MERLIN Properties SOCIMI, S.A.

LSE:0QVM Stock Report

Market Cap: €5.0b

MERLIN Properties SOCIMI Valuation

Is 0QVM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0QVM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0QVM (€10.69) is trading above our estimate of fair value (€8.63)

Significantly Below Fair Value: 0QVM is trading above our estimate of fair value.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0QVM?

Other financial metrics that can be useful for relative valuation.

0QVM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue18x
Enterprise Value/EBITDA23x
PEG Ration/a

Price to Sales Ratio vs Peers

How does 0QVM's PS Ratio compare to its peers?

The above table shows the PS ratio for 0QVM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average12.6x
LMP LondonMetric Property
27.4x40.2%UK£4.0b
LAND Land Securities Group
5.4x-8.9%UK£4.4b
BLND British Land
5.5x-6.8%UK£3.6b
UKCM UK Commercial Property REIT
12xn/aUK£877.1m
0QVM MERLIN Properties SOCIMI
9.9x5.6%€5.0b

Price-To-Sales vs Peers: 0QVM is good value based on its Price-To-Sales Ratio (9.9x) compared to the peer average (12.6x).


Price to Earnings Ratio vs Industry

How does 0QVM's PE Ratio compare vs other companies in the GB REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a93.4%
n/an/an/a
No. of CompaniesPS048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a93.4%
n/an/an/a
No more companies

Price-To-Sales vs Industry: 0QVM is expensive based on its Price-To-Sales Ratio (9.9x) compared to the European REITs industry average (8.1x).


Price to Sales Ratio vs Fair Ratio

What is 0QVM's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0QVM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio9.9x
Fair PS Ratio19.9x

Price-To-Sales vs Fair Ratio: 0QVM is good value based on its Price-To-Sales Ratio (9.9x) compared to the estimated Fair Price-To-Sales Ratio (19.9x).


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 0QVM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.69
€11.29
+5.6%
9.0%€13.10€9.70n/a19
Apr ’25€9.97
€10.77
+8.0%
12.9%€12.70€6.40n/a20
Mar ’25€8.91
€10.73
+20.5%
12.8%€12.70€6.40n/a20
Feb ’25€9.39
€10.66
+13.5%
12.5%€12.50€6.40n/a20
Jan ’25€10.08
€10.17
+0.9%
12.7%€12.50€6.40n/a20
Dec ’24€9.30
€10.11
+8.7%
13.0%€12.50€6.40n/a20
Nov ’24€7.87
€9.96
+26.6%
14.7%€12.50€6.40n/a17
Oct ’24€7.99
€10.09
+26.4%
15.6%€13.00€6.40n/a17
Sep ’24€8.21
€10.24
+24.7%
13.4%€13.00€7.90n/a17
Aug ’24€8.43
€10.24
+21.4%
13.4%€13.00€7.90n/a17
Jul ’24€7.84
€10.20
+30.1%
13.0%€13.00€7.90n/a17
Jun ’24€7.74
€10.41
+34.5%
14.2%€13.33€7.90n/a17
May ’24€7.91
€10.56
+33.4%
13.5%€13.33€7.90n/a17
Apr ’24€8.06
€10.59
+31.4%
13.5%€13.33€7.90€9.9717
Mar ’24€8.84
€10.60
+19.9%
13.5%€13.33€7.90€8.9117
Feb ’24€8.92
€10.72
+20.2%
14.3%€13.33€7.90€9.3917
Jan ’24€8.87
€10.74
+21.1%
14.3%€13.33€7.80€10.0817
Dec ’23€8.92
€10.82
+21.3%
13.9%€13.33€7.90€9.3017
Nov ’23€8.70
€11.10
+27.6%
13.1%€13.33€7.90€7.8718
Oct ’23€7.90
€11.35
+43.5%
13.4%€13.50€7.90€7.9917
Sep ’23€8.89
€11.62
+30.7%
12.4%€13.50€7.90€8.2116
Aug ’23€10.26
€11.57
+12.8%
14.2%€13.50€6.80€8.4316
Jul ’23€9.25
€11.76
+27.2%
13.7%€13.50€6.80€7.8415
Jun ’23€10.49
€11.79
+12.4%
13.5%€13.50€6.80€7.7416
May ’23€10.52
€11.65
+10.7%
14.6%€13.50€6.80€7.9116
Apr ’23€10.62
€11.13
+4.8%
14.1%€13.33€6.80€8.0617

Analyst Forecast: Target price is less than 20% higher than the current share price.


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