Buy Or Sell Opportunity • Jul 20
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at €15.34. The fair value is estimated to be €12.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 106%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Jun 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €15.52. The fair value is estimated to be €12.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 106%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Buy Or Sell Opportunity • May 22
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 7.2% to €14.80. The fair value is estimated to be €12.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 106%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: €0.12 (vs €0.15 in 1Q 2025) First quarter 2026 results: EPS: €0.12 (down from €0.15 in 1Q 2025). Revenue: €148.8m (up 10% from 1Q 2025). Net income: €77.0m (down 8.6% from 1Q 2025). Profit margin: 52% (down from 62% in 1Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • May 08
MERLIN Properties SOCIMI, S.A. to Report Q1, 2026 Results on May 13, 2026 MERLIN Properties SOCIMI, S.A. announced that they will report Q1, 2026 results After-Market on May 13, 2026 Declared Dividend • May 04
Final dividend of €0.40 announced Shareholders will receive a dividend of €0.40. Ex-date: 7th May 2026 Payment date: 25th May 2026 Dividend yield will be 3.6%, which is lower than the industry average of 5.4%. Announcement • Mar 30
MERLIN Properties SOCIMI, S.A., Annual General Meeting, Apr 28, 2026 MERLIN Properties SOCIMI, S.A., Annual General Meeting, Apr 28, 2026. Location: edificio ruiz picasso 11, plaza pablo ruiz picasso 11, madrid Spain Announcement • Mar 26
MERLIN Properties SOCIMI, S.A. has filed a Follow-on Equity Offering in the amount of €767.592378 million. MERLIN Properties SOCIMI, S.A. has filed a Follow-on Equity Offering in the amount of €767.592378 million.
Security Name: shares
Security Type: Common Stock
Securities Offered: 56,275,101
Price\Range: €13.64 Buy Or Sell Opportunity • Mar 03
Now 22% undervalued Over the last 90 days, the stock has risen 13% to €14.50. The fair value is estimated to be €18.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 105%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 4.1% per annum over the same time period. Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: €1.40 (vs €0.56 in FY 2024) Full year 2025 results: EPS: €1.40 (up from €0.56 in FY 2024). Revenue: €549.3m (up 8.0% from FY 2024). Net income: €786.1m (up 177% from FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Feb 20
MERLIN Properties SOCIMI, S.A. to Report Fiscal Year 2025 Results on Feb 26, 2026 MERLIN Properties SOCIMI, S.A. announced that they will report fiscal year 2025 results After-Market on Feb 26, 2026 Buy Or Sell Opportunity • Jan 20
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to €12.20. The fair value is estimated to be €16.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 47%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 4.4% per annum over the same time period. New Risk • Dec 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Portuguese stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.3% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.3% average weekly change). Large one-off items impacting financial results. Declared Dividend • Nov 17
Dividend of €0.16 announced Shareholders will receive a dividend of €0.16. Ex-date: 21st November 2025 Payment date: 10th December 2025 Dividend yield will be 3.0%, which is lower than the industry average of 5.4%. Reported Earnings • Nov 15
Third quarter 2025 earnings released: €0.33 FFO loss per share (vs €0.14 profit in 3Q 2024) Third quarter 2025 results: €0.33 FFO loss per share (down from €0.14 profit in 3Q 2024). Revenue: €113.8m (down 20% from 3Q 2024). Funds from operations (FFO) loss: €166.6m (down 302% from profit in 3Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 01
Second quarter 2025 earnings released: €0.15 FFO loss per share (vs €0.15 loss in 2Q 2024) Second quarter 2025 results: €0.15 FFO loss per share. Revenue: €130.6m (up 10% from 2Q 2024). Funds from operations (FFO) loss: €84.2m (loss widened 17% from 2Q 2024). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the REITs industry in Europe. New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.1% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.8% average weekly change). Earnings have declined by 24% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • May 15
First quarter 2025 earnings released: FFO per share: €0.2 (vs €0.15 in 1Q 2024) First quarter 2025 results: FFO per share: €0.2 (up from €0.15 in 1Q 2024). Revenue: €134.9m (up 6.5% from 1Q 2024). Funds from operations (FFO): €84.2m (up 17% from 1Q 2024). FFO margin: 62% (up from 57% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • May 04
Final dividend of €0.22 announced Shareholders will receive a dividend of €0.22. Ex-date: 8th May 2025 Payment date: 26th May 2025 Dividend yield will be 3.8%, which is lower than the industry average of 5.4%. Buy Or Sell Opportunity • Apr 30
Now 23% overvalued Over the last 90 days, the stock has fallen 4.4% to €9.98. The fair value is estimated to be €8.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.3% per annum. Earnings are also forecast to grow by 25% per annum over the same time period. New Risk • Apr 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Portuguese stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.4% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €8.30, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the REITs industry in Europe. Total loss to shareholders of 5.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.67 per share. Announcement • Mar 31
MERLIN Properties SOCIMI, S.A., Annual General Meeting, Apr 29, 2025 MERLIN Properties SOCIMI, S.A., Annual General Meeting, Apr 29, 2025. Location: edificio ruiz picasso 11, plaza pablo ruiz picasso 11., madrid Spain Buy Or Sell Opportunity • Mar 13
Now 32% overvalued The stock has been flat over the last 90 days, currently trading at €10.13. The fair value is estimated to be €7.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 25% per annum over the same time period. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: €0.56 (vs €0.18 loss in FY 2023) Full year 2024 results: EPS: €0.56 (up from €0.18 loss in FY 2023). Revenue: €503.0m (flat on FY 2023). Net income: €283.8m (up €367.3m from FY 2023). Profit margin: 56% (up from net loss in FY 2023). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • Feb 19
MERLIN Properties SOCIMI, S.A. to Report Fiscal Year 2024 Results on Feb 27, 2025 MERLIN Properties SOCIMI, S.A. announced that they will report fiscal year 2024 results After-Market on Feb 27, 2025 New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Portuguese stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.3% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (20% increase in shares outstanding). Declared Dividend • Nov 18
Dividend of €0.15 announced Shareholders will receive a dividend of €0.15. Ex-date: 22nd November 2024 Payment date: 10th December 2024 Dividend yield will be 4.1%, which is lower than the industry average of 5.4%. Reported Earnings • Nov 17
Third quarter 2024 earnings released: FFO per share: €0.1 (vs €0.16 in 3Q 2023) Third quarter 2024 results: FFO per share: €0.1. Revenue: €141.4m (up 9.3% from 3Q 2023). Funds from operations (FFO): €82.7m (up 21% from 3Q 2023). FFO margin: 59% (up from 53% in 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the REITs industry in Europe. New Risk • Aug 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.5% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Jul 21
First half 2024 earnings released: EPS: €0.28 (vs €0.10 loss in 1H 2023) First half 2024 results: EPS: €0.28 (up from €0.10 loss in 1H 2023). Revenue: €245.1m (down 9.4% from 1H 2023). Net income: €132.8m (up €180.3m from 1H 2023). Profit margin: 54% (up from net loss in 1H 2023). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Jul 09
MERLIN Properties SOCIMI, S.A. to Report First Half, 2024 Results on Jul 22, 2024 MERLIN Properties SOCIMI, S.A. announced that they will report first half, 2024 results on Jul 22, 2024 Buy Or Sell Opportunity • May 31
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to €10.87. The fair value is estimated to be €8.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 19
MERLIN Properties SOCIMI, S.A. Provides Earnings Guidance for the Year 2024 MERLIN Properties SOCIMI, S.A. provided earnings guidance for the year 2024. For the year, the company believes EPS of EUR 0.59. Buy Or Sell Opportunity • May 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to €11.00. The fair value is estimated to be €9.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 14
MERLIN Properties SOCIMI, S.A. to Report Q1, 2024 Results on May 16, 2024 MERLIN Properties SOCIMI, S.A. announced that they will report Q1, 2024 results After-Market on May 16, 2024 Declared Dividend • May 13
Final dividend of €0.24 announced Shareholders will receive a dividend of €0.24. Ex-date: 17th May 2024 Payment date: 4th June 2024 Dividend yield will be 3.8%, which is lower than the industry average of 5.4%. Announcement • Apr 06
MERLIN Properties SOCIMI, S.A., Annual General Meeting, May 08, 2024 MERLIN Properties SOCIMI, S.A., Annual General Meeting, May 08, 2024, at 12:00 Central European Standard Time. Agenda: To consider the financial statements; to consider the composition of the board of directors; to consider amendments to corporate governance documents; to consider other general matters. Buy Or Sell Opportunity • Mar 21
Now 21% overvalued Over the last 90 days, the stock has fallen 6.4% to €9.45. The fair value is estimated to be €7.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 04
Full year 2023 earnings released: FFO per share: €0.6 (vs €0.62 in FY 2022) Full year 2023 results: FFO per share: €0.6 (down from €0.62 in FY 2022). Revenue: €515.5m (up 11% from FY 2022). Funds from operations (FFO): €284.2m (down 2.1% from FY 2022). FFO margin: 55% (down from 63% in FY 2022). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, while revenues in the REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 19
Third quarter 2023 earnings released: €0.32 FFO loss per share (vs €0.14 profit in 3Q 2022) Third quarter 2023 results: €0.32 FFO loss per share (down from €0.14 profit in 3Q 2022). Revenue: €73.6m (down 42% from 3Q 2022). Funds from operations (FFO) loss: €147.4m (down 321% from profit in 3Q 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 1.8% decline forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Jul 29
Second quarter 2023 earnings released: €0.16 FFO loss per share (vs €0.17 profit in 2Q 2022) Second quarter 2023 results: €0.16 FFO loss per share (down from €0.17 profit in 2Q 2022). Revenue: €108.9m (down 6.4% from 2Q 2022). Funds from operations (FFO) loss: €75.3m (down 197% from profit in 2Q 2022). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, while revenues in the REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: €0.14 (vs €0.16 in 1Q 2022) First quarter 2023 results: EPS: €0.14 (down from €0.16 in 1Q 2022). Revenue: €114.7m (flat on 1Q 2022). Net income: €66.2m (down 11% from 1Q 2022). Profit margin: 58% (down from 65% in 1Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Announcement • Oct 13
MERLIN Properties SOCIMI, S.A. to Report Q3, 2022 Results on Nov 11, 2022 MERLIN Properties SOCIMI, S.A. announced that they will report Q3, 2022 results on Nov 11, 2022 Announcement • Jul 30
Silicius Real Estate SOCIMI, S.A. agreed to acquire Silicius Real Estate SOCIMI, S.A. from MERLIN Properties SOCIMI, S.A. (BME:MRL) for €80.9 million. Silicius Real Estate SOCIMI, S.A. agreed to acquire Silicius Real Estate SOCIMI, S.A. from MERLIN Properties SOCIMI, S.A. (BME:MRL) for €80.9 million on July 28, 2022. Announcement • Jun 30
MERLIN Properties SOCIMI, S.A. to Report Q2, 2022 Results on Jul 29, 2022 MERLIN Properties SOCIMI, S.A. announced that they will report Q2, 2022 results on Jul 29, 2022 Announcement • Jun 17
Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) acquired Tree Inversiones Inmobiliarias, S.A. from MERLIN Properties SOCIMI, S.A. (BME:MRL). Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) agreed to acquire Tree Inversiones Inmobiliarias, S.A. from MERLIN Properties SOCIMI, S.A. (BME:MRL) for €2 billion on April 1, 2022. The transaction is subject to approval by National Markets and Competition Commission and is expected to complete at the end of the second quarter. Merlin will use the proceeds from the sale of these assets to reduce debt. Barclays Bank PLC acted as financial advisor to MERLIN Properties SOCIMI, S.A. Lazard Asesores Financieros, S.A. acted as fairness opinion provider to MERLIN Properties SOCIMI, S.A. (BME:MRL). Víctor Viana, David López Pombo and Iratxe Celaya of Uría Menéndez Abogados, S.L.P. acted as legal advisors to Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA). CUATRECASAS acted as legal advisor to Banco Bilbao.
Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) completed the acquisition of Tree Inversiones Inmobiliarias, S.A. from MERLIN Properties SOCIMI, S.A. (BME:MRL) on June 15, 2022. Announcement • Apr 12
Inovalis Real Estate Investment Trust (TSX:INO.UN) acquired Two Connected Office Buildings in Alcobendas from MERLIN Properties SOCIMI, S.A. (BME:MRL). Inovalis Real Estate Investment Trust (TSX:INO.UN) acquired Two Connected Office Buildings in Alcobendas from MERLIN Properties SOCIMI, S.A. (BME:MRL) on April 11, 2022.
Inovalis Real Estate Investment Trust (TSX:INO.UN) completed the acquisition of Two Connected Office Buildings in Alcobendas from MERLIN Properties SOCIMI, S.A. (BME:MRL) on April 11, 2022. Buying Opportunity • Mar 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be €11.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% per annum over the last 3 years. Earnings per share has declined by 48% per annum over the last 3 years. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.10 (up from €0.12 in FY 2020). Revenue: €472.5m (up 6.7% from FY 2020). Net income: €512.2m (up €455.9m from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 13% while thereits industry in Portugal is not expected to grow. Reported Earnings • Nov 14
Third quarter 2021 earnings released: €0.28 FFO loss per share (vs €0.14 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: €108.1m (down 31% from 3Q 2020). Funds from operations (FFO) loss: €129.2m (down 305% from profit in 3Q 2020). Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS €0.29 (vs €0.072 in 2Q 2020) Second quarter 2021 results: Revenue: €99.1m (up 17% from 2Q 2020). Net income: €134.6m (up 317% from 2Q 2020). Announcement • Jun 19
Kennedy Wilson Europe Real Estate Fund II SCSp managed by Kennedy-Wilson Holdings, Inc. (NYSE:KW) acquired Office Building in Spain from MERLIN Properties SOCIMI, S.A. (BME:MRL). Kennedy Wilson Europe Real Estate Fund II SCSp managed by Kennedy-Wilson Holdings, Inc. (NYSE:KW) acquired Office Building in Spain from MERLIN Properties SOCIMI, S.A. (BME:MRL) on June 17, 2021. Gabriel Cabello, Rosario Bernáldez, Alvaro Albiñana and Abel Ayuso of Linklaters LLP acted as legal advisors for MERLIN Properties.
Kennedy Wilson Europe Real Estate Fund II SCSp managed by Kennedy-Wilson Holdings, Inc. (NYSE:KW) completed the acquisition of Office Building in Spain from MERLIN Properties SOCIMI, S.A. (BME:MRL) on June 17, 2021. Reported Earnings • Mar 20
Full year 2020 earnings released: FFO €0.56 per share (vs €0.68 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €442.7m (down 16% from FY 2019). Funds from operations (FFO): €262.4m (down 16% from FY 2019). FFO margin: 59% (in line with FY 2019). Is New 90 Day High Low • Feb 24
New 90-day high: €8.60 The company is up 5.0% from its price of €8.20 on 25 November 2020. The Portuguese market is also up 5.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the REITs industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.37 per share. Announcement • Feb 23
MERLIN Properties SOCIMI, S.A. to Report Fiscal Year 2020 Results on Feb 26, 2021 MERLIN Properties SOCIMI, S.A. announced that they will report fiscal year 2020 results at 3:00 PM, Central European Standard Time on Feb 26, 2021 Is New 90 Day High Low • Nov 17
New 90-day high: €8.05 The company is up 12% from its price of €7.20 on 19 August 2020. The Portuguese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.82 per share. Reported Earnings • Nov 15
Third quarter 2020 earnings released: FFO €0.14 per share The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: €157.0m (up 11% from 3Q 2019). Funds from operations (FFO): €63.0m (down 21% from 3Q 2019). FFO margin: 40% (down from 56% in 3Q 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue beats expectations Revenue exceeded analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 2.4% compared to a 1.2% decline forecast for the REITs industry in Portugal. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 23% share price gain to €7.25, the stock is trading at a trailing P/E ratio of 9.1x, up from the previous P/E ratio of 7.4x. This compares to an average P/E of 15x in the REITs industry in Europe. Is New 90 Day High Low • Oct 19
New 90-day low: €6.40 The company is down 13% from its price of €7.36 on 21 July 2020. The Portuguese market is down 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.29 per share. 
