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1. Company Snapshot

1.a. Company Description

Mercialys is one of France's leading real estate companies, focused exclusively on shopping centers and high-street retail assets.At June 30, 2020, Mercialys had a portfolio of 2,111 leases, representing a rental value of Euro 182.3 million on an annualized basis.At June 30, 2020, it owned properties with an estimated value of Euro 3.5 billion (including transfer taxes).


Mercialys has had “SIIC” real estate investment trust (REIT) tax status since November 1, 2005 and has been listed on Euronext Paris Compartment A (ticker: MERY) since its initial public offering on October 12, 2005.At June 30, 2020, there were 92,049,169 shares outstanding.

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1.b. Last Insights on MERY

Mercialys' recent performance was driven by a series of positive developments. The company revised its full-year target upward, indicating a strong outlook for its business. Additionally, Mercialys filed its 2025 half-year financial report with the French Financial Markets Authority, providing transparency and clarity on its financial performance. The company's liquidity agreement also showed a positive trend, with resources recorded in the liquidity account as of June 30, 2025. Furthermore, Mercialys successfully placed a Euro 300 million bond issue with a 7-year maturity, demonstrating its ability to access capital markets. The company's acquisition of Hyperthétis Participations and Saint-Genis 2 shopping center also contributed to its positive performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Mercialys: Opening of Leclerc at the Brest SHOP•PARK

Dec -04

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Mercialys Strengthens Its Executive Committee With the Appointment of Sarah Leroy

Nov -24

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The Bull Case For Mercialys (ENXTPA:MERY) Could Change Following Deputy CEO Exit and Upgraded 2025 Guidance

Oct -18

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Mercialys: Information on the Financial Conditions for the End of Ms Elizabeth Blaise’s Duties as Mercialys’ Deputy Chief Executive Officer

Oct -17

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Mercialys: Ms Elizabeth Blaise to Step Down as Deputy Chief Executive Officer

Oct -16

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Mercialys: Footfall up +3.7% at End-September

Oct -16

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Mercialys achieves Net-Zero certification under the SBTi1’s sector-specific standard

Sep -24

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What Does the Recent Mercialys Price Jump Mean for Its True Value in 2025?

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.00%)

6. Segments

Shopping Centers and Commercial Sites

Expected Growth: 4.0%

Mercialys' Shopping Centers and Commercial Sites segment growth of 4.0% is driven by increasing foot traffic, strategic location renovations, and a strong tenant mix. Additionally, the company's focus on omnichannel retailing, experiential offerings, and data-driven marketing strategies contribute to the growth. Furthermore, the segment benefits from a solid pipeline of redevelopment projects and a favorable macroeconomic environment.

7. Detailed Products

Shopping Centers

Mercialys owns and operates a portfolio of shopping centers in France, offering a range of retail spaces for various brands and retailers.

Hypermarkets

Mercialys partners with hypermarket chains to provide large retail spaces for grocery and general merchandise sales.

Retail Parks

Mercialys develops and manages retail parks, offering a mix of retail, food, and leisure activities.

Urban Retail

Mercialys offers urban retail spaces in prime locations, suitable for various retail and service businesses.

Logistics and Warehousing

Mercialys provides logistics and warehousing solutions for retailers and e-commerce companies.

8. Mercialys's Porter Forces

Forces Ranking

Threat Of Substitutes

Mercialys operates in the retail property market, where substitutes are limited. However, the rise of e-commerce and changing consumer behavior pose a moderate threat.

Bargaining Power Of Customers

Mercialys' customers, including retailers and restaurants, have significant bargaining power due to their large scale and ability to negotiate rents.

Bargaining Power Of Suppliers

Mercialys has a diversified supplier base, reducing its dependence on individual suppliers and limiting their bargaining power.

Threat Of New Entrants

The retail property market has high barriers to entry, including significant capital requirements and regulatory hurdles, making it difficult for new entrants to compete with Mercialys.

Intensity Of Rivalry

Mercialys operates in a competitive market, but its diversified portfolio and strong brand recognition help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.58%
Debt Cost 11.75%
Equity Weight 98.42%
Equity Cost 11.75%
WACC 11.75%
Leverage 1.60%

11. Quality Control: Mercialys 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
Wereldhave

A-Score: 7.2/10

Value: 5.7

Growth: 4.0

Quality: 6.5

Yield: 10.0

Momentum: 7.5

Volatility: 9.7

1-Year Total Return ->

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Patrimoine et Commerce

A-Score: 6.8/10

Value: 4.5

Growth: 4.8

Quality: 4.9

Yield: 8.8

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Retail Estates

A-Score: 6.4/10

Value: 5.4

Growth: 3.9

Quality: 6.9

Yield: 9.4

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Frey

A-Score: 5.9/10

Value: 3.3

Growth: 5.4

Quality: 4.5

Yield: 9.4

Momentum: 3.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Mercialys

A-Score: 5.7/10

Value: 3.8

Growth: 3.1

Quality: 4.9

Yield: 10.0

Momentum: 3.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Vastned Retail

A-Score: 5.6/10

Value: 6.1

Growth: 3.7

Quality: 4.2

Yield: 10.0

Momentum: 3.0

Volatility: 6.3

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

10.66$

Current Price

10.66$

Potential

-0.00%

Expected Cash-Flows