MERLIN PROPERTIES SOCIMI SA (MRL.LS) Fundamental Analysis & Valuation

ELI:MRL • ES0105025003

Current stock price

14.1 EUR
+0.2 (+1.44%)
Last:

This MRL.LS fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

6

1. MRL.LS Profitability Analysis

1.1 Basic Checks

  • MRL had positive earnings in the past year.
  • In the past year MRL had a positive cash flow from operations.
  • Of the past 5 years MRL 4 years were profitable.
  • 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 2025 0 200M 400M 600M 800M 1B

1.2 Ratios

  • The Return On Assets of MRL (5.33%) is better than 86.05% of its industry peers.
  • MRL's Return On Equity of 9.41% is amongst the best of the industry. MRL outperforms 86.05% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 2.23%, MRL is doing worse than 76.74% of the companies in the same industry.
  • MRL had an Average Return On Invested Capital over the past 3 years of 2.35%. This is in line with the industry average of 3.74%.
Industry RankSector Rank
ROA 5.33%
ROE 9.41%
ROIC 2.23%
ROA(3y)2.31%
ROA(5y)2.54%
ROE(3y)4.08%
ROE(5y)4.67%
ROIC(3y)2.35%
ROIC(5y)2.3%
MRL.LS Yearly ROA, ROE, ROICMRL.LS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 10 15

1.3 Margins

  • MRL has a better Profit Margin (140.92%) than 100.00% of its industry peers.
  • MRL's Profit Margin has improved in the last couple of years.
  • MRL has a Operating Margin (68.53%) which is comparable to the rest of the 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 68.53%
PM (TTM) 140.92%
GM N/A
OM growth 3Y-0.47%
OM growth 5Y-0.97%
PM growth 3Y34.52%
PM growth 5Y63.11%
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 2025 0 50 100 150 200

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5

2. MRL.LS Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MRL is destroying value.
  • Compared to 1 year ago, MRL has about the same amount of shares outstanding.
  • Compared to 5 years ago, MRL has more shares outstanding
  • The debt/assets ratio for MRL has been reduced compared to a year ago.
MRL.LS Yearly Shares OutstandingMRL.LS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 5B 10B

2.2 Solvency

  • Based on the Altman-Z score of 1.24, we must say that MRL is in the distress zone and has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 1.24, MRL belongs to the top of the industry, outperforming 83.72% of the companies in the same industry.
  • The Debt to FCF ratio of MRL is 12.28, which is on the high side as it means it would take MRL, 12.28 years of fcf income to pay off all of its debts.
  • MRL's Debt to FCF ratio of 12.28 is fine compared to the rest of the industry. MRL outperforms 60.47% of its industry peers.
  • MRL has a Debt/Equity ratio of 0.51. This is a neutral value indicating MRL is somewhat dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.51, MRL is in the better half of the industry, outperforming 74.42% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.51
Debt/FCF 12.28
Altman-Z 1.24
ROIC/WACC0.39
WACC5.66%
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 2025 0 2B 4B 6B 8B

2.3 Liquidity

  • A Current Ratio of 1.18 indicates that MRL should not have too much problems paying its short term obligations.
  • MRL has a better Current ratio (1.18) than 88.37% of its industry peers.
  • A Quick Ratio of 1.13 indicates that MRL should not have too much problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 1.13, MRL belongs to the top of the industry, outperforming 83.72% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.18
Quick Ratio 1.13
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 2025 500M 1B 1.5B

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4

3. MRL.LS Growth Analysis

3.1 Past

  • The earnings per share for MRL have decreased by -8.20% in the last year.
  • The earnings per share for MRL have been decreasing by -14.43% on average. This is quite bad
  • Looking at the last year, MRL shows a quite strong growth in Revenue. The Revenue has grown by 9.05% in the last year.
  • Measured over the past years, MRL shows a decrease in Revenue. The Revenue has been decreasing by -0.80% on average per year.
EPS 1Y (TTM)-8.2%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%190.91%
Revenue 1Y (TTM)9.05%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%29.54%

3.2 Future

  • MRL is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 9.07% yearly.
  • MRL is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 15.35% yearly.
EPS Next Y15.01%
EPS Next 2Y13.12%
EPS Next 3Y7.36%
EPS Next 5Y9.07%
Revenue Next Year11.03%
Revenue Next 2Y9.24%
Revenue Next 3Y9.55%
Revenue Next 5Y15.35%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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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1

4. MRL.LS Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 25.18, which means the current valuation is very expensive for MRL.
  • Compared to the rest of the industry, the Price/Earnings ratio of MRL indicates a slightly more expensive valuation: MRL is more expensive than 62.79% of the companies listed in the same industry.
  • MRL is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 26.11, which is the current average of the S&P500 Index.
  • MRL is valuated rather expensively with a Price/Forward Earnings ratio of 19.67.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of MRL indicates a slightly more expensive valuation: MRL is more expensive than 79.07% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.12, MRL is valued at the same level.
Industry RankSector Rank
PE 25.18
Fwd PE 19.67
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

  • 62.79% of the companies in the same industry are cheaper than MRL, based on the Enterprise Value to EBITDA ratio.
  • 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 65.12% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 19.62
EV/EBITDA 31.21
MRL.LS Per share dataMRL.LS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10

4.3 Compensation for Growth

  • MRL's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
  • MRL has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)1.68
PEG (5Y)N/A
EPS Next 2Y13.12%
EPS Next 3Y7.36%

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5

5. MRL.LS Dividend Analysis

5.1 Amount

  • MRL has a Yearly Dividend Yield of 2.61%.
  • Compared to an average industry Dividend Yield of 5.46, MRL is paying slightly less dividend.
  • MRL's Dividend Yield is a higher than the S&P500 average which is at 1.91.
Industry RankSector Rank
Dividend Yield 2.61%

5.2 History

  • The dividend of MRL is nicely growing with an annual growth rate of 8.36%!
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

  • 16.22% of the earnings are spent on dividend by MRL. This is a low number and 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.
DP16.22%
EPS Next 2Y13.12%
EPS Next 3Y7.36%
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 2025 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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MRL.LS Fundamentals: All Metrics, Ratios and Statistics

MERLIN PROPERTIES SOCIMI SA

ELI:MRL (3/17/2026, 7:00:00 PM)

14.1

+0.2 (+1.44%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-27
Earnings (Next)05-14
Inst Owners36.99%
Inst Owner ChangeN/A
Ins Owners0.28%
Ins Owner ChangeN/A
Market Cap7.95B
Revenue(TTM)539.41M
Net Income(TTM)760.16M
Analysts84.62
Price Target15.41 (9.29%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.61%
Yearly Dividend0.44
Dividend Growth(5Y)8.36%
DP16.22%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)6.61%
Min Revenue beat(2)4.17%
Max Revenue beat(2)9.04%
Revenue beat(4)4
Avg Revenue beat(4)7%
Min Revenue beat(4)0.4%
Max Revenue beat(4)14.37%
Revenue beat(8)7
Avg Revenue beat(8)2.74%
Revenue beat(12)10
Avg Revenue beat(12)1.69%
Revenue beat(16)11
Avg Revenue beat(16)0.49%
PT rev (1m)-0.02%
PT rev (3m)-0.33%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)24.86%
EPS NY rev (3m)24.7%
Revenue NQ rev (1m)4.91%
Revenue NQ rev (3m)4.91%
Revenue NY rev (1m)0.79%
Revenue NY rev (3m)0.79%
Valuation
Industry RankSector Rank
PE 25.18
Fwd PE 19.67
P/S 14.74
P/FCF 19.62
P/OCF 19.13
P/B 0.98
P/tB 0.98
EV/EBITDA 31.21
EPS(TTM)0.56
EY3.97%
EPS(NY)0.72
Fwd EY5.08%
FCF(TTM)0.72
FCFY5.1%
OCF(TTM)0.74
OCFY5.23%
SpS0.96
BVpS14.32
TBVpS14.32
PEG (NY)1.68
PEG (5Y)N/A
Graham Number13.43
Profitability
Industry RankSector Rank
ROA 5.33%
ROE 9.41%
ROCE 2.82%
ROIC 2.23%
ROICexc 2.46%
ROICexgc 2.46%
OM 68.53%
PM (TTM) 140.92%
GM N/A
FCFM 75.09%
ROA(3y)2.31%
ROA(5y)2.54%
ROE(3y)4.08%
ROE(5y)4.67%
ROIC(3y)2.35%
ROIC(5y)2.3%
ROICexc(3y)2.58%
ROICexc(5y)2.48%
ROICexgc(3y)2.58%
ROICexgc(5y)2.48%
ROCE(3y)2.98%
ROCE(5y)2.91%
ROICexgc growth 3Y2.85%
ROICexgc growth 5Y4.68%
ROICexc growth 3Y2.85%
ROICexc growth 5Y4.68%
OM growth 3Y-0.47%
OM growth 5Y-0.97%
PM growth 3Y34.52%
PM growth 5Y63.11%
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.51
Debt/FCF 12.28
Debt/EBITDA 10.96
Cap/Depr 209.89%
Cap/Sales 1.96%
Interest Coverage 2.9
Cash Conversion 110.92%
Profit Quality 53.28%
Current Ratio 1.18
Quick Ratio 1.13
Altman-Z 1.24
F-Score7
WACC5.66%
ROIC/WACC0.39
Cap/Depr(3y)251.48%
Cap/Depr(5y)208.63%
Cap/Sales(3y)2.11%
Cap/Sales(5y)1.5%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-8.2%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%190.91%
EPS Next Y15.01%
EPS Next 2Y13.12%
EPS Next 3Y7.36%
EPS Next 5Y9.07%
Revenue 1Y (TTM)9.05%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%29.54%
Revenue Next Year11.03%
Revenue Next 2Y9.24%
Revenue Next 3Y9.55%
Revenue Next 5Y15.35%
EBIT growth 1Y1.49%
EBIT growth 3Y6.58%
EBIT growth 5Y2.85%
EBIT Next Year-19%
EBIT Next 3Y3.24%
EBIT Next 5Y7.82%
FCF growth 1Y36.23%
FCF growth 3Y22.48%
FCF growth 5Y25.12%
OCF growth 1Y31.19%
OCF growth 3Y23.22%
OCF growth 5Y25.28%

MERLIN PROPERTIES SOCIMI SA / MRL.LS Fundamental Analysis 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 1 / 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 6 / 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 grow by 15.01% in the next year.