our model-based price target is the fair value of $12.82 (as of Sep 13, 2026) from 24 valuation models. Cautious scenario $9.62, optimistic scenario $14.13. It is a calculation from audited fundamentals, not an analyst target.
What is the Mersen S.A stock forecast for 2026?
Our models put fair value at $12.82, about −73% upside versus a price of $47.67 (overvalued). Cautious scenario $9.62, optimistic scenario $14.13. The calculation is refreshed regularly with new filings.
What is the revenue of Mersen S.A (CBLNF)?
Mersen S.A reported trailing-twelve-month revenue of about $1.2B (latest available figure, as of Sep 13, 2026).
Does Mersen S.A pay a dividend?
Mersen S.A currently shows a dividend yield of about 1.89% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Mersen S.A (CBLNF)?
For today's price to be fair in a discounted-cash-flow model, Mersen S.A would have to grow free cash flow by +30.3 % per year for five years (discount rate 13.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.0 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of CBLNF use?
Our models discount Mersen S.A at 13.0 %: a base by market capitalisation (small), damped by beta 1.63, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mersen S.A that is +30.3 % per year a year over ten years, using the same discount rate (13.0 %) and the same formula as our fair value.
How much growth has Mersen S.A (CBLNF) delivered so far?
Over the past 5 years revenue at Mersen S.A grew +7.0 % a year. The price currently implies +30.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mersen S.A (CBLNF) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Mersen S.A (+30.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mersen S.A (CBLNF)?
The free-cash-flow yield on the price is 3.38 %: that much free cash flow Mersen S.A produces per unit of market value. When it exceeds the discount rate of our models (13.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mersen S.A (CBLNF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mersen S.A it is $12.82 per share (as of Sep 13, 2026), against a price of $47.67. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Mersen S.A stock overvalued or undervalued in 2026?
As of Sep 13, 2026, CBLNF trades above its calculated fair value: price $47.67, fair value $12.82, a gap of about −73% (overvalued). 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 CBLNF?
No. The price is what the market pays today ($47.67); the fair value is what the company's own numbers justify ($12.82). For Mersen S.A the two are $34.85 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mersen S.A worth?
The market values Mersen S.A at about $1.1B (market capitalisation, as of Sep 13, 2026). Per share that is $47.67; our models calculate a fair value of $12.82 per share.
What do the bullish and bearish scenarios say about CBLNF?
Our models span a range for Mersen S.A: cautious scenario $9.62, base $12.82, optimistic $14.13 per share (as of Sep 13, 2026, price $47.67). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is CBLNF from its 52-week high?
Mersen S.A trades at $47.67, about 12% below its 52-week high of $42.40 and 116% above the low of $22.12 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $12.82 is for.
Which stocks are comparable to Mersen S.A?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Delta Electronics (Thailand) Public Company, Vertiv Holdings, 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 Mersen S.A stock attractive at the current price?
The data as of Sep 13, 2026: price $47.67, calculated fair value $12.82 (−73%), Quality Score 50/100, from 24 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 CBLNF calculated?
We run Mersen S.A through 24 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 $12.82, 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 15.8 % above its aggregate fair value. Mersen S.A 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 should I pay attention to with Mersen S.A right now?
The price sits above even our optimistic bull case ($14.13). The favourable scenario is already priced in. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Mersen S.A

How large is the market capitalisation of Mersen S.A (CBLNF)?
The market capitalisation of Mersen S.A is $1.1B. 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/E ratio of Mersen S.A (CBLNF)?
The price-to-earnings ratio of Mersen S.A is 72.2. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Mersen S.A (CBLNF)?
The price-to-sales ratio of Mersen S.A is 0.78 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mersen S.A (CBLNF)?
Earnings per share at Mersen S.A are $0.6600 (price ÷ EPS = P/E 72.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mersen S.A (CBLNF)?
The dividend yield of Mersen S.A is 1.9% (payout 136%). 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 Mersen S.A (CBLNF)?
The net margin of Mersen S.A is 1.1% (fiscal year 2025). 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 Mersen S.A (CBLNF)?
The return on equity (ROE) of Mersen S.A is 1.5% (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 Mersen S.A (CBLNF)?
On an EBIT basis the return on assets of Mersen S.A is 7.1% (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 Mersen S.A (CBLNF)?
The operating margin of Mersen S.A is 8.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mersen S.A (CBLNF)?
Revenue at Mersen S.A is growing −7.0% versus a year earlier (3y avg +2.1%). 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 Mersen S.A (CBLNF)?
Earnings per share at Mersen S.A are growing −24.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mersen S.A (CBLNF) carry?
The net debt of Mersen S.A is $448M (fiscal year 2025, ≈ 12.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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