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

ELI:MRL - Euronext Lisbon - ES0105025003 - REIT - Currency: EUR

10.96  -0.02 (-0.18%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to MRL. MRL was compared to 40 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.


Dividend Valuation Growth Profitability Health

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4

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.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M 600M 800M 1B

1.2 Ratios

MRL has a Return On Assets (2.11%) which is in line with its industry peers.
MRL has a Return On Equity (3.78%) which is comparable to the rest of the industry.
With a Return On Invested Capital value of 2.32%, MRL is not doing good in the industry: 80.00% 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 3.63%.
Industry RankSector Rank
ROA 2.11%
ROE 3.78%
ROIC 2.32%
ROA(3y)1.2%
ROA(5y)1.52%
ROE(3y)2.12%
ROE(5y)2.9%
ROIC(3y)2.33%
ROIC(5y)2.23%
MRL.LS Yearly ROA, ROE, ROICMRL.LS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

1.3 Margins

Looking at the Profit Margin, with a value of 57.37%, MRL is in the better half of the industry, outperforming 62.50% of the companies in the same industry.
MRL's Profit Margin has declined in the last couple of years.
MRL has a Operating Margin (75.09%) which is in line with its industry peers.
MRL's Operating Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 75.09%
PM (TTM) 57.37%
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
MRL.LS Yearly Profit, Operating, Gross MarginsMRL.LS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 100 150 200

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4

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
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 2015 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B

2.2 Solvency

MRL has an Altman-Z score of 1.11. This is a bad value and indicates that MRL is not financially healthy and even has some risk of bankruptcy.
MRL has a Altman-Z score of 1.11. This is in the better half of the industry: MRL outperforms 67.50% of its industry peers.
The Debt to FCF ratio of MRL is 16.58, which is on the high side as it means it would take MRL, 16.58 years of fcf income to pay off all of its debts.
MRL's Debt to FCF ratio of 16.58 is on the low side compared to the rest of the industry. MRL is outperformed by 60.00% of its industry peers.
A Debt/Equity ratio of 0.57 indicates that MRL is somewhat dependend on debt financing.
MRL has a better Debt to Equity ratio (0.57) than 70.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.57
Debt/FCF 16.58
Altman-Z 1.11
ROIC/WACC0.44
WACC5.31%
MRL.LS Yearly LT Debt VS Equity VS FCFMRL.LS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B

2.3 Liquidity

MRL has a Current Ratio of 2.02. This indicates that MRL is financially healthy and has no problem in meeting its short term obligations.
The Current ratio of MRL (2.02) is better than 90.00% of its industry peers.
A Quick Ratio of 1.96 indicates that MRL should not have too much problems paying its short term obligations.
The Quick ratio of MRL (1.96) is better than 90.00% of its industry peers.
Industry RankSector Rank
Current Ratio 2.02
Quick Ratio 1.96
MRL.LS Yearly Current Assets VS Current LiabilitesMRL.LS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

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4

3. Growth

3.1 Past

The earnings per share for MRL have decreased by -6.56% 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.
MRL shows a small growth in Revenue. In the last year, the Revenue has grown by 7.06%.
MRL shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -0.80% yearly.
EPS 1Y (TTM)-6.56%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%7.14%
Revenue 1Y (TTM)7.06%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%11.08%

3.2 Future

The Earnings Per Share is expected to grow by 4.21% on average over the next years.
MRL is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 10.11% yearly.
EPS Next Y-1.63%
EPS Next 2Y0.82%
EPS Next 3Y4.35%
EPS Next 5Y4.21%
Revenue Next Year9.25%
Revenue Next 2Y9.21%
Revenue Next 3Y10.7%
Revenue Next 5Y10.11%

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 200M 400M 600M
MRL.LS Yearly EPS VS EstimatesMRL.LS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0.5 1 1.5

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1

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 19.23 indicates a rather expensive valuation of MRL.
Based on the Price/Earnings ratio, MRL is valued a bit more expensive than 60.00% of the companies in the same industry.
When comparing the Price/Earnings ratio of MRL to the average of the S&P500 Index (27.15), we can say MRL is valued slightly cheaper.
A Price/Forward Earnings ratio of 19.26 indicates a rather expensive valuation of MRL.
Based on the Price/Forward Earnings ratio, MRL is valued a bit more expensive than the industry average as 75.00% of the companies are valued more cheaply.
MRL's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 21.60.
Industry RankSector Rank
PE 19.23
Fwd PE 19.26
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 more expensive than 70.00% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, MRL is valued a bit more expensive than 72.50% of the companies in the same industry.
Industry RankSector Rank
P/FCF 20.78
EV/EBITDA 25.43
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

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y0.82%
EPS Next 3Y4.35%

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4

5. Dividend

5.1 Amount

MRL has a Yearly Dividend Yield of 3.63%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 5.53, MRL is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.42, MRL pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.63%

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
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

37.06% of the earnings are spent on dividend by MRL. This is a low number and sustainable payout ratio.
DP37.06%
EPS Next 2Y0.82%
EPS Next 3Y4.35%
MRL.LS Yearly Income VS Free CF VS DividendMRL.LS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 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 (6/30/2025, 7:00:00 PM)

10.96

-0.02 (-0.18%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)05-14 2025-05-14/dmh
Earnings (Next)07-31 2025-07-31
Inst Owners33.83%
Inst Owner ChangeN/A
Ins Owners0.28%
Ins Owner ChangeN/A
Market Cap6.18B
Analysts84.62
Price Target13.06 (19.16%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.63%
Yearly Dividend0.2
Dividend Growth(5Y)-12.73%
DP37.06%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)3.36%
Min EPS beat(2)-15.13%
Max EPS beat(2)21.86%
EPS beat(4)1
Avg EPS beat(4)-0.46%
Min EPS beat(4)-15.13%
Max EPS beat(4)21.86%
EPS beat(8)2
Avg EPS beat(8)0.86%
EPS beat(12)6
Avg EPS beat(12)70.22%
EPS beat(16)8
Avg EPS beat(16)74.9%
Revenue beat(2)1
Avg Revenue beat(2)-4.18%
Min Revenue beat(2)-12.21%
Max Revenue beat(2)3.84%
Revenue beat(4)3
Avg Revenue beat(4)-1.52%
Min Revenue beat(4)-12.21%
Max Revenue beat(4)3.84%
Revenue beat(8)6
Avg Revenue beat(8)-0.96%
Revenue beat(12)7
Avg Revenue beat(12)-1.68%
Revenue beat(16)8
Avg Revenue beat(16)-3.88%
PT rev (1m)-5.61%
PT rev (3m)-5.61%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)-6.65%
Revenue NQ rev (1m)-6.47%
Revenue NQ rev (3m)-6.47%
Revenue NY rev (1m)0%
Revenue NY rev (3m)2.06%
Valuation
Industry RankSector Rank
PE 19.23
Fwd PE 19.26
P/S 12.49
P/FCF 20.78
P/OCF 19.5
P/B 0.82
P/tB 0.82
EV/EBITDA 25.43
EPS(TTM)0.57
EY5.2%
EPS(NY)0.57
Fwd EY5.19%
FCF(TTM)0.53
FCFY4.81%
OCF(TTM)0.56
OCFY5.13%
SpS0.88
BVpS13.31
TBVpS13.3
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 2.11%
ROE 3.78%
ROCE 2.94%
ROIC 2.32%
ROICexc 2.65%
ROICexgc 2.65%
OM 75.09%
PM (TTM) 57.37%
GM N/A
FCFM 60.11%
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-Score6
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.57
Debt/FCF 16.58
Debt/EBITDA 11.46
Cap/Depr 447.82%
Cap/Sales 3.94%
Interest Coverage 3.11
Cash Conversion 84.32%
Profit Quality 104.77%
Current Ratio 2.02
Quick Ratio 1.96
Altman-Z 1.11
F-Score6
WACC5.31%
ROIC/WACC0.44
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)-6.56%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%7.14%
EPS Next Y-1.63%
EPS Next 2Y0.82%
EPS Next 3Y4.35%
EPS Next 5Y4.21%
Revenue 1Y (TTM)7.06%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%11.08%
Revenue Next Year9.25%
Revenue Next 2Y9.21%
Revenue Next 3Y10.7%
Revenue Next 5Y10.11%
EBIT growth 1Y5.44%
EBIT growth 3Y0.81%
EBIT growth 5Y-0.4%
EBIT Next Year12%
EBIT Next 3Y11.15%
EBIT Next 5Y9.84%
FCF growth 1Y31.57%
FCF growth 3Y9.44%
FCF growth 5Y0.85%
OCF growth 1Y38.96%
OCF growth 3Y11.19%
OCF growth 5Y1.44%