MERLIN Properties SOCIMI, S.A.

BATS-CHIXE:MRLE Stock Report

Market Cap: €5.8b

MERLIN Properties SOCIMI Valuation

Is MRLE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MRLE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MRLE (€10.32) is trading above our estimate of fair value (€7.58)

Significantly Below Fair Value: MRLE is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MRLE?

Key metric: As MRLE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MRLE. This is calculated by dividing MRLE's market cap by their current earnings.
What is MRLE's PE Ratio?
PE Ratio45x
Earnings€129.34m
Market Cap€5.82b

Price to Earnings Ratio vs Peers

How does MRLE's PE Ratio compare to its peers?

The above table shows the PE ratio for MRLE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average28.7x
LAND Land Securities Group
42.4x25.9%UK£4.5b
LMP LondonMetric Property
19.6x15.3%UK£4.0b
BLND British Land
23.1x20.1%UK£3.9b
UKCM UK Commercial Property REIT
29.9xn/aUK£947.3m
MRLE MERLIN Properties SOCIMI
45x33.2%€5.8b

Price-To-Earnings vs Peers: MRLE is expensive based on its Price-To-Earnings Ratio (45x) compared to the peer average (29x).

Price to Earnings Ratio vs Industry

How does MRLE's PE Ratio compare vs other companies in the European REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies9PE01632486480+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MRLE is expensive based on its Price-To-Earnings Ratio (45x) compared to the European REITs industry average (22.7x).

Price to Earnings Ratio vs Fair Ratio

What is MRLE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MRLE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio45x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate MRLE's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MRLE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.32
€12.94
+25.4%
14.1%€15.60€7.52n/a18
Nov ’25€10.26
€12.95
+26.2%
14.1%€15.60€7.52n/a18
Oct ’25€11.36
€12.54
+10.4%
13.7%€15.00€7.52n/a19
Sep ’25€11.10
€12.33
+11.1%
11.2%€14.60€9.70n/a18
Aug ’25€10.55
€12.17
+15.4%
11.0%€14.60€9.70n/a17
Jul ’25€10.52
€12.09
+14.9%
9.2%€14.60€9.70n/a18
Jun ’25€10.79
€11.74
+8.9%
9.7%€14.30€9.70n/a17
May ’25€10.36
€11.29
+9.0%
9.0%€13.10€9.70n/a19
Apr ’25n/a
€10.77
0%
12.9%€12.70€6.40n/a20
Mar ’25€8.78
€10.73
+22.2%
12.8%€12.70€6.40n/a20
Feb ’25€9.34
€10.66
+14.2%
12.5%€12.50€6.40n/a20
Jan ’25€10.14
€10.17
+0.3%
12.7%€12.50€6.40n/a20
Dec ’24€9.26
€10.11
+9.2%
13.0%€12.50€6.40n/a20
Nov ’24€7.85
€9.96
+27.0%
14.7%€12.50€6.40€10.2617
Oct ’24n/a
€10.09
0%
15.6%€13.00€6.40€11.3617
Sep ’24n/a
€10.24
0%
13.4%€13.00€7.90€11.1017
Aug ’24n/a
€10.24
0%
13.4%€13.00€7.90€10.5517
Jul ’24n/a
€10.20
0%
13.0%€13.00€7.90€10.5217
Jun ’24€7.69
€10.41
+35.4%
14.2%€13.33€7.90€10.7917
May ’24€7.99
€10.56
+32.2%
13.5%€13.33€7.90€10.3617
Apr ’24€7.62
€10.59
+39.0%
13.5%€13.33€7.90n/a17
Mar ’24€9.10
€10.60
+16.5%
13.5%€13.33€7.90€8.7817
Feb ’24€8.93
€10.72
+20.1%
14.3%€13.33€7.90€9.3417
Jan ’24n/a
€10.74
0%
14.3%€13.33€7.80€10.1417
Dec ’23€8.93
€10.82
+21.1%
13.9%€13.33€7.90€9.2617
Nov ’23€8.71
€11.10
+27.5%
13.1%€13.33€7.90€7.8518

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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