MERLIN PROPERTIES SOCIMI SA (MRL.LS) Stock Fundamental Analysis
Europe - Euronext Lisbon - ELI:MRL - ES0105025003 - REIT
12.84 EUR
+0.24 (+1.9%)
We assign a fundamental rating of 4 out of 10 to MRL. MRL was compared to 42 industry peers in the Diversified REITs industry. MRL has an average financial health and profitability rating. MRL is valied quite expensively at the moment, while it does show a decent growth rate.
1. Profitability
1.1 Basic Checks
In the past year MRL was profitable.
MRL had a positive operating cash flow in the past year.
Of the past 5 years MRL 4 years were profitable.
In the past 5 years MRL always reported a positive cash flow from operatings.
1.2 Ratios
The Return On Assets of MRL (4.96%) is better than 88.10% of its industry peers.
MRL has a Return On Equity of 8.42%. This is in the better half of the industry: MRL outperforms 78.57% of its industry peers.
MRL has a worse Return On Invested Capital (2.51%) than 73.81% of its industry peers.
The Average Return On Invested Capital over the past 3 years for MRL is in line with the industry average of 3.52%.
The last Return On Invested Capital (2.51%) for MRL is above the 3 year average (2.33%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.96% | ||
| ROE | 8.42% | ||
| ROIC | 2.51% |
ROA(3y)1.2%
ROA(5y)1.52%
ROE(3y)2.12%
ROE(5y)2.9%
ROIC(3y)2.33%
ROIC(5y)2.23%
1.3 Margins
Looking at the Profit Margin, with a value of 129.33%, MRL belongs to the top of the industry, outperforming 97.62% of the companies in the same industry.
MRL's Profit Margin has declined in the last couple of years.
With an excellent Operating Margin value of 81.15%, MRL belongs to the best of the industry, outperforming 80.95% 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 Rank | Sector Rank | ||
|---|---|---|---|
| OM | 81.15% | ||
| PM (TTM) | 129.33% | ||
| GM | N/A |
OM growth 3Y-1.01%
OM growth 5Y0.41%
PM growth 3Y-19.36%
PM growth 5Y-12.12%
GM growth 3YN/A
GM growth 5YN/A
2. Health
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 has been increased compared to 1 year ago.
MRL has more shares outstanding than it did 5 years ago.
MRL has a better debt/assets ratio than last year.
2.2 Solvency
MRL has an Altman-Z score of 1.33. This is a bad value and indicates that MRL is not financially healthy and even has some risk of bankruptcy.
MRL's Altman-Z score of 1.33 is amongst the best of the industry. MRL outperforms 88.10% of its industry peers.
MRL has a debt to FCF ratio of 14.60. This is a negative value and a sign of low solvency as MRL would need 14.60 years to pay back of all of its debts.
MRL has a Debt to FCF ratio (14.60) 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.
Looking at the Debt to Equity ratio, with a value of 0.55, MRL is in the better half of the industry, outperforming 69.05% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.55 | ||
| Debt/FCF | 14.6 | ||
| Altman-Z | 1.33 |
ROIC/WACC0.45
WACC5.57%
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 has a Current ratio of 3.53. This is amongst the best in the industry. MRL outperforms 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.
MRL's Quick ratio of 3.33 is amongst the best of the industry. MRL outperforms 97.62% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 3.53 | ||
| Quick Ratio | 3.33 |
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 -14.43% on average per year.
MRL shows a small growth in Revenue. In the last year, the Revenue has grown by 6.41%.
The Revenue has been decreasing by -0.80% on average over the past years.
EPS 1Y (TTM)-42.92%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%0%
Revenue 1Y (TTM)6.41%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%16.75%
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 9.41% yearly.
The Revenue is expected to grow by 15.80% on average over the next years. This is quite good.
EPS Next Y0.24%
EPS Next 2Y1.75%
EPS Next 3Y3.51%
EPS Next 5Y9.41%
Revenue Next Year10.18%
Revenue Next 2Y8.9%
Revenue Next 3Y9.98%
Revenue Next 5Y15.8%
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.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 22.93 indicates a rather expensive valuation of MRL.
The rest of the industry has a similar Price/Earnings ratio as MRL.
MRL is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 26.31, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 22.15 indicates a rather expensive valuation of MRL.
Based on the Price/Forward Earnings ratio, MRL is valued a bit more expensive than 76.19% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 36.59. MRL is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.93 | ||
| Fwd PE | 22.15 |
4.2 Price Multiples
MRL's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. MRL is more expensive than 73.81% of the companies in the same industry.
71.43% of the companies in the same industry are cheaper than MRL, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 23.8 | ||
| EV/EBITDA | 25.65 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates MRL does not grow enough to justify the current Price/Earnings ratio.
MRL has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)94.55
PEG (5Y)N/A
EPS Next 2Y1.75%
EPS Next 3Y3.51%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 1.40%, MRL has a reasonable but not impressive dividend return.
With a Dividend Yield of 1.40, MRL pays less dividend than the industry average, which is at 5.84. 83.33% of the companies listed in the same industry pay a better dividend than MRL!
With a Dividend Yield of 1.40, MRL pays less dividend than the S&P500 average, which is at 2.34.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.4% |
5.2 History
The dividend of MRL decreases each year by -12.73%.
Dividend Growth(5Y)-12.73%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
MRL pays out 16.87% of its income as dividend. This is a sustainable payout ratio.
DP16.87%
EPS Next 2Y1.75%
EPS Next 3Y3.51%
ELI:MRL (11/27/2025, 7:00:00 PM)
12.84
+0.24 (+1.9%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners38.09%
Inst Owner ChangeN/A
Ins Owners0.28%
Ins Owner ChangeN/A
Market Cap7.24B
Revenue(TTM)494.57M
Net Income(TTM)663.86M
Analysts84.62
Price Target14.76 (14.95%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.4% |
Yearly Dividend0.2
Dividend Growth(5Y)-12.73%
DP16.87%
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)2.21%
PT rev (3m)8.31%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0.18%
EPS NY rev (3m)0.35%
Revenue NQ rev (1m)-5.86%
Revenue NQ rev (3m)-4.96%
Revenue NY rev (1m)0.13%
Revenue NY rev (3m)1.19%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.93 | ||
| Fwd PE | 22.15 | ||
| P/S | 14.1 | ||
| P/FCF | 23.8 | ||
| P/OCF | 22.17 | ||
| P/B | 0.92 | ||
| P/tB | 0.92 | ||
| EV/EBITDA | 25.65 |
EPS(TTM)0.56
EY4.36%
EPS(NY)0.58
Fwd EY4.52%
FCF(TTM)0.54
FCFY4.2%
OCF(TTM)0.58
OCFY4.51%
SpS0.91
BVpS13.99
TBVpS13.99
PEG (NY)94.55
PEG (5Y)N/A
Graham Number13.28
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.96% | ||
| ROE | 8.42% | ||
| ROCE | 3.18% | ||
| ROIC | 2.51% | ||
| ROICexc | 2.69% | ||
| ROICexgc | 2.69% | ||
| OM | 81.15% | ||
| PM (TTM) | 129.33% | ||
| GM | N/A | ||
| FCFM | 59.24% |
ROA(3y)1.2%
ROA(5y)1.52%
ROE(3y)2.12%
ROE(5y)2.9%
ROIC(3y)2.33%
ROIC(5y)2.23%
ROICexc(3y)2.51%
ROICexc(5y)2.38%
ROICexgc(3y)2.51%
ROICexgc(5y)2.38%
ROCE(3y)2.95%
ROCE(5y)2.82%
ROICexgc growth 3Y5.27%
ROICexgc growth 5Y2.62%
ROICexc growth 3Y5.27%
ROICexc growth 5Y2.62%
OM growth 3Y-1.01%
OM growth 5Y0.41%
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 Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.55 | ||
| Debt/FCF | 14.6 | ||
| Debt/EBITDA | 10.28 | ||
| Cap/Depr | 425.33% | ||
| Cap/Sales | 4.36% | ||
| Interest Coverage | 3.56 | ||
| Cash Conversion | 77.39% | ||
| Profit Quality | 45.8% | ||
| Current Ratio | 3.53 | ||
| Quick Ratio | 3.33 | ||
| Altman-Z | 1.33 |
F-Score7
WACC5.57%
ROIC/WACC0.45
Cap/Depr(3y)211.84%
Cap/Depr(5y)198.47%
Cap/Sales(3y)1.59%
Cap/Sales(5y)1.22%
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-14.43%
EPS Q2Q%0%
EPS Next Y0.24%
EPS Next 2Y1.75%
EPS Next 3Y3.51%
EPS Next 5Y9.41%
Revenue 1Y (TTM)6.41%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%16.75%
Revenue Next Year10.18%
Revenue Next 2Y8.9%
Revenue Next 3Y9.98%
Revenue Next 5Y15.8%
EBIT growth 1Y16.96%
EBIT growth 3Y0.81%
EBIT growth 5Y-0.4%
EBIT Next Year13.32%
EBIT Next 3Y11.01%
EBIT Next 5Y13.51%
FCF growth 1Y8.69%
FCF growth 3Y9.44%
FCF growth 5Y0.85%
OCF growth 1Y16%
OCF growth 3Y11.19%
OCF growth 5Y1.44%
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 4 / 10 to MRL.LS.
What is the valuation status for MRL stock?
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 valuation of MERLIN PROPERTIES SOCIMI SA based on its PE and PB ratios?
The Price/Earnings (PE) ratio for MERLIN PROPERTIES SOCIMI SA (MRL.LS) is 22.93 and the Price/Book (PB) ratio is 0.92.
Is the dividend of MERLIN PROPERTIES SOCIMI SA sustainable?
The dividend rating of MERLIN PROPERTIES SOCIMI SA (MRL.LS) is 2 / 10 and the dividend payout ratio is 16.87%.