MERLIN Properties SOCIMI, S.A. is one of the leading real estate companies listed on the Spanish Stock Exchange (IBEX-35), focused on the acquisition and management of commercial assets in the Iberian Peninsula.
Very undervalued average dividend payer.
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
Stable Share Price: MRPR.F's share price has been volatile over the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: Insufficient data to determine how MRPR.F performed against the US REITs industry.
Return vs Market: Insufficient data to determine how MRPR.F performed against the US Market.
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
No news available
Is MERLIN Properties SOCIMI undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MRPR.F ($8.3) is trading below our estimate of fair value ($10.39)
Significantly Below Fair Value: MRPR.F is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: MRPR.F is good value based on its PE Ratio (6.2x) compared to the REITs industry average (27.2x).
PE vs Market: MRPR.F is good value based on its PE Ratio (6.2x) compared to the US market (15.6x).
Price to Earnings Growth Ratio
PEG Ratio: MRPR.F is good value based on its PEG Ratio (0.1x)
Price to Book Ratio
PB vs Industry: MRPR.F is good value based on its PB Ratio (0.5x) compared to the US REITs industry average (1.4x).
How is MERLIN Properties SOCIMI forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MRPR.F's forecast earnings growth (45.3% per year) is above the savings rate (2.2%).
Earnings vs Market: MRPR.F's earnings (45.3% per year) are forecast to grow faster than the US market (21.6% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: MRPR.F's revenue (5.2% per year) is forecast to grow slower than the US market (8.8% per year).
High Growth Revenue: MRPR.F's revenue (5.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MRPR.F's Return on Equity is forecast to be low in 3 years time (4.6%).
How has MERLIN Properties SOCIMI performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MRPR.F has a large one-off gain of €322.0M impacting its March 31 2020 financial results.
Growing Profit Margin: MRPR.F's current net profit margins are lower than last year .
Past Earnings Growth Analysis
Earnings Trend: MRPR.F's earnings have grown significantly by 24.6% per year over the past 5 years.
Accelerating Growth: MRPR.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: MRPR.F had negative earnings growth (-32.1%) over the past year, making it difficult to compare to the REITs industry average (5.3%).
Return on Equity
High ROE: MRPR.F's Return on Equity (8%) is considered low.
How is MERLIN Properties SOCIMI's financial position?
Financial Position Analysis
Short Term Liabilities: MRPR.F's short term assets (€1.1B) exceed its short term liabilities (€200.2M).
Long Term Liabilities: MRPR.F's short term assets (€1.1B) do not cover its long term liabilities (€7.2B).
Debt to Equity History and Analysis
Debt Level: MRPR.F's debt to equity ratio (96.8%) is considered high.
Reducing Debt: MRPR.F's debt to equity ratio has reduced from 98.4% to 96.8% over the past 5 years.
Debt Coverage: MRPR.F's debt is not well covered by operating cash flow (4.5%).
Interest Coverage: MRPR.F's interest payments on its debt are well covered by EBIT (3.5x coverage).
What is MERLIN Properties SOCIMI's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MRPR.F's dividend (6.95%) is higher than the bottom 25% of dividend payers in the US market (1.71%).
High Dividend: MRPR.F's dividend (6.95%) is in the top 25% of dividend payers in the US market (4.54%)
Stability and Growth of Payments
Stable Dividend: MRPR.F has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: MRPR.F's dividend payments have increased, but the company has only paid a dividend for 5 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (59.7%), MRPR.F's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MRPR.F's dividends in 3 years are forecast to be covered by earnings (80.6% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Ismael Clemente Orrego (49yo)
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 ...
|CEO & Executive Vice-Chairman||no data||€2.45m||0.25% €10.0m|
|Corporate MD||6yrs||€2.40m||0.25% €9.7m|
|Independent Director||3.67yrs||€134.00k||0.0026% €100.9k|
|Non-Executive Independent Director||4.75yrs||€100.00k||0.021% €829.9k|
|Non-Executive Independent Director||5.92yrs||€129.00k||no data|
|Independent Director||5.17yrs||€117.00k||0.010% €395.2k|
|Non-Executive Independent Director||5.92yrs||€129.00k||0.0030% €118.4k|
|Non-Executive Independent Director||5.92yrs||€115.00k||0.014% €553.1k|
|Non-Executive Chairman of the Board||3.17yrs||no data||0.018% €711.4k|
|Independent Director||2yrs||€111.00k||0.0030% €118.4k|
Experienced Board: MRPR.F's board of directors are considered experienced (5 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.
Recent Insider Transactions
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
MERLIN Properties SOCIMI, S.A.'s company bio, employee growth, exchange listings and data sources
- Name: MERLIN Properties SOCIMI, S.A.
- Ticker: MRPR.F
- Exchange: OTCPK
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: €3.560b
- Listing Market Cap: €3.909b
- Shares outstanding: 464.69m
- Website: https://www.merlinproperties.com
Number of Employees
- MERLIN Properties SOCIMI, S.A.
- Paseo de la Castellana, 257
|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|
|MRL||ENXTLS (Euronext Lisbon)||Yes||Common Shares||PT||EUR||Jun 2014|
MERLIN Properties SOCIMI, S.A. is one of the leading real estate companies listed on the Spanish Stock Exchange (IBEX-35), focused on the acquisition and management of commercial assets in the Iberian Peninsula. The Company has elected to become a SOCIMI (Spanish REIT regime). The principal activity of the Company is the acquisition, active management, operation and selective rotation of commercial real estate assets in the segment of “Core” and “Core Plus”, mainly in Spain and to a lesser extent in Portugal. The Company is focused on the office, retail and logistics.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/05/29 05:09|
|End of Day Share Price||2020/05/28 00:00|