MERLIN Properties SOCIMI
Market Cap
€6.1b
Last Updated
2019/10/21 21:37 UTC
Data Sources
Company Financials +
Executive Summary
MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate company trading on the Spanish Stock Exchange, with a market capitalization exceeding 5,800 million euros, specialized in the acquisition and management of commercial property in the Iberian region.
Snowflake
Fundamentals
Fair value second-rate dividend payer.
Similar Companies
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
Market Performance
7 Day Return
-0.5%
MRL
-0.3%
ES REITs
1.3%
ES Market
1 Year Return
19.4%
MRL
16.8%
ES REITs
6.2%
ES Market
Return vs Industry: MRL exceeded the Spanish REITs industry which returned 16.8% over the past year.
Return vs Market: MRL exceeded the Spanish Market which returned 6.2% over the past year.
Shareholder returns
| MRL | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.5% | -0.3% | 1.3% |
| 30 Day | 3.3% | 2.3% | 1.6% |
| 90 Day | 6.4% | 7.7% | 0.05% |
| 1 Year | 23.5%19.4% | 20.8%16.8% | 9.8%6.2% |
| 3 Year | 39.8%26.5% | 47.1%34.9% | 12.8%2.4% |
| 5 Year | 101.7%40.8% | 106.8%60.3% | 10.8%-9.7% |
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
11 months ago | Simply Wall St
MERLIN Properties SOCIMI SA (BME:MRL) Delivered A Better ROE Than Its Industry1 year ago | Simply Wall St
Who Are The Largest Shareholders In MERLIN Properties SOCIMI SA (BME:MRL)?1 year ago | Simply Wall St
When Should You Buy MERLIN Properties SOCIMI SA (BME:MRL)?Valuation
Is MERLIN Properties SOCIMI undervalued compared to its fair value and its price relative to the market?
9.64x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: MRL (€13.19) is trading above our estimate of fair value (€11.86)
Significantly Below Fair Value: MRL is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: MRL is good value based on its PE Ratio (9.6x) compared to the REITs industry average (17.2x).
PE vs Market: MRL is good value based on its PE Ratio (9.6x) compared to the Spanish market (16.6x).
Price to Earnings Growth Ratio
PEG Ratio: MRL's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: MRL is good value based on its PB Ratio (0.9x) compared to the ES REITs industry average (1.2x).
Next Steps
Future Growth
How is MERLIN Properties SOCIMI forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?
-15.8%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MRL's earnings are forecast to decline over the next 3 years (-15.8% per year).
Earnings vs Market: MRL's earnings are forecast to decline over the next 3 years (-15.8% per year).
High Growth Earnings: MRL's earnings are forecast to decline over the next 3 years.
Revenue vs Market: MRL's revenue (5.3% per year) is forecast to grow faster than the Spanish market (3.7% per year).
High Growth Revenue: MRL's revenue (5.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MRL's Return on Equity is forecast to be low in 3 years time (5.5%).
Next Steps
Past Performance
How has MERLIN Properties SOCIMI performed over the past 5 years?
43.1%
Historical annual earnings growth
Earnings and Revenue History
Past Earnings Growth Analysis
Earnings Trend: MRL's earnings have grown significantly by 43.1% per year over the past 5 years.
Accelerating Growth: MRL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: MRL had negative earnings growth (-45%) over the past year, making it difficult to compare to the REITs industry average (45%).
Return on Equity
High ROE: MRL's Return on Equity (9.8%) is considered low.
Return on Assets
ROA vs Industry: MRL has a higher Return on Assets than the REITs industry average last year.
Return on Capital Employed
ROCE Improving: MRL's Return on Capital Employed has declined over the past 3 years.
Next Steps
Financial Health
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
Balance Sheet
Inventory Level: MRL has a high level of physical assets or inventory.
Debt Coverage by Assets: MRL's debt is not covered by short term assets (assets are 0x debt).
Financial Institutions Analysis
Asset Level: MRL's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if MRL has a sufficient allowance for bad loans.
Low Risk Liabilities: MRL reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if MRL has an acceptable proportion of non-loan assets held.
Low Risk Deposits: MRL has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if MRL has an appropriate level of bad loans.
Next Steps
Dividend
What is MERLIN Properties SOCIMI's current dividend yield, its reliability and sustainability?
3.79%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Stability and Growth of Payments
Notable Dividend: MRL's dividend (3.79%) is higher than the bottom 25% of dividend payers in the Spanish market (2.31%).
High Dividend: MRL's dividend (3.79%) is low compared to the top 25% of dividend payers in the Spanish market (5.64%).
Stable Dividend: MRL has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: MRL'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 (61.9%), MRL's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MRL's dividends in 3 years are forecast to be thoroughly covered by earnings (0.2% payout ratio).
Next Steps
Management
What is the CEO of MERLIN Properties SOCIMI's salary, the management and board of directors tenure and is there insider trading?
4.4yrs
Average board tenure
CEO
Ismael Clemente Orrego (49yo)
0yrs
Tenure
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 ...
Board Age and Tenure
4.4yrs
Average Tenure
53.5yo
Average Age
Experienced Board: MRL's board of directors are considered experienced (4.4 years average tenure).
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Chief Executive Officer Deputy Chairman of the Board of Directors & CEO |
| Shares | 1.03 |
| Max Price | €11.64 |
| Entity | Individual |
| Role | Member of the Board of Directors Corporate MD |
| Shares | 1,030 |
| Max Price | €11.64 |
| Entity | Individual |
| Role | Lead Director Independent Director |
| Shares | 8,450 |
| Max Price | €11.89 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 4,000 |
| Max Price | €11.11 |
| Entity | Individual |
| Role | Member of the Board of Directors Corporate MD |
| Shares | 10,000 |
| Max Price | €10.59 |
| Entity | Individual |
| Role | Chief Executive Officer Deputy Chairman of the Board of Directors & CEO |
| Shares | 10,000 |
| Max Price | €10.59 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 4,000 |
| Max Price | €11.13 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 16,000 |
| Max Price | €10.80 |
| Entity | Individual |
| Role | Chief Executive Officer Deputy Chairman of the Board of Directors & CEO |
| Shares | 10,000 |
| Max Price | €10.77 |
| Entity | Individual |
| Role | Member of the Board of Directors Corporate MD |
| Shares | 10,000 |
| Max Price | €10.77 |
Ownership Breakdown
Management Team
Mónica Martín de Vidales Godino
Secretary of the Board
- Tenure: 0yrs
Fernando Lacadena Azpeitia (63yo)
Financial Director
- Tenure: 2.8yrs
David Brush (59yo)
Chief Investment Officer
- Tenure: 0yrs
Ismael Clemente Orrego (49yo)
Deputy Chairman of the Board of Directors & CEO
- Tenure: 0yrs
Miguel Ollero Barrera (50yo)
Corporate MD
- Tenure: 5.4yrs
Francisco Rivas
Director
- Tenure: 0yrs
Javier Zarrabeitia Unzueta
Director
- Tenure: 0yrs
Manuel García Casas
Director
- Tenure: 0yrs
Inés Arellano
Director
- Tenure: 0yrs
Fernando Ramirez
Director of Investor Relations
- Tenure: 0yrs
Board Members
Juan María Aguirre Gonzalo (57yo)
Independent Director
- Tenure: 3.1yrs
John Gómez-Hall (85yo)
Non-Executive Independent Director
- Tenure: 4.2yrs
Ana María García Fau (51yo)
Non-Executive Independent Director
- Tenure: 5.3yrs
George Johnston (64yo)
Independent Director
- Tenure: 4.7yrs
María Luisa Jordá Castro (56yo)
Non-Executive Independent Director
- Tenure: 5.3yrs
Ismael Clemente Orrego (49yo)
Deputy Chairman of the Board of Directors & CEO
- Tenure: 0yrs
Miguel Ollero Barrera (50yo)
Corporate MD
- Tenure: 5.4yrs
Fernando Javier Ortiz Vaamonde (50yo)
Non-Executive Independent Director
- Tenure: 5.3yrs
Francisco Javier Garcia-Carranza Benjumea (48yo)
Chairman of the Board
- Tenure: 2.7yrs
Emilio Novela Berlín (68yo)
Independent Director
- Tenure: 1.4yrs
Company Information
MERLIN Properties SOCIMI, S.A.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: MERLIN Properties SOCIMI, S.A.
- Ticker: MRL
- Exchange: BME
- Founded:
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: €6.129b
- Shares outstanding: 464.69m
- Website: https://www.merlinproperties.com
Number of Employees
Location
- MERLIN Properties SOCIMI, S.A.
- Paseo de la Castellana, 257
- Madrid
- Madrid
- 28046
- Spain
Listings
| 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 |
Biography
MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate company trading on the Spanish Stock Exchange, with a market capitalization exceeding 5,800 million euros, specialized in the acquisition ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/10/21 21:37 |
| End of Day Share Price | 2019/10/21 00:00 |
| Earnings | 2019/06/30 |
| Annual Earnings | 2018/12/31 |
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.