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Mercialys SA (MERY) Fair Value & Analysis

Real Estate · FR · Market cap €1.1B

MS Mercialys SA MERY · PA
Price€11.88
Fair Value€4.91
Upside-58.7%
Quality46/100
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Mixed Growth
Solidly profitable · 18.8% net margin
High debt · generates free cash flow
8.58% dividend yield
Trails peers (2/15)
Moderate moat 54/100
Evidence: High Range €4.63 – €7.71 Share as image

Fair value as of: Jul 13, 2026

From 14 valuation models · updated 28 days ago

Fair value updated Jul 13, 2026, revised from €4.90 to €4.91 (+0.2%) since Jun 26, 2026. Share price +1.2% over the past month.

Below-average quality, and screening another 59% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€7.71). The favourable scenario is already priced in.
  • Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

€12.10 €4.73 Fair Value €4.91 Jun 2021 Aug 2026

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

How to read this chart

60‑month range €4.73 – €12.10 · fair‑value band €4.63 – €7.71 · the €11.88 price screens above the €4.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

Mercialys SA (MERY) currently trades at €11.88, while our model-based Fair Value estimate is €4.91, implying the stock looks roughly 58.7% overvalued today. The Quality Score stands at 46/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Mercialys SA generated revenue of €181M at a net margin of 18.8%. Revenue grew 4.4% year over year. It earns a return on equity of 5.2%. Net debt stands at €1.3B. Fundamentals as of Jul 13, 2026

Our scenario range runs from €4.63 (bear case) to €7.71 (bull case); at €11.88, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -53% fair-value upside, at -59%, MERY screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income €4.74 €4.83 €4.57 76
Rev-Margin DCF €0.9700 €5.96 74
Gordon GGM €7.76 €13.99 €19.25 70
All 14 models by family
DCF Models
5Y Revenue Exit €1.10 €6.82 39
5Y EBITDA Exit €1.05 €9.34 €19.42 41
10Y Revenue Exit €3.65 36
10Y EBITDA Exit €4.02 €12.71 37
Dividend Discount
Gordon GGM €7.76 €13.99 €19.25 70
DDM Multi-Stage €7.76 €12.78 €14.94 61
Multiples
P/S Multiple €4.63 €6.17 €7.71 58
P/B Multiple €4.63 €6.17 €7.71 55
EV/EBIT €5.35 €9.98 €14.61 53
EV/EBITDA €7.48 €12.82 €18.16 54
EV/Revenue €2.40 €5.69 43
Asset-Based
NCAV (Graham) €3.18 €4.26 €6.36 50
Growth DCF
Rev-Margin DCF €0.9700 €5.96 74
Economic Profit
Residual Income €4.74 €4.83 €4.57 76

Widest divergence: Dividend Discount (€12.78) versus Growth DCF (€0.9700). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) €181M
Revenue growth (YoY) +4.4%
Net margin 18.8%
Return on equity 5.2%
Free cash flow €21.0M FY2025
P/E ratio 32.4
More key figures
Operating margin 25.3%
EPS (TTM) €0.3600
Dividend yield 8.6%
EPS growth (YoY) +12.2%
Net debt €1.3B FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 45 · Market factors (momentum, volatility) 67

Profitability 26
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 25
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 79
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mercialys SA reported revenue of €237M in FY2025 versus €205M in FY2021, a compound +3.6%/yr. Reported net income was €34.0M in FY2025, compounding −14.0%/yr from FY2021.

Growth Quality 63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€237M
Latest YoY
+7.0%
Avg. growth/yr (3Y)
+10.2%
Avg. growth/yr (5Y)
+6.2%
Avg. growth/yr (23Y)
+6.3%
Revenue +3.6%/yr
FY21 €205M
FY22 €177M
FY23 €178M
FY24 €221M
FY25 €237M
Net income −14.0%/yr
FY21 €62.2M
FY22 €43.1M
FY23 €53.4M
FY24 €53.8M
FY25 €34.0M

MERY screens 59% overvalued. Compare with Simon Property Group →

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Cite: Fair Value Calculator (2026). "Mercialys SA Fair Value". https://www.fairvalue-calculator.com/stock/MERY

Peer Group

REIT - Retail · 107 stocks

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.

Quality Score 47 · Bottom 25%
Fair Value upside −59% · Bottom 25%
Return on equity (TTM) 5% · Below median
Return on assets 2% · Bottom 25%
Net margin (TTM) 19% · Bottom 25%
Operating margin (TTM) 25% · Bottom 25%
Revenue growth 4% · Above median
Dividend yield (TTM) 8.6% · Top 25%
Debt / equity 2.08× · Higher than 75% of peers

Valuation Multiples vs REIT - Retail median · lower = cheaper

P/E (TTM) 32.4× · Pricier than 75% of peers
P/B 2.12× · Pricier than 75% of peers
P/S (TTM) 6.98× · Pricier than median
P/FCF 59.9× · Pricier than 75% of peers
EV/EBITDA 17.4× · Pricier than median
PEG 7.12× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 9
FUTURE 22 · sector 22
PAST 21 · sector 30
HEALTH 0 · sector 66
DIVIDEND 100 · sector 100

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

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Frequently asked questions

Is Mercialys SA (MERY) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of €4.91 versus a price of €11.88, about −59% (overvalued).
What is the fair value of MERY?
Our model-based fair value for Mercialys SA is €4.91 (as of Jul 13, 2026), built from audited fundamentals. The current price is €11.88.
What is the quality score of MERY?
Mercialys SA has a Quality Score of 46/100. 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 revenue of Mercialys SA (MERY)?
Mercialys SA reported trailing-twelve-month revenue of about €181M (latest available figure, as of Jul 13, 2026).
What is the net profit margin of MERY?
The net profit margin of Mercialys SA is about 18.8%, meaning it keeps roughly 18.8% of revenue as net income. Based on the latest reported figures.
Does Mercialys SA pay a dividend?
Mercialys SA currently shows a dividend yield of about 8.47% relative to its recent price (as of Jul 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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