Exane BNP Paribas dégrade son avis sur Mersen de surpeformance à neutre, après une publication de chiffre d’affaires trimestriel décevante. Le courtier estime que les objectifs financiers pour 2013, maintenus par le fabricant de produits en graphite, seront très difficiles à tenir.
« Mersen’s Q1 2013 revenues dropped by 10% YoY to EUR187m, 3% below our estimates. On an organic basis, they declined by 9.4%, vs our -6.8%e. Business trends continued to deteriorate during this quarter (1.1% organic decline vs Q4 2012), mainly driven by Asia and Germany.
Our upgrade last year was mainly driven by an expected near recovery of solar revenues and a good resistance of other end-markets. We were clearly wrong and see no improvement in the short-term. Based on our adjusted estimates, the stock trades in line with its historical multiples (9x 12M EV/EBIT). We cut our rating from Outperform to Neutral. »