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

ELI:MRL • ES0105025003

15 EUR
+0.58 (+4.02%)
Last: Feb 27, 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 43 industry peers in the Diversified REITs industry. Both the profitability and the financial health of MRL get a neutral evaluation. Nothing too spectacular is happening here. MRL is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • MRL had positive earnings in the past year.
  • MRL had a positive operating cash flow in the past year.
  • 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 better Return On Assets (4.96%) than 86.05% of its industry peers.
  • The Return On Equity of MRL (8.42%) is better than 79.07% of its industry peers.
  • MRL has a better Return On Invested Capital (4.66%) than 86.05% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for MRL is below the industry average of 3.59%.
  • 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

  • The Profit Margin of MRL (129.18%) is better than 97.67% of its industry peers.
  • MRL's Profit Margin has declined in the last couple of years.
  • MRL has a better Operating Margin (150.20%) than 100.00% of its industry peers.
  • MRL's Operating Margin has been stable in the last couple of years.
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.
  • The number of shares outstanding for MRL has been increased compared to 1 year ago.
  • MRL has more shares outstanding than it did 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 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

  • Based on the Altman-Z score of 1.55, we must say that MRL is in the distress zone and has some risk of bankruptcy.
  • With an excellent Altman-Z score value of 1.55, MRL belongs to the best of the industry, outperforming 93.02% of the companies in the same industry.
  • 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 51.16% of the companies in the same industry.
  • A Debt/Equity ratio of 0.55 indicates that MRL is somewhat dependend on debt financing.
  • MRL's Debt to Equity ratio of 0.55 is fine compared to the rest of the industry. MRL outperforms 72.09% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.55
Debt/FCF 14.59
Altman-Z 1.55
ROIC/WACC0.8
WACC5.79%
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.
  • MRL's Current ratio of 3.53 is amongst the best of the industry. MRL outperforms 97.67% 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.
  • Looking at the Quick ratio, with a value of 3.33, MRL belongs to the top of the industry, outperforming 97.67% of the companies in the same industry.
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

  • MRL shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -42.92%.
  • MRL shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.33% yearly.
  • The Revenue has been growing slightly by 7.93% in the past 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 8.67% on average per year.
  • Based on estimates for the next years, MRL will show a quite strong growth in Revenue. The Revenue will grow by 14.92% on average per year.
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

  • 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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2

4. Valuation

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 26.79 indicates a quite expensive valuation of 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 60.47% of the companies listed in the same industry.
  • The average S&P500 Price/Earnings ratio is at 27.13. MRL is around the same levels.
  • A Price/Forward Earnings ratio of 26.14 indicates a quite expensive valuation of MRL.
  • Based on the Price/Forward Earnings ratio, MRL is valued a bit more expensive than the industry average as 76.74% of the companies are valued more cheaply.
  • When comparing the Price/Forward Earnings ratio of MRL to the average of the S&P500 Index (28.11), we can say MRL is valued inline with the index average.
Industry RankSector Rank
PE 26.79
Fwd PE 26.14
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 76.74% of the companies are valued more expensively.
  • Based on the Price/Free Cash Flow ratio, MRL is valued a bit more expensive than the industry average as 69.77% of the companies are valued more cheaply.
Industry RankSector Rank
P/FCF 27.81
EV/EBITDA 15.49
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%

More info and screens

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

4

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 1.24%, MRL has a reasonable but not impressive dividend return.
  • With a Dividend Yield of 1.24, MRL pays less dividend than the industry average, which is at 5.12. 83.72% 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 1.24%

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

  • 16.88% of the earnings are spent on dividend by MRL. This is a low number and 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.
DP16.88%
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 (2/27/2026, 7:00:00 PM)

15

+0.58 (+4.02%)

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 Owners39.08%
Inst Owner ChangeN/A
Ins Owners0.28%
Ins Owner ChangeN/A
Market Cap8.46B
Revenue(TTM)520.00M
Net Income(TTM)664.00M
Analysts84.62
Price Target15.41 (2.73%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.24%
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)-0.14%
PT rev (3m)4.45%
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)6.22%
Revenue NQ rev (3m)6.22%
Revenue NY rev (1m)1.11%
Revenue NY rev (3m)0.72%
Valuation
Industry RankSector Rank
PE 26.79
Fwd PE 26.14
P/S 16.45
P/FCF 27.81
P/OCF 25.94
P/B 1.07
P/tB 1.07
EV/EBITDA 15.49
EPS(TTM)0.56
EY3.73%
EPS(NY)0.57
Fwd EY3.83%
FCF(TTM)0.54
FCFY3.6%
OCF(TTM)0.58
OCFY3.86%
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 1.55
F-Score7
WACC5.79%
ROIC/WACC0.8
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 Year12.92%
EBIT Next 3Y11.54%
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 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 decline by -0.58% in the next year.