MERLIN PROPERTIES SOCIMI SA (MRL.LS) Stock Fundamental Analysis

Europe • Euronext Lisbon • ELI:MRL • ES0105025003

13.4 EUR
+0.01 (+0.07%)
Last: Feb 4, 2026, 07:00 PM
Fundamental Rating

5

Overall MRL gets a fundamental rating of 5 out of 10. We evaluated MRL against 42 industry peers in the Diversified REITs industry. While MRL belongs to the best of the industry regarding profitability, there are some minor concerns on its financial health. MRL is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • MRL had positive earnings in the past year.
  • In the past year MRL had a positive cash flow from operations.
  • MRL had positive earnings in 4 of the past 5 years.
  • MRL had a positive operating cash flow in each of the past 5 years.
MRL.LS Yearly Net Income VS EBIT VS OCF VS FCFMRL.LS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M 600M 800M 1B

1.2 Ratios

  • MRL has a better Return On Assets (4.96%) than 85.71% of its industry peers.
  • MRL's Return On Equity of 8.42% is amongst the best of the industry. MRL outperforms 80.95% of its industry peers.
  • The Return On Invested Capital of MRL (4.66%) is better than 85.71% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for MRL is in line with the industry average of 3.37%.
  • The last Return On Invested Capital (4.66%) for MRL is above the 3 year average (1.58%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 4.96%
ROE 8.42%
ROIC 4.66%
ROA(3y)1.2%
ROA(5y)1.52%
ROE(3y)2.12%
ROE(5y)2.9%
ROIC(3y)1.58%
ROIC(5y)1.78%
MRL.LS Yearly ROA, ROE, ROICMRL.LS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

1.3 Margins

  • With an excellent Profit Margin value of 129.18%, MRL belongs to the best of the industry, outperforming 97.62% of the companies in the same industry.
  • In the last couple of years the Profit Margin of MRL has declined.
  • With an excellent Operating Margin value of 150.20%, MRL belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
  • In the last couple of years the Operating Margin of MRL has remained more or less at the same level.
Industry RankSector Rank
OM 150.2%
PM (TTM) 129.18%
GM N/A
OM growth 3Y-1.09%
OM growth 5Y0.36%
PM growth 3Y-19.36%
PM growth 5Y-12.12%
GM growth 3YN/A
GM growth 5YN/A
MRL.LS Yearly Profit, Operating, Gross MarginsMRL.LS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 100 150 200

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ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. Health

2.1 Basic Checks

  • MRL has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • MRL has more shares outstanding than it did 1 year ago.
  • MRL has more shares outstanding than it did 5 years ago.
  • MRL has a better debt/assets ratio than last year.
MRL.LS Yearly Shares OutstandingMRL.LS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M 500M
MRL.LS Yearly Total Debt VS Total AssetsMRL.LS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B

2.2 Solvency

  • MRL has an Altman-Z score of 1.46. This is a bad value and indicates that MRL is not financially healthy and even has some risk of bankruptcy.
  • The Altman-Z score of MRL (1.46) is better than 92.86% of its industry peers.
  • MRL has a debt to FCF ratio of 14.59. This is a negative value and a sign of low solvency as MRL would need 14.59 years to pay back of all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 14.59, MRL is in line with its industry, outperforming 47.62% of the companies in the same industry.
  • MRL has a Debt/Equity ratio of 0.55. This is a neutral value indicating MRL is somewhat dependend on debt financing.
  • The Debt to Equity ratio of MRL (0.55) is better than 71.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.55
Debt/FCF 14.59
Altman-Z 1.46
ROIC/WACC0.83
WACC5.63%
MRL.LS Yearly LT Debt VS Equity VS FCFMRL.LS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B

2.3 Liquidity

  • MRL has a Current Ratio of 3.53. This indicates that MRL is financially healthy and has no problem in meeting its short term obligations.
  • The Current ratio of MRL (3.53) is better than 97.62% of its industry peers.
  • MRL has a Quick Ratio of 3.33. This indicates that MRL is financially healthy and has no problem in meeting its short term obligations.
  • The Quick ratio of MRL (3.33) is better than 97.62% of its industry peers.
Industry RankSector Rank
Current Ratio 3.53
Quick Ratio 3.33
MRL.LS Yearly Current Assets VS Current LiabilitesMRL.LS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

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4

3. Growth

3.1 Past

  • The earnings per share for MRL have decreased strongly by -42.92% in the last year.
  • Measured over the past years, MRL shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -14.33% on average per year.
  • Looking at the last year, MRL shows a small growth in Revenue. The Revenue has grown by 7.93% in the last year.
  • MRL shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -0.78% yearly.
EPS 1Y (TTM)-42.92%
EPS 3Y-19.91%
EPS 5Y-14.33%
EPS Q2Q%0%
Revenue 1Y (TTM)7.93%
Revenue growth 3Y1.87%
Revenue growth 5Y-0.78%
Sales Q2Q%16.75%

3.2 Future

  • Based on estimates for the next years, MRL will show a quite strong growth in Earnings Per Share. The EPS will grow by 9.09% on average per year.
  • MRL is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 15.47% yearly.
EPS Next Y-0.58%
EPS Next 2Y1.24%
EPS Next 3Y3.67%
EPS Next 5Y9.09%
Revenue Next Year9.75%
Revenue Next 2Y8.81%
Revenue Next 3Y9.99%
Revenue Next 5Y15.47%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
MRL.LS Yearly Revenue VS EstimatesMRL.LS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 200M 400M 600M 800M 1B
MRL.LS Yearly EPS VS EstimatesMRL.LS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.5 1 1.5

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2

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 23.93, MRL is valued on the expensive side.
  • MRL's Price/Earnings ratio is in line with the industry average.
  • The average S&P500 Price/Earnings ratio is at 28.25. MRL is around the same levels.
  • The Price/Forward Earnings ratio is 23.35, which indicates a rather expensive current valuation of MRL.
  • Based on the Price/Forward Earnings ratio, MRL is valued a bit more expensive than 78.57% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 27.50, MRL is valued at the same level.
Industry RankSector Rank
PE 23.93
Fwd PE 23.35
MRL.LS Price Earnings VS Forward Price EarningsMRL.LS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, MRL is valued a bit cheaper than the industry average as 78.57% of the companies are valued more expensively.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of MRL indicates a slightly more expensive valuation: MRL is more expensive than 76.19% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 24.84
EV/EBITDA 14.32
MRL.LS Per share dataMRL.LS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

  • MRL has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y1.24%
EPS Next 3Y3.67%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 1.43%, MRL has a reasonable but not impressive dividend return.
  • With a Dividend Yield of 1.43, MRL pays less dividend than the industry average, which is at 5.30. 83.33% of the companies listed in the same industry pay a better dividend than MRL!
  • Compared to the average S&P500 Dividend Yield of 1.82, MRL is paying slightly less dividend.
Industry RankSector Rank
Dividend Yield 1.43%

5.2 History

  • On average, the dividend of MRL grows each year by 8.36%, which is quite nice.
Dividend Growth(5Y)8.36%
Div Incr Years0
Div Non Decr Years0
MRL.LS Yearly Dividends per shareMRL.LS Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

  • MRL pays out 16.88% of its income as dividend. This is a sustainable payout ratio.
  • MRL's earnings are growing around the same pace than its dividend. As long as the earnings growth is kept the dividend growth is sustainable.
DP16.88%
EPS Next 2Y1.24%
EPS Next 3Y3.67%
MRL.LS Yearly Income VS Free CF VS DividendMRL.LS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M 600M 800M 1B
MRL.LS Dividend Payout.MRL.LS Dividend Payout, showing the Payout Ratio.MRL.LS Dividend Payout.PayoutRetained Earnings

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MERLIN PROPERTIES SOCIMI SA

ELI:MRL (2/4/2026, 7:00:00 PM)

13.4

+0.01 (+0.07%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-14
Earnings (Next)02-26
Inst Owners39.08%
Inst Owner ChangeN/A
Ins Owners0.28%
Ins Owner ChangeN/A
Market Cap7.55B
Revenue(TTM)520.00M
Net Income(TTM)664.00M
Analysts84.62
Price Target15.43 (15.15%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.43%
Yearly Dividend0.44
Dividend Growth(5Y)8.36%
DP16.88%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-0.99%
Min EPS beat(2)-8.06%
Max EPS beat(2)6.08%
EPS beat(4)2
Avg EPS beat(4)1.19%
Min EPS beat(4)-15.13%
Max EPS beat(4)21.86%
EPS beat(8)3
Avg EPS beat(8)33.95%
EPS beat(12)5
Avg EPS beat(12)25.63%
EPS beat(16)8
Avg EPS beat(16)67.76%
Revenue beat(2)2
Avg Revenue beat(2)7.38%
Min Revenue beat(2)0.4%
Max Revenue beat(2)14.37%
Revenue beat(4)3
Avg Revenue beat(4)1.6%
Min Revenue beat(4)-12.21%
Max Revenue beat(4)14.37%
Revenue beat(8)6
Avg Revenue beat(8)0.28%
Revenue beat(12)8
Avg Revenue beat(12)-0.15%
Revenue beat(16)10
Avg Revenue beat(16)-1.04%
PT rev (1m)-0.19%
PT rev (3m)2.74%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0.17%
EPS NY rev (3m)-0.64%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-5.86%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.25%
Valuation
Industry RankSector Rank
PE 23.93
Fwd PE 23.35
P/S 14.7
P/FCF 24.84
P/OCF 23.17
P/B 0.96
P/tB 0.96
EV/EBITDA 14.32
EPS(TTM)0.56
EY4.18%
EPS(NY)0.57
Fwd EY4.28%
FCF(TTM)0.54
FCFY4.03%
OCF(TTM)0.58
OCFY4.32%
SpS0.91
BVpS13.99
TBVpS13.99
PEG (NY)N/A
PEG (5Y)N/A
Graham Number13.28
Profitability
Industry RankSector Rank
ROA 4.96%
ROE 8.42%
ROCE 5.9%
ROIC 4.66%
ROICexc 4.98%
ROICexgc 4.98%
OM 150.2%
PM (TTM) 129.18%
GM N/A
FCFM 59.17%
ROA(3y)1.2%
ROA(5y)1.52%
ROE(3y)2.12%
ROE(5y)2.9%
ROIC(3y)1.58%
ROIC(5y)1.78%
ROICexc(3y)1.73%
ROICexc(5y)1.91%
ROICexgc(3y)1.73%
ROICexgc(5y)1.91%
ROCE(3y)2.01%
ROCE(5y)2.26%
ROICexgc growth 3Y5.21%
ROICexgc growth 5Y2.58%
ROICexc growth 3Y5.21%
ROICexc growth 5Y2.58%
OM growth 3Y-1.09%
OM growth 5Y0.36%
PM growth 3Y-19.36%
PM growth 5Y-12.12%
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.55
Debt/FCF 14.59
Debt/EBITDA 5.58
Cap/Depr 416.16%
Cap/Sales 4.26%
Interest Coverage 6.6
Cash Conversion 41.94%
Profit Quality 45.8%
Current Ratio 3.53
Quick Ratio 3.33
Altman-Z 1.46
F-Score7
WACC5.63%
ROIC/WACC0.83
Cap/Depr(3y)208.13%
Cap/Depr(5y)196.25%
Cap/Sales(3y)1.55%
Cap/Sales(5y)1.2%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-42.92%
EPS 3Y-19.91%
EPS 5Y-14.33%
EPS Q2Q%0%
EPS Next Y-0.58%
EPS Next 2Y1.24%
EPS Next 3Y3.67%
EPS Next 5Y9.09%
Revenue 1Y (TTM)7.93%
Revenue growth 3Y1.87%
Revenue growth 5Y-0.78%
Sales Q2Q%16.75%
Revenue Next Year9.75%
Revenue Next 2Y8.81%
Revenue Next 3Y9.99%
Revenue Next 5Y15.47%
EBIT growth 1Y116.77%
EBIT growth 3Y0.76%
EBIT growth 5Y-0.43%
EBIT Next Year13.26%
EBIT Next 3Y11.46%
EBIT Next 5Y13.18%
FCF growth 1Y8.78%
FCF growth 3Y9.53%
FCF growth 5Y0.9%
OCF growth 1Y15.92%
OCF growth 3Y11.21%
OCF growth 5Y1.46%

MERLIN PROPERTIES SOCIMI SA / MRL.LS FAQ

What is the ChartMill fundamental rating of MERLIN PROPERTIES SOCIMI SA (MRL.LS) stock?

ChartMill assigns a fundamental rating of 5 / 10 to MRL.LS.


Can you provide the valuation status for MERLIN PROPERTIES SOCIMI SA?

ChartMill assigns a valuation rating of 2 / 10 to MERLIN PROPERTIES SOCIMI SA (MRL.LS). This can be considered as Overvalued.


What is the profitability of MRL stock?

MERLIN PROPERTIES SOCIMI SA (MRL.LS) has a profitability rating of 7 / 10.


What is the financial health of MERLIN PROPERTIES SOCIMI SA (MRL.LS) stock?

The financial health rating of MERLIN PROPERTIES SOCIMI SA (MRL.LS) is 5 / 10.


What is the expected EPS growth for MERLIN PROPERTIES SOCIMI SA (MRL.LS) stock?

The Earnings per Share (EPS) of MERLIN PROPERTIES SOCIMI SA (MRL.LS) is expected to decline by -0.58% in the next year.