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

ELI:MRL • ES0105025003

Current stock price

13.7 EUR
+0.3 (+2.24%)
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

  • In the past year MRL was profitable.
  • MRL had a positive operating cash flow in the past year.
  • 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 2025 0 200M 400M 600M 800M 1B

1.2 Ratios

  • MRL's Return On Assets of 5.33% is amongst the best of the industry. MRL outperforms 85.71% of its industry peers.
  • MRL has a Return On Equity of 9.41%. This is amongst the best in the industry. MRL outperforms 85.71% of its industry peers.
  • With a Return On Invested Capital value of 2.23%, MRL is not doing good in the industry: 76.19% of the companies in the same industry are doing better.
  • The Average Return On Invested Capital over the past 3 years for MRL is in line with the industry average of 3.64%.
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 Profit Margin of 140.92%. This is amongst the best in the industry. MRL outperforms 100.00% of its industry peers.
  • In the last couple of years the Profit Margin of MRL has grown nicely.
  • With a Operating Margin value of 68.53%, MRL perfoms like the industry average, outperforming 54.76% 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 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

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MRL is destroying value.
  • The number of shares outstanding for MRL remains at a similar level compared to 1 year ago.
  • The number of shares outstanding for MRL has been increased compared to 5 years ago.
  • Compared to 1 year ago, MRL has an improved debt to assets ratio.
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

  • MRL has an Altman-Z score of 1.22. 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 (1.22) is better than 80.95% of its industry peers.
  • 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 has a Debt to FCF ratio of 12.28. This is in the better half of the industry: MRL outperforms 61.90% of its industry peers.
  • A Debt/Equity ratio of 0.51 indicates that MRL is somewhat dependend on debt financing.
  • MRL's Debt to Equity ratio of 0.51 is fine compared to the rest of the industry. MRL outperforms 78.57% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.51
Debt/FCF 12.28
Altman-Z 1.22
ROIC/WACC0.4
WACC5.61%
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

  • MRL has a Current Ratio of 1.18. This is a normal value and indicates that MRL is financially healthy and should not expect problems in meeting its short term obligations.
  • MRL has a better Current ratio (1.18) than 85.71% of its industry peers.
  • MRL has a Quick Ratio of 1.13. This is a normal value and indicates that MRL is financially healthy and should not expect problems in meeting its short term obligations.
  • MRL's Quick ratio of 1.13 is amongst the best of the industry. MRL outperforms 80.95% of its industry peers.
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
  • MRL shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 9.05%.
  • MRL shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -0.80% yearly.
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

  • Based on estimates for the next years, MRL will show a quite strong growth in Earnings Per Share. The EPS will grow by 9.07% on average per year.
  • The Revenue is expected to grow by 15.35% on average over the next years. This is quite good.
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.
  • 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. MRL.LS Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 24.46, which indicates a rather expensive current valuation of MRL.
  • Based on the Price/Earnings ratio, MRL is valued a bit more expensive than 64.29% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 25.61. MRL is around the same levels.
  • Based on the Price/Forward Earnings ratio of 19.12, the valuation of MRL can be described as rather expensive.
  • MRL's Price/Forward Earnings ratio is rather expensive when compared to the industry. MRL is more expensive than 80.95% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 22.79. MRL is around the same levels.
Industry RankSector Rank
PE 24.46
Fwd PE 19.12
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

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as MRL.
  • 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 61.90% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 19.07
EV/EBITDA 30.46
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.
  • The decent profitability rating of MRL may justify a higher PE ratio.
PEG (NY)1.63
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

  • With a Yearly Dividend Yield of 2.56%, MRL has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 5.52, MRL's dividend is way lower than its industry peers. On top of this 80.95% of the companies listed in the same industry pay a better dividend than MRL!
  • Compared to an average S&P500 Dividend Yield of 1.89, MRL pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.56%

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 16.22% of its income as dividend. This is a sustainable payout ratio.
  • The dividend of MRL is growing around the same rate as the earnings are growing. If this keeps up 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 (3/25/2026, 7:00:00 PM)

13.7

+0.3 (+2.24%)

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 Cap7.72B
Revenue(TTM)539.41M
Net Income(TTM)760.16M
Analysts84.62
Price Target15.41 (12.48%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.56%
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)-0.57%
Revenue NY rev (3m)0.79%
Valuation
Industry RankSector Rank
PE 24.46
Fwd PE 19.12
P/S 14.32
P/FCF 19.07
P/OCF 18.58
P/B 0.96
P/tB 0.96
EV/EBITDA 30.46
EPS(TTM)0.56
EY4.09%
EPS(NY)0.72
Fwd EY5.23%
FCF(TTM)0.72
FCFY5.24%
OCF(TTM)0.74
OCFY5.38%
SpS0.96
BVpS14.32
TBVpS14.32
PEG (NY)1.63
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 1.22
F-Score7
WACC5.61%
ROIC/WACC0.4
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-19.1%
EBIT Next 3Y3.2%
EBIT Next 5Y7.79%
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 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 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.