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1. Company Snapshot

1.a. Company Description

Mersen SA manufactures and sells electrical power products and advanced materials in France, North America, rest of Europe, the Asia-Pacific, and internationally.It operates through Advanced Materials and Electrical Power segments.The company offers electrical protection and control products, such as IEC and UL/CSA low voltage general purpose fuses and fuse gears, high and medium voltage fuses, and power transfer solutions for rail vehicles, as well as surge protection, lightning protection, and power monitoring solutions; and power management solutions, including high speed fuses, DC protection for electric vehicles and battery, cooling solutions, bus bars, and aluminum electrolytic and film capacitors.


It also provides anticorrosion equipment comprising heat exchangers; columns, reactors, and pressure vessels; PTFE or PFA bellows, pipes, elbows, and fittings; graphite bursting discs; corrosion resistant materials; and after-sales and maintenance services, as well as graphite specialties, such as isostatic graphite, carbon insulation, extruded graphite, carbon/carbon composites, silicon carbide, and flexible graphite.In addition, the company offers carbon brushes, brush-holders, brush-rockers and brush gear housings, signal and power transmission systems, rotary joints, current collectors, wheel flange lubrication solutions, carbon dust collection systems, and monitoring solutions, as well as slip, pitch control, and electrical ring assemblies.It serves energy, electronics, transportation, corrosive chemicals, and process industries, as well as other markets comprising building, elevator, ski lifts, defense, HVAC, and outdoor LED lighting markets.


The company was formerly known as Groupe Carbone Lorraine SA and changed its name to Mersen SA in 2010.Mersen SA was founded in 1889 and is headquartered in Courbevoie, France.

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1.b. Last Insights on MRN

Mersen's recent performance was negatively impacted by weakness in its solar power segment. The company's Q3 2025 results fell short of market expectations, prompting a revision in its full-year sales growth, profit margin, and capital expenditure targets. Ongoing uncertainty and lack of visibility in the solar business compelled analysts to reconsider their projections. Management's guidance cut reflects the challenges faced by the company in this segment. This development has significant implications for the company's future prospects.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Why Mersen (ENXTPA:MRN) Is Down 9.6% After Solar Weakness Prompts Lower 2025 Guidance

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.90%)

6. Segments

Advanced Materials

Expected Growth: 8%

Mersen SA's Advanced Materials segment growth is driven by increasing demand for electric vehicles, renewable energy, and energy storage, as well as growing adoption of advanced materials in industrial and consumer electronics. Additionally, the company's focus on R&D and strategic acquisitions has enabled it to expand its product portfolio and strengthen its market position.

Electrical Power

Expected Growth: 10%

Mersen SA's Electrical Power segment growth is driven by increasing demand for renewable energy, electrification of transportation, and rising industrial power consumption. Additionally, the company's focus on innovation, expanding product portfolio, and strategic acquisitions contribute to its growth. Furthermore, growing investments in grid modernization and infrastructure development also support the segment's growth.

7. Detailed Products

Electrical Power

Mersen SA provides electrical power solutions including busbars, switches, and fuses for electrical distribution and protection.

Electrical Protection

Mersen SA offers electrical protection solutions including surge protective devices, fuse holders, and fuse links.

Thermal Management

Mersen SA provides thermal management solutions including heat sinks, thermal interfaces, and thermal sensors.

Electrical Insulation

Mersen SA offers electrical insulation solutions including laminated busbars, insulated busbars, and electrical insulation materials.

Graphite Materials

Mersen SA provides graphite materials and solutions including graphite electrodes, graphite blocks, and graphite powder.

Carbon Brushes

Mersen SA offers carbon brushes and brush holders for electrical motors and generators.

8. Mersen SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Mersen SA operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the availability of alternative materials and technologies.

Bargaining Power Of Customers

Mersen SA's customers are largely dependent on the company's products, which reduces their bargaining power. However, large customers may still have some negotiating power.

Bargaining Power Of Suppliers

Mersen SA's suppliers have some bargaining power due to the specialized nature of the company's products, but the company's large scale of operations helps to mitigate this power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the industry, including the need for significant capital investment and specialized expertise.

Intensity Of Rivalry

The intensity of rivalry in the industry is high due to the presence of several established competitors, leading to a competitive market environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 22.69%
Debt Cost 9.45%
Equity Weight 77.31%
Equity Cost 11.02%
WACC 10.67%
Leverage 29.35%

11. Quality Control: Mersen SA passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
GPI

A-Score: 6.1/10

Value: 6.5

Growth: 6.7

Quality: 6.0

Yield: 4.4

Momentum: 4.0

Volatility: 9.0

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FW Thorpe

A-Score: 5.3/10

Value: 5.9

Growth: 7.2

Quality: 8.0

Yield: 2.5

Momentum: 4.0

Volatility: 4.0

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Mersen

A-Score: 5.2/10

Value: 7.6

Growth: 5.2

Quality: 3.6

Yield: 7.5

Momentum: 5.0

Volatility: 2.3

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Cenergy Holdings

A-Score: 5.0/10

Value: 3.5

Growth: 9.0

Quality: 5.1

Yield: 0.6

Momentum: 9.0

Volatility: 3.0

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Luceco

A-Score: 4.8/10

Value: 6.0

Growth: 5.0

Quality: 5.1

Yield: 6.2

Momentum: 2.5

Volatility: 3.7

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Carlo Gavazzi Holding

A-Score: 3.5/10

Value: 6.5

Growth: 2.2

Quality: 5.0

Yield: 3.1

Momentum: 0.5

Volatility: 3.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

21.9$

Current Price

21.9$

Potential

-0.00%

Expected Cash-Flows