(Boursier.com) — Mersen climbed by nearly 4% to 40.75 euros on Friday, while the group achieved consolidated revenue of 294 million euros in the 4th quarter of 2022, up by more than +19% at constant scope and exchange rates . Taking into account a positive exchange rate effect of almost 7 ME, growth was 22.7%.
For the year 2022, Mersen achieves consolidated sales of 1.115 billion euros, representing organic growth of more than 15% compared to 2021. Around 5% of this growth is linked to price increases.
Taking into account the favorable exchange rate effects linked mainly to the appreciation of the US dollar and the Chinese Ren-min-bi, growth was nearly 21%.
Forecasts displayed
Based on the turnover achieved in 2022, the Mersen Group expects to post a current operating margin for the year of around 10.9% (previously around 10.8%). Current EBITDA margin is expected to grow by around 60 basis points compared to 2021 (previously 50 basis points). Net industrial investments should be, as indicated above, around 90 ME.
“This new excellent publication leads us to once again raise our expectations for 2023 and beyond” comments Portzamparc. “Despite the risks of recession in 2023, Mersen continues to benefit from its positioning and from a sustained and favorable momentum on all of its markets and from significant ‘pricing power’. Our price target has been raised from 41 to 45 .3 euros At these levels (9.4x EV/EBIT, 6x EV/EBITDA), the valuation still seems attractive to us” concludes the analyst.
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