MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate company trading on the Spanish Stock Exchange, with a market capitalization of approximately 5,600 million euros, specialized in the acquisition and management of commercial property in the Iberian region.
+ 1 more risk
Average dividend payer and slightly overvalued.
Share Price & News
How has MERLIN Properties SOCIMI's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: MEQA has not had significant price volatility in the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: MEQA underperformed the German REITs industry which returned 44.7% over the past year.
Return vs Market: MEQA exceeded the German Market which returned 15% over the past year.
Price Volatility Vs. Market
How volatile is MERLIN Properties SOCIMI's share price compared to the market and industry in the last 5 years?
Simply Wall St News
No news available
Is MERLIN Properties SOCIMI undervalued compared to its fair value and its price relative to the market?
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: MEQA (€13.22) is trading above our estimate of fair value (€12.84)
Significantly Below Fair Value: MEQA is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: MEQA is poor value based on its PE Ratio (9.7x) compared to the REITs industry average (9.7x).
PE vs Market: MEQA is good value based on its PE Ratio (9.7x) compared to the German market (21.1x).
Price to Earnings Growth Ratio
PEG Ratio: MEQA's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: MEQA is good value based on its PB Ratio (1x) compared to the DE REITs industry average (1.7x).
How is MERLIN Properties SOCIMI forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MEQA's earnings are forecast to decline over the next 3 years (-7.3% per year).
Earnings vs Market: MEQA's earnings are forecast to decline over the next 3 years (-7.3% per year).
High Growth Earnings: MEQA's earnings are forecast to decline over the next 3 years.
Revenue vs Market: MEQA's revenue (4.1% per year) is forecast to grow slower than the German market (5% per year).
High Growth Revenue: MEQA's revenue (4.1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MEQA's Return on Equity is forecast to be low in 3 years time (5.9%).
How has MERLIN Properties SOCIMI performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MEQA has a large one-off gain of €430.6M impacting its September 30 2019 financial results.
Growing Profit Margin: MEQA's current net profit margins are lower than last year .
Past Earnings Growth Analysis
Earnings Trend: MEQA's earnings have grown significantly by 37.1% per year over the past 5 years.
Accelerating Growth: MEQA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: MEQA had negative earnings growth (-39.8%) over the past year, making it difficult to compare to the REITs industry average (91.2%).
Return on Equity
High ROE: MEQA's Return on Equity (10.2%) is considered low.
Return on Assets
Return on Capital Employed
How is MERLIN Properties SOCIMI's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Inventory Level: MEQA has a high level of physical assets or inventory.
Debt Coverage by Assets: MEQA's debt is not covered by short term assets (assets are 0x debt).
Financial Institutions Analysis
Asset Level: MEQA's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if MEQA has a sufficient allowance for bad loans.
Low Risk Liabilities: MEQA reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if MEQA has an acceptable proportion of non-loan assets held.
Low Risk Deposits: MEQA has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if MEQA has an appropriate level of bad loans.
What is MERLIN Properties SOCIMI's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: MEQA's dividend (3.76%) is higher than the bottom 25% of dividend payers in the German market (1.31%).
High Dividend: MEQA's dividend (3.76%) is in the top 25% of dividend payers in the German market (3.59%)
Stability and Growth of Payments
Stable Dividend: MEQA has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: MEQA's dividend payments have increased, but the company has only paid a dividend for 4 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (60.3%), MEQA's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MEQA's dividends in 3 years are forecast to be thoroughly covered by earnings (0.2% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Ismael Clemente Orrego (49yo)
Mr. Ismael Clemente Orrego serves as the Chief Executive Officer of Merlin Properties Socimi, S.A. Mr. Orrego is a Partner of MAGIC Real Estate responsible for the origination and structuring of real estat ...
|CEO & Executive Vice-Chairman||0yrs||no data||0.25% €15.7m|
|Corporate MD||5.8yrs||no data||0.25% €15.4m|
|Independent Director||3.4yrs||no data||0.0026% €159.5k|
|Non-Executive Independent Director||4.5yrs||no data||0.021% €1.3m|
|Non-Executive Independent Director||5.7yrs||no data||no data|
|Independent Director||5yrs||no data||0.010% €644.6k|
|Non-Executive Independent Director||5.7yrs||no data||0.00030% €18.5k|
|Non-Executive Independent Director||5.7yrs||no data||0.014% €874.5k|
|Chairman of the Board||3yrs||no data||0.035% €2.2m|
|Independent Director||1.8yrs||no data||0.0030% €187.3k|
Experienced Board: MEQA's board of directors are considered experienced (4.8 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: MEQA insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4.7%.
MERLIN Properties SOCIMI, S.A.'s company bio, employee growth, exchange listings and data sources
- Name: MERLIN Properties SOCIMI, S.A.
- Ticker: MEQA
- Exchange: DB
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: €6.180b
- Shares outstanding: 464.69m
- Website: https://www.merlinproperties.com
Number of Employees
- MERLIN Properties SOCIMI, S.A.
- Paseo de la Castellana, 257
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|MRL||BME (Bolsas y Mercados Espanoles)||Yes||Common Shares||ES||EUR||Jun 2014|
|MRLE||BATS-CHIXE (BATS 'Chi-X Europe')||Yes||Common Shares||GB||EUR||Jun 2014|
|0QVM||LSE (London Stock Exchange)||Yes||Common Shares||GB||EUR||Jun 2014|
|MEQA||DB (Deutsche Boerse AG)||Yes||Common Shares||DE||EUR||Jun 2014|
|MRPR.F||OTCPK (Pink Sheets LLC)||Yes||Common Shares||US||USD||Jun 2014|
|MERL||WBAG (Wiener Boerse AG)||Yes||Common Shares||AT||EUR||Jun 2014|
|MRL||ENXTLS (Euronext Lisbon)||Yes||Common Shares||PT||EUR||Jun 2014|
MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate company trading on the Spanish Stock Exchange, with a market capitalization of approximately 5,600 million euros, specialized in the acquisition and management of commercial property in the Iberian region. MERLIN Properties mainly invests in offices, shopping centers and logistics facilities, within the Core and Core Plus segments, forming part of the benchmark IBEX-35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate, GPR Global Index, GPR-250 Index, and MSCI Small Caps indices.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/02/17 22:12|
|End of Day Share Price||2020/02/17 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.