MERLIN PROPERTIES SOCIMI SA (MRL.LS) Stock Fundamental Analysis
Europe - ELI:MRL - ES0105025003 - REIT
12.6 EUR
-0.11 (-0.87%)
Taking everything into account, MRL scores 4 out of 10 in our fundamental rating. MRL was compared to 40 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.
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.
Of the past 5 years MRL 4 years were profitable.
MRL had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
MRL has a Return On Assets of 4.96%. This is amongst the best in the industry. MRL outperforms 90.00% of its industry peers.
MRL's Return On Equity of 8.42% is amongst the best of the industry. MRL outperforms 85.00% of its industry peers.
MRL has a worse Return On Invested Capital (2.51%) than 75.00% of its industry peers.
MRL had an Average Return On Invested Capital over the past 3 years of 2.33%. This is in line with the industry average of 3.43%.
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 97.50% of the companies in the same industry.
MRL's Profit Margin has declined in the last couple of years.
The Operating Margin of MRL (81.15%) is better than 80.00% of its industry peers.
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
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MRL is destroying value.
Compared to 1 year ago, MRL has more shares outstanding
Compared to 5 years ago, MRL has more shares outstanding
Compared to 1 year ago, MRL has an improved debt to assets ratio.
2.2 Solvency
MRL has an Altman-Z score of 1.32. 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 1.32, MRL belongs to the best of the industry, outperforming 87.50% of the companies in the same industry.
The Debt to FCF ratio of MRL is 14.60, which is on the high side as it means it would take MRL, 14.60 years of fcf income to pay off all of its debts.
MRL has a Debt to FCF ratio (14.60) which is comparable to the rest of the industry.
MRL has a Debt/Equity ratio of 0.55. This is a neutral value indicating MRL is somewhat dependend on debt financing.
MRL has a Debt to Equity ratio of 0.55. This is in the better half of the industry: MRL outperforms 80.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.55 | ||
| Debt/FCF | 14.6 | ||
| Altman-Z | 1.32 |
ROIC/WACC0.45
WACC5.53%
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.
With an excellent Current ratio value of 3.53, MRL belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
A Quick Ratio of 3.33 indicates that MRL has no problem at all paying its short term obligations.
Looking at the Quick ratio, with a value of 3.33, MRL belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
| 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 -43.49% in the last year.
MRL shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.43% yearly.
Looking at the last year, MRL shows a small growth in Revenue. The Revenue has grown by 7.41% 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)-43.49%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%-7.14%
Revenue 1Y (TTM)7.41%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%6.08%
3.2 Future
Based on estimates for the next years, MRL will show a small growth in Earnings Per Share. The EPS will grow by 6.04% on average per year.
MRL is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 15.80% yearly.
EPS Next Y-0.11%
EPS Next 2Y1.29%
EPS Next 3Y3.62%
EPS Next 5Y6.04%
Revenue Next Year9.37%
Revenue Next 2Y8.92%
Revenue Next 3Y9.36%
Revenue Next 5Y15.8%
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.
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.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 22.50 indicates a rather expensive valuation of MRL.
The rest of the industry has a similar Price/Earnings ratio as MRL.
MRL's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 27.20.
MRL is valuated rather expensively with a Price/Forward Earnings ratio of 21.93.
MRL's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. MRL is more expensive than 77.50% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.70, MRL is valued at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.5 | ||
| Fwd PE | 21.93 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of MRL indicates a slightly more expensive valuation: MRL is more expensive than 77.50% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, MRL is valued a bit more expensive than the industry average as 72.50% of the companies are valued more cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 23.36 | ||
| EV/EBITDA | 25.33 |
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 2Y1.29%
EPS Next 3Y3.62%
5. Dividend
5.1 Amount
MRL has a Yearly Dividend Yield of 3.07%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 5.57, MRL is paying slightly less dividend.
MRL's Dividend Yield is a higher than the S&P500 average which is at 2.38.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.07% |
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 2Y1.29%
EPS Next 3Y3.62%
ELI:MRL (9/16/2025, 7:00:00 PM)
12.6
-0.11 (-0.87%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners33.83%
Inst Owner ChangeN/A
Ins Owners0.28%
Ins Owner ChangeN/A
Market Cap7.10B
Analysts84.62
Price Target14.3 (13.49%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.07% |
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)4.98%
PT rev (3m)8.67%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-6.67%
EPS NY rev (1m)1.55%
EPS NY rev (3m)1.55%
Revenue NQ rev (1m)0.01%
Revenue NQ rev (3m)2.39%
Revenue NY rev (1m)0.86%
Revenue NY rev (3m)0.11%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.5 | ||
| Fwd PE | 21.93 | ||
| P/S | 13.84 | ||
| P/FCF | 23.36 | ||
| P/OCF | 21.76 | ||
| P/B | 0.9 | ||
| P/tB | 0.9 | ||
| EV/EBITDA | 25.33 |
EPS(TTM)0.56
EY4.44%
EPS(NY)0.57
Fwd EY4.56%
FCF(TTM)0.54
FCFY4.28%
OCF(TTM)0.58
OCFY4.6%
SpS0.91
BVpS13.99
TBVpS13.99
PEG (NY)N/A
PEG (5Y)N/A
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%
ROICexcg growth 3Y5.27%
ROICexcg 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 | 1.32 |
F-Score7
WACC5.53%
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)-43.49%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%-7.14%
EPS Next Y-0.11%
EPS Next 2Y1.29%
EPS Next 3Y3.62%
EPS Next 5Y6.04%
Revenue 1Y (TTM)7.41%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%6.08%
Revenue Next Year9.37%
Revenue Next 2Y8.92%
Revenue Next 3Y9.36%
Revenue Next 5Y15.8%
EBIT growth 1Y16.96%
EBIT growth 3Y0.81%
EBIT growth 5Y-0.4%
EBIT Next Year12%
EBIT Next 3Y11.15%
EBIT Next 5Y15.64%
FCF growth 1Y8.69%
FCF growth 3Y9.44%
FCF growth 5Y0.85%
OCF growth 1Y16%
OCF growth 3Y11.19%
OCF growth 5Y1.44%