(Boursier.com) — Mersen climbed by more than 4% this Wednesday to 37.40 euros, while the group achieved a record turnover of 1.211 billion euros, organic growth of +13.2% compared to 2022, of which around 5 % is linked to price increases. Overall, sustainable development markets – including renewable energy, electronics and green transport – represent 56% of turnover.
The Group’s current Ebitda reached 202.7 million euros, up 8.7% compared to 2022 (+14% at constant exchange rates). Current operating profit reached €137.3 million, representing growth of +12.9% compared to 2022 (+19% at constant exchange rates). The current operating margin was 11.3%, an increase of 40 basis points.
The Group’s share of net income amounts to €81.6 million for the year 2023, representing growth of more than 20% compared to 2022.
Net debt at the end of 2023 reached 212.5 ME, down compared to the end of 2022 (240.6 ME), mainly due to the capital increase (net of costs) of 96 ME carried out in May and, vice versa. , the significant increase in investments as part of the Group’s growth plan.
For the year 2023, the Group displays a return on capital employed (ROCE) of 13% (12.5% in 2022), in a favorable context of very high utilization of production capacities, while the investments made as part of the growth plan were only very partially implemented.
As of December 31, 2023, Mersen maintains a solid financial structure with a leverage of 1.09x and a gearing of 25%.
A dividend of 1.25 euros
The Mersen Board of Directors will propose to the General Meeting of Shareholders on May 16, the payment of a dividend of 1.25 euros per share in cash, stable compared to 2022.
Quoting…
Mersen will continue the deployment of its medium-term plan in 2024. In particular, it will rely on its growth markets. For 2024, Mersen aims:
– organic growth in turnover of around 5%;
– a current operating margin of around 11% of turnover;
– industrial investments between 200 and 240 ME, depending on the pace of project execution, including 110 to 150 ME linked to investments in the growth plan in accordance with the Group’s roadmap.
Portzamparc speaks of “publications and perspectives perfectly in line with expectations”. Enough to highlight an attractive valuation (9.5 EV/Ebit 2024) and aim for a price of 46.10 euros while remaining a buyer on the file.