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

ELI:MRL • ES0105025003

13.99 EUR
+0.19 (+1.38%)
Last: Feb 23, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

5

MRL gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 42 industry peers in the Diversified REITs industry. MRL has an excellent profitability rating, but there are some minor concerns on its financial health. MRL is quite expensive at the moment. 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.
  • Each year in the past 5 years MRL had a positive operating cash flow.
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 Return On Assets of 4.96%. This is amongst the best in the industry. MRL outperforms 85.71% of its industry peers.
  • The Return On Equity of MRL (8.42%) is better than 80.95% of its industry peers.
  • With an excellent Return On Invested Capital value of 4.66%, MRL belongs to the best of the industry, outperforming 85.71% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for MRL is in line with the industry average of 3.46%.
  • The 3 year average ROIC (1.58%) for MRL is below the current ROIC(4.66%), indicating increased profibility in the last year.
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

  • MRL's Profit Margin of 129.18% is amongst the best of the industry. MRL outperforms 97.62% of its industry peers.
  • In the last couple of years the Profit Margin of MRL has declined.
  • Looking at the Operating Margin, with a value of 150.20%, MRL belongs to the top 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

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MRL is destroying value.
  • Compared to 1 year ago, MRL has more shares outstanding
  • The number of shares outstanding for MRL has been increased compared to 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 1.49. This is a bad value and indicates that MRL is not financially healthy and even has some risk of bankruptcy.
  • With an excellent Altman-Z score value of 1.49, MRL belongs to the best of the industry, outperforming 92.86% of the companies in the same industry.
  • The Debt to FCF ratio of MRL is 14.59, which is on the high side as it means it would take MRL, 14.59 years of fcf income to pay off all of its debts.
  • MRL has a Debt to FCF ratio (14.59) which is in line with its industry peers.
  • MRL has a Debt/Equity ratio of 0.55. This is a neutral value indicating MRL is somewhat dependend on debt financing.
  • With a decent Debt to Equity ratio value of 0.55, MRL is doing good in the industry, outperforming 71.43% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.55
Debt/FCF 14.59
Altman-Z 1.49
ROIC/WACC0.82
WACC5.69%
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

  • A Current Ratio of 3.53 indicates that MRL has no problem at all paying its short term obligations.
  • MRL has a better Current ratio (3.53) than 97.62% of its industry peers.
  • A Quick Ratio of 3.33 indicates that MRL has no problem at all paying 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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. Growth

3.1 Past

  • The earnings per share for MRL have decreased strongly by -42.92% in the last year.
  • The earnings per share for MRL have been decreasing by -14.33% on average. This is quite bad
  • MRL shows a small growth in Revenue. In the last year, the Revenue has grown by 7.93%.
  • 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

  • The Earnings Per Share is expected to grow by 8.67% on average over the next years. This is quite good.
  • The Revenue is expected to grow by 14.92% on average over the next years. This is quite good.
EPS Next Y-0.58%
EPS Next 2Y1.24%
EPS Next 3Y3.67%
EPS Next 5Y8.67%
Revenue Next Year10.97%
Revenue Next 2Y9.55%
Revenue Next 3Y10.58%
Revenue Next 5Y14.92%

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 24.98, MRL is valued on the expensive side.
  • The rest of the industry has a similar Price/Earnings ratio as MRL.
  • Compared to an average S&P500 Price/Earnings ratio of 26.64, MRL is valued at the same level.
  • Based on the Price/Forward Earnings ratio of 24.38, the valuation of MRL can be described as rather expensive.
  • 78.57% of the companies in the same industry are cheaper than MRL, based on the Price/Forward Earnings ratio.
  • MRL is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 27.75, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 24.98
Fwd PE 24.38
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 76.19% of the companies are valued more expensively.
  • 76.19% of the companies in the same industry are cheaper than MRL, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 25.93
EV/EBITDA 14.75
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

  • MRL has a Yearly Dividend Yield of 1.28%.
  • Compared to an average industry Dividend Yield of 5.29, MRL's dividend is way lower than its industry peers. On top of this 83.33% of the companies listed in the same industry pay a better dividend than MRL!
  • MRL's Dividend Yield is slightly below the S&P500 average, which is at 1.80.
Industry RankSector Rank
Dividend Yield 1.28%

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 (2/23/2026, 7:00:00 PM)

13.99

+0.19 (+1.38%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-14
Earnings (Next)02-27
Inst Owners39.08%
Inst Owner ChangeN/A
Ins Owners0.28%
Ins Owner ChangeN/A
Market Cap7.89B
Revenue(TTM)520.00M
Net Income(TTM)664.00M
Analysts84.62
Price Target15.42 (10.22%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.28%
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)-0.13%
PT rev (3m)4.47%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.82%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)1.11%
Revenue NY rev (3m)0.72%
Valuation
Industry RankSector Rank
PE 24.98
Fwd PE 24.38
P/S 15.34
P/FCF 25.93
P/OCF 24.19
P/B 1
P/tB 1
EV/EBITDA 14.75
EPS(TTM)0.56
EY4%
EPS(NY)0.57
Fwd EY4.1%
FCF(TTM)0.54
FCFY3.86%
OCF(TTM)0.58
OCFY4.13%
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 1.49
F-Score7
WACC5.69%
ROIC/WACC0.82
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 5Y8.67%
Revenue 1Y (TTM)7.93%
Revenue growth 3Y1.87%
Revenue growth 5Y-0.78%
Sales Q2Q%16.75%
Revenue Next Year10.97%
Revenue Next 2Y9.55%
Revenue Next 3Y10.58%
Revenue Next 5Y14.92%
EBIT growth 1Y116.77%
EBIT growth 3Y0.76%
EBIT growth 5Y-0.43%
EBIT Next Year13.26%
EBIT Next 3Y11.46%
EBIT Next 5Y12.14%
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.