MRL Stock Overview
MERLIN Properties SOCIMI, SA, one of the main real estate companies listed on the Spanish Stock Exchange (IBEX-35), has as its main activity the acquisition and management of tertiary real estate assets in the Iberian Peninsula.
MERLIN Properties SOCIMI Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||€10.19|
|52 Week High||€11.11|
|52 Week Low||€8.37|
|1 Month Change||-5.91%|
|3 Month Change||0.049%|
|1 Year Change||14.88%|
|3 Year Change||-14.73%|
|5 Year Change||-9.14%|
|Change since IPO||5.60%|
Recent News & Updates
|MRL||ES REITs||ES Market|
Return vs Industry: MRL exceeded the Spanish REITs industry which returned -1.4% over the past year.
Return vs Market: MRL exceeded the Spanish Market which returned -10% over the past year.
|MRL Average Weekly Movement||4.8%|
|REITs Industry Average Movement||1.4%|
|Market Average Movement||4.6%|
|10% most volatile stocks in ES Market||8.4%|
|10% least volatile stocks in ES Market||1.0%|
Stable Share Price: MRL is not significantly more volatile than the rest of Spanish stocks over the past 3 months, typically moving +/- 5% a week.
Volatility Over Time: MRL's weekly volatility (5%) has been stable over the past year.
About the Company
|n/a||239||Ismael Clemente Orrego||https://www.merlinproperties.com|
MERLIN Properties SOCIMI, SA, one of the main real estate companies listed on the Spanish Stock Exchange (IBEX-35), has as its main activity the acquisition and management of tertiary real estate assets in the Iberian Peninsula. The Company is a public limited company incorporated as a SOCIMI. The main activity of the Company is the acquisition, active management, operation and selective rotation of quality commercial real estate assets in the investment segment “Core” and “Core Plus”, mainly in Spain and, to a lesser extent, in Portugal.
MERLIN Properties SOCIMI Fundamentals Summary
|MRL fundamental statistics|
Is MRL overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|MRL income statement (TTM)|
|Cost of Revenue||€0|
Last Reported Earnings
Dec 31, 2021
Next Earnings Date
Jul 29, 2022
|Earnings per share (EPS)||1.10|
|Net Profit Margin||101.88%|
How did MRL perform over the long term?See historical performance and comparison
1.7%Current Dividend Yield
Does MRL pay a reliable dividends?See MRL dividend history and benchmarks
|MERLIN Properties SOCIMI dividend dates|
|Ex Dividend Date||May 16 2022|
|Dividend Pay Date||May 27 2022|
|Days until Ex dividend||2 days|
|Days until Dividend pay date||9 days|
Does MRL pay a reliable dividends?See MRL dividend history and benchmarks
Is MERLIN Properties SOCIMI undervalued compared to its fair value and its price relative to the market?
Valuation Score 3/6
Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PB vs Industry
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: MRL (€10.19) is trading above our estimate of fair value (€6.22)
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 (9.3x) compared to the Spanish REITs industry average (24x).
PE vs Market: MRL is good value based on its PE Ratio (9.3x) compared to the Spanish market (17.8x).
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 (0.7x) compared to the ES REITs industry average (1.2x).
How is MERLIN Properties SOCIMI forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?
Future Growth Score0/6
Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
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 (-7.4% per year).
Earnings vs Market: MRL's earnings are forecast to decline over the next 3 years (-7.4% per year).
High Growth Earnings: MRL's earnings are forecast to decline over the next 3 years.
Revenue vs Market: MRL's revenue (1.9% per year) is forecast to grow slower than the Spanish market (4.2% per year).
High Growth Revenue: MRL's revenue (1.9% 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 (4.3%).
How has MERLIN Properties SOCIMI performed over the past 5 years?
Past Performance Score3/6
Past Performance Score 3/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MRL has a large one-off gain of €180.2M impacting its December 31 2021 financial results.
Growing Profit Margin: MRL's current net profit margins are higher than last year (12.7%).
Past Earnings Growth Analysis
Earnings Trend: MRL's earnings have declined by 25.1% per year over the past 5 years.
Accelerating Growth: MRL's earnings growth over the past year (808.9%) exceeds its 5-year average (-25.1% per year).
Earnings vs Industry: MRL earnings growth over the past year (808.9%) exceeded the REITs industry 48.5%.
Return on Equity
High ROE: MRL's Return on Equity (7.3%) is considered low.
How is MERLIN Properties SOCIMI's financial position?
Financial Health Score3/6
Financial Health Score 3/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: MRL's short term assets (€955.8M) exceed its short term liabilities (€736.6M).
Long Term Liabilities: MRL's short term assets (€955.8M) do not cover its long term liabilities (€6.5B).
Debt to Equity History and Analysis
Debt Level: MRL's net debt to equity ratio (76.8%) is considered high.
Reducing Debt: MRL's debt to equity ratio has reduced from 105.4% to 89.1% over the past 5 years.
Debt Coverage: MRL's debt is not well covered by operating cash flow (3.7%).
Interest Coverage: MRL's interest payments on its debt are well covered by EBIT (3.1x coverage).
What is MERLIN Properties SOCIMI current dividend yield, its reliability and sustainability?
Dividend Score 2/6
Future Dividend Coverage
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MRL's dividend (1.69%) isn’t notable compared to the bottom 25% of dividend payers in the Spanish market (1.83%).
High Dividend: MRL's dividend (1.69%) is low compared to the top 25% of dividend payers in the Spanish market (5.45%).
Stability and Growth of Payments
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 7 years.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonably low payout ratio (25.7%), MRL's dividend payments are well covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: With its reasonably low cash payout ratio (35.2%), MRL's dividend payments are well covered by cash flows.
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Ismael Clemente Orrego (51 yo)
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...
Experienced Board: MRL's board of directors are considered experienced (6.8 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
MERLIN Properties SOCIMI, S.A.'s employee growth, exchange listings and data sources
- Name: MERLIN Properties SOCIMI, S.A.
- Ticker: MRL
- Exchange: BME
- Founded: NaN
- Industry: Diversified REITs
- Sector: Real Estate
- Implied Market Cap: €4.758b
- Shares outstanding: 466.89m
- Website: https://www.merlinproperties.com
Number of Employees
- MERLIN Properties SOCIMI, S.A.
- Paseo de la Castellana, 257
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/05/16 00:00|
|End of Day Share Price||2022/05/16 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.