Mercialys

MERY.PA

REIT - Retail · Real Estate

Exchange

Euronext Paris

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Exceptional

Stability

Weak

Valuation

Mixed

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Winston Score History

The full picture

Mercialys is a French real estate company that owns and manages shopping centers across France. Its properties are anchored by grocery stores and everyday retail tenants, making them destinations for regular household shopping rather than luxury or tourism. The company was originally spun out of Casino Group, one of France's largest supermarket chains, which shaped its portfolio around food-anchored retail assets.

Mercialys earns money by collecting rent from the retailers and service businesses that lease space in its shopping centers. It operates entirely within France, with a portfolio of roughly 50 sites concentrated in mid-sized cities and regional markets. Its competitive position relies on long-term leases and the resilience of necessity-based retail, which tends to hold up better than discretionary shopping during economic downturns. The main risk the company faces is the ongoing shift toward e-commerce, which continues to pressure physical retail tenants and could make it harder to maintain high occupancy rates and rental income over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+10.5% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

0.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€2.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Mercialys is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

38.2%

Modest — 38.2% gross margin

Profit after running costs

Operating Margin

11.9%

Modest — 11.9% operating margin

Return on the money invested

ROCE

2.2%

Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+3.2%

Slow sales growth (+3.2% YoY)

Profit growth

EPS YoY

-37.9%

Earnings shrinking (-37.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

405%

Turns 405% of profit into real cash

Spare cash per sale

FCF Margin

15.7%

Converts sales into free cash efficiently (15.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

2.82

Heavy debt load (2.82)

Covers its interest

Interest Cover

0.94x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

20.0x

no trend

Growth-priced — P/E 20.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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