Mercialys share hits its lowest level since 2023, below €9.50
The shopping center real estate company suffers another setback on Thursday, touching an unprecedented level since 2023 during trading. The decline reflects a Paris market heavily weighed down by tension on French debt, with the CAC 40 falling 1.4% at mid-session.
New three-year low at €9.45, well below its three moving averages
The Mercialys share is down 2.87% at €9.47 during trading, after touching €9.45 in the morning, a new low since 2023. This three-year floor erases the previous downside record of €9.47 and extends a decline that now reaches -14.68% for the month and 19.2% for the quarter. The technical configuration is bearish: the share is trading well below its MA20 at €10.47, with a gap of more than 9.5%, and even further below its MA50 at €11.17.
The RSI at 19 signals extreme oversold conditions, a level at which the share had briefly rebounded mid-September before falling back. On the short position side, partial share buybacks are underway, with the company having acquired €5 million of its own shares over twelve months according to the latest statement of September 16, without this being sufficient to halt the decline.
French bond pressure and fundamentals monitored for the real estate company
The session takes place in a context of extreme tension on French borrowing rates: the yield on the 10-year OAT reached 4.86%, the highest level since 2008, and the spread with the German Bund stands at 1.17 percentage points, its highest level since 2012. Listed real estate companies, whose valuation models are directly sensitive to rising discount rates, are bearing the brunt of this increase, as had already been highlighted in the brief of September 25. On the fundamental side, when publishing first-half 2026 results (July 28, 2026), Mercialys had raised its annual recurring net income and dividend targets, based on positive rental reversion of +2.3%.
However, the debt ratio remained high at 41.9% of assets, weakening the file in an environment of rising debt costs. According to the consensus of analysts surveyed, the share is trading at approximately 7.2 times expected earnings for the current fiscal year, a valuation that must be viewed against the backdrop of now elevated French sovereign bond yields.
