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MERLIN Properties SOCIMI

OTCPK:MRPR.F
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MRPR.F
OTCPK
€5B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

MERLIN Properties SOCIMI, SA, one of the main real estate companies quoted on the Spanish Stock Exchange (IBEX-35), has as main activity the acquisition and management of tertiary real estate assets in the Iberian Peninsula. The last earnings update was 11 days ago. More info.


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MRPR.F Share Price and Events
7 Day Returns
0%
OTCPK:MRPR.F
-0.3%
US REITs
0.2%
US Market
1 Year Returns
-12.8%
OTCPK:MRPR.F
13.3%
US REITs
2.9%
US Market
MRPR.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
MERLIN Properties SOCIMI (MRPR.F) 0% 2.3% - -12.8% 16.3% -
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • MRPR.F underperformed the REITs industry which returned 13.3% over the past year.
  • MRPR.F underperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
MRPR.F
Industry
5yr Volatility vs Market

Value

 Is MERLIN Properties SOCIMI undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of MERLIN Properties SOCIMI to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for MERLIN Properties SOCIMI.

OTCPK:MRPR.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:MRPR.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 8.2%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 25%) (98.5%))
0.947
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.947 * 8.18%)
10.47%

Discounted Cash Flow Calculation for OTCPK:MRPR.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for MERLIN Properties SOCIMI is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

MERLIN Properties SOCIMI is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:MRPR.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (EUR, Millions) Source Present Value
Discounted (@ 10.47%)
2019 287.50 Analyst x2 260.24
2020 328.67 Analyst x3 269.30
2021 357.00 Analyst x3 264.79
2022 394.50 Analyst x2 264.86
2023 412.00 Analyst x1 250.39
2024 437.62 Est @ 6.22% 240.74
2025 460.25 Est @ 5.17% 229.19
2026 480.68 Est @ 4.44% 216.67
2027 499.55 Est @ 3.93% 203.83
2028 517.37 Est @ 3.57% 191.09
Present value of next 10 years cash flows €2,391.10
OTCPK:MRPR.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €517.37 × (1 + 2.73%) ÷ (10.47% – 2.73%)
€6,864.02
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €6,864.02 ÷ (1 + 10.47%)10
€2,535.19
OTCPK:MRPR.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €2,391.10 + €2,535.19
€4,926.30
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €4,926.30 / 463.62
€10.7
OTCPK:MRPR.F Discount to Share Price
Calculation Result
Value per share (USD) From above. $12.03
Current discount Discount to share price of $13.30
= -1 x ($13.30 - $12.03) / $12.03
-10.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of MERLIN Properties SOCIMI is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for MERLIN Properties SOCIMI's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are MERLIN Properties SOCIMI's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:MRPR.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €1.72
BME:MRL Share Price ** BME (2019-05-14) in EUR €11.83
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of MERLIN Properties SOCIMI.

OTCPK:MRPR.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BME:MRL Share Price ÷ EPS (both in EUR)

= 11.83 ÷ 1.72

6.86x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MERLIN Properties SOCIMI is good value based on earnings compared to the US REITs industry average.
  • MERLIN Properties SOCIMI is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does MERLIN Properties SOCIMI's expected growth come at a high price?
Raw Data
OTCPK:MRPR.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
-12.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

OTCPK:MRPR.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.86x ÷ -12.3%

-0.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MERLIN Properties SOCIMI earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on MERLIN Properties SOCIMI's assets?
Raw Data
OTCPK:MRPR.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €14.05
BME:MRL Share Price * BME (2019-05-14) in EUR €11.83
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
OTCPK:MRPR.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BME:MRL Share Price ÷ Book Value per Share (both in EUR)

= 11.83 ÷ 14.05

0.84x

* Primary Listing of MERLIN Properties SOCIMI.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MERLIN Properties SOCIMI is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess MERLIN Properties SOCIMI's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. MERLIN Properties SOCIMI has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is MERLIN Properties SOCIMI expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-12.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is MERLIN Properties SOCIMI expected to grow at an attractive rate?
  • MERLIN Properties SOCIMI's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • MERLIN Properties SOCIMI's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • MERLIN Properties SOCIMI's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:MRPR.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:MRPR.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts -12.3%
OTCPK:MRPR.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 4.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:MRPR.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:MRPR.F Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 652 412 679 1
2022-12-31 629 353 687 3
2021-12-31 594 373 611 9
2020-12-31 562 341 788 10
2019-12-31 531 266 1,010 10
OTCPK:MRPR.F Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 612 801
2018-12-31 600 254 855
2018-09-30 515 1,107
2018-06-30 548 218 1,137
2018-03-31 450 1,148
2017-12-31 480 696 1,100
2017-09-30 486 803
2017-06-30 438 362 793
2017-03-31 392 604
2016-12-31 353 -81 583
2016-09-30 309 434
2016-06-30 308 135 141

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • MERLIN Properties SOCIMI's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • MERLIN Properties SOCIMI's revenue is expected to grow by 4.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:MRPR.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from MERLIN Properties SOCIMI Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:MRPR.F Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 1.47 1.47 1.47 1.00
2022-12-31 1.52 1.92 1.11 2.00
2021-12-31 1.08 1.32 0.58 7.00
2020-12-31 1.40 2.34 0.57 11.00
2019-12-31 1.90 2.52 1.08 8.00
OTCPK:MRPR.F Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 1.72
2018-12-31 1.83
2018-09-30 2.38
2018-06-30 2.43
2018-03-31 2.45
2017-12-31 2.35
2017-09-30 1.71
2017-06-30 1.83
2017-03-31 1.52
2016-12-31 1.62
2016-09-30 1.91
2016-06-30 0.45

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • MERLIN Properties SOCIMI is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess MERLIN Properties SOCIMI's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
MERLIN Properties SOCIMI has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has MERLIN Properties SOCIMI performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare MERLIN Properties SOCIMI's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • MERLIN Properties SOCIMI has delivered over 20% year on year earnings growth in the past 5 years.
  • MERLIN Properties SOCIMI's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • MERLIN Properties SOCIMI's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
MERLIN Properties SOCIMI's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from MERLIN Properties SOCIMI Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:MRPR.F Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 611.55 800.83 72.79
2018-12-31 600.35 854.88 73.94
2018-09-30 514.92 1,106.86 68.02
2018-06-30 548.47 1,136.63 70.26
2018-03-31 450.08 1,148.02 77.47
2017-12-31 479.53 1,100.42 71.76
2017-09-30 486.15 803.07 94.18
2017-06-30 437.66 792.90 75.87
2017-03-31 391.68 603.96 54.25
2016-12-31 353.46 582.65 43.88
2016-09-30 308.84 434.32 19.23
2016-06-30 307.63 140.64 17.81
2016-03-31 261.64 74.72 18.68
2015-12-31 215.23 49.08 15.92
2015-09-30 186.35 -93.16 37.41
2014-12-31 75.49 66.23 4.19

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • MERLIN Properties SOCIMI has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • MERLIN Properties SOCIMI used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • MERLIN Properties SOCIMI has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess MERLIN Properties SOCIMI's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
MERLIN Properties SOCIMI has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is MERLIN Properties SOCIMI's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up MERLIN Properties SOCIMI's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • MERLIN Properties SOCIMI is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • MERLIN Properties SOCIMI's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of MERLIN Properties SOCIMI's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from MERLIN Properties SOCIMI Company Filings, last reported 1 month ago.

OTCPK:MRPR.F Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 6,432.98 5,402.25 174.97
2018-12-31 6,401.84 5,234.82 169.03
2018-09-30 6,110.61 5,742.55 183.20
2018-06-30 6,068.61 5,296.78 135.77
2018-03-31 5,834.27 5,411.85 295.12
2017-12-31 5,723.78 5,432.19 454.04
2017-09-30 5,202.76 5,637.77 646.36
2017-06-30 5,151.86 5,223.58 395.46
2017-03-31 4,916.17 5,337.44 544.79
2016-12-31 4,840.77 5,236.44 247.08
2016-09-30 3,075.32 3,512.59 360.73
2016-06-30 3,045.70 3,222.98 143.00
2016-03-31 2,927.22 3,210.33 450.57
2015-12-31 2,926.43 3,165.50 560.74
2015-09-30 2,779.62 3,223.63 557.97
2014-12-31 1,308.68 1,038.15 26.05
  • MERLIN Properties SOCIMI's level of debt (84%) compared to net worth is high (greater than 40%).
  • Unable to establish if MERLIN Properties SOCIMI's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (4.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.4x coverage).
X
Financial health checks
We assess MERLIN Properties SOCIMI's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. MERLIN Properties SOCIMI has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is MERLIN Properties SOCIMI's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.23%
Current annual income from MERLIN Properties SOCIMI dividends. Estimated to be 4.84% next year.
If you bought $2,000 of MERLIN Properties SOCIMI shares you are expected to receive $85 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • MERLIN Properties SOCIMI's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • MERLIN Properties SOCIMI's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:MRPR.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:MRPR.F Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.74 1.00
2022-12-31 0.67 3.00
2021-12-31 0.61 11.00
2020-12-31 0.56 16.00
2019-12-31 0.52 16.00
OTCPK:MRPR.F Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-27 0.500 4.239
2018-02-28 0.520 4.411
2017-11-15 0.420 3.716
2017-09-22 0.420 3.769
2017-02-28 0.405 3.628
2016-02-29 0.083 0.834
2015-11-10 0.155 1.443

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MERLIN Properties SOCIMI has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but MERLIN Properties SOCIMI only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of MERLIN Properties SOCIMI's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (598.8x coverage).
X
Income/ dividend checks
We assess MERLIN Properties SOCIMI's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can MERLIN Properties SOCIMI afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. MERLIN Properties SOCIMI has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of MERLIN Properties SOCIMI's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ismael Clemente Orrego
COMPENSATION €0
AGE 48
CEO Bio

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 estate investments in Spain, Portugal and Morocco. He serves as the Chief Executive Officer at Tree and a part-time employee at Bosque. He has over 18 years of experience at Bankers Trust and Deutsche Bank Real Estate. Over the 18 years, he worked at Bankers Trust REIB, DB Real Estate and RREEF, where he was a Managing Director. He has participated in transactions with an aggregate volume of approximately €5,000 million across all property sectors. These include the acquisition, private placement and sale of the Hotel Arts complex in Barcelona (IHF Deal of the Year 2001), the repositioning of Penha Longa in Lisbon and Alfamar in the Algarve; the investment in, public tender offer over, restructuring and sale to ING Real Estate of the Spanish listed shopping centre operator Filo, S.A.; the sale of Renta Inmobiliaria, S.A. to General Electric Capital; the structured sale and leaseback of the Spanish Headquarters of Dragados; the advisory services to Suez Lyonnaise des Eaux, Telefónica and Portugal Telecom in the reorganisation of their property holdings; the joint venture with Grupo SIL in Portugal; the incorporation of ARDIM in Morocco; and the sale and leaseback of the Seed Portfolio, the largest real estate transaction executed in Europe in 2009. He has led the acquisition of a social housing portfolio from the Municipality of Madrid, FCC and SAREB for The Blackstone Group and over €1,200 million of performing and non-performing loans for Deutsche Bank AG London and Brookfield Strategic Real Estate Partners. Before founding MAGIC Real Estate, he was responsible for a team managing an asset portfolio of more than €3,000 million, representing the full range of global funds advised by RREEF. Mr. Clemente joined Bankers Trust Co. (now part of Deutsche Bank) in 1996 from the Spanish law firm Garrigues Andersen. He served as Deputy Chairman of Merlin Properties Socimi, S.A., from May 27, 2014 to January 13, 2017 and has been its Vice Chairman since January 13, 2017. He has been Member of the Board of Directors of MERLIN Properties SOCIMI, S.A. since May 27, 2014. He has been a Director of Testa Inmuebles en Renta SA since July 23, 2015. He served as a Director of Filo S.A. He holds superior degrees in Law and in Economics & Business Administration, with a specialization in Finance, from ICADE, is a teacher of the MRE programme at Instituto de Empresa and a Member of the Spanish Council of the Urban Land Institute (ULI).

CEO Compensation
  • Insufficient data for Ismael to compare compensation growth.
  • Ismael's remuneration is lower than average for companies of similar size in United States of America.
Management Team

Ismael Clemente Orrego

TITLE
Deputy Chairman of the Board of Directors & CEO
AGE
48

Miguel Ollero Barrera

TITLE
Corporate MD
AGE
49

Fernando Lacadena Azpeitia

TITLE
Financial Director
AGE
62
TENURE
2.3 yrs

David Brush

TITLE
Chief Investment Officer
AGE
58

Fernando Ramirez

TITLE
Director of Investor Relations

Mónica de Vidales Godino

TITLE
Secretary of the Board

Francisco Rivas

TITLE
Director

Javier Unzueta

TITLE
Director

Manuel Casas

TITLE
Director

Inés Arellano

TITLE
Director
Board of Directors Tenure

Average tenure and age of the MERLIN Properties SOCIMI board of directors in years:

4
Average Tenure
52.5
Average Age
  • The tenure for the MERLIN Properties SOCIMI board of directors is about average.
Board of Directors

Francisco Garcia-Carranza Benjumea

TITLE
Chairman of the Board
AGE
47
TENURE
2.3 yrs

Ismael Clemente Orrego

TITLE
Deputy Chairman of the Board of Directors & CEO
AGE
48
TENURE
3.3 yrs

Miguel Ollero Barrera

TITLE
Corporate MD
AGE
49
TENURE
5 yrs

Fernando Ortiz Vaamonde

TITLE
Non-Executive Independent Director
AGE
49
TENURE
4.9 yrs

Juan Aguirre Gonzalo

TITLE
Independent Director
AGE
56
TENURE
2.7 yrs

George Johnston

TITLE
Independent Director
AGE
63
TENURE
4.3 yrs

Ana María Fau

TITLE
Non-Executive Independent Director
AGE
50
TENURE
4.9 yrs

María Jordá Castro

TITLE
Non-Executive Independent Director
AGE
55
TENURE
4.9 yrs

John Gómez-Hall

TITLE
Non-Executive Independent Director
AGE
84
TENURE
3.8 yrs

Francisca Hernández-Agero

TITLE
Proprietary Director
AGE
56
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by MERLIN Properties SOCIMI insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
15. Apr 19 Buy Miguel Ollero Barrera Individual 10. Apr 19 10. Apr 19 1,030 $13.11 $13,498
15. Apr 19 Buy George Johnston Individual 11. Apr 19 11. Apr 19 8,450 $13.40 $113,219
15. Apr 19 Buy Ismael Clemente Orrego Individual 10. Apr 19 10. Apr 19 1 $13.11 $13
04. Jan 19 Buy Juan Aguirre Gonzalo Individual 17. Dec 18 18. Dec 18 4,000 $12.63 $49,917
26. Dec 18 Buy Ismael Clemente Orrego Individual 21. Dec 18 21. Dec 18 10,000 $12.09 $120,863
26. Dec 18 Buy Miguel Ollero Barrera Individual 21. Dec 18 21. Dec 18 10,000 $12.09 $120,863
21. Dec 18 Buy Juan Aguirre Gonzalo Individual 17. Dec 18 17. Dec 18 4,000 $12.63 $49,870
20. Dec 18 Buy Emilio Berlín Individual 18. Dec 18 18. Dec 18 16,000 $12.28 $196,393
27. Nov 18 Buy Ismael Clemente Orrego Individual 21. Nov 18 21. Nov 18 10,000 $12.28 $122,763
26. Nov 18 Buy Miguel Ollero Barrera Individual 21. Nov 18 21. Nov 18 10,000 $12.28 $122,763
12. Sep 18 Buy Juan Aguirre Gonzalo Individual 05. Sep 18 05. Sep 18 2,000 $13.72 $27,430
X
Management checks
We assess MERLIN Properties SOCIMI's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. MERLIN Properties SOCIMI has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

MERLIN Properties SOCIMI, SA, one of the main real estate companies quoted on the Spanish Stock Exchange (IBEX-35), has as 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 "Core" and "Core Plus" investment segments, mainly in Spain and, to a lesser extent, in Portugal. The Company focuses on the office, retail and logistics market. MERLIN Properties has a large team of professionals who perform the tasks of asset portfolio management, with the objective of maximizing the operational efficiency and profitability of each asset. The profitability objective of MERLIN Properties is based on the remuneration to the shareholder consisting of the annual distribution of dividends and the creation of value through the increase of EPRA NAV of the company.

Details
Name: MERLIN Properties SOCIMI, S.A.
MRPR.F
Exchange: OTCPK
Founded:
€6,124,660,494
463,620,750
Website: http://www.merlinproperties.com
Address: MERLIN Properties SOCIMI, S.A.
Paseo de la Castellana, 257,
Madrid,
Madrid, 28046,
Spain
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BME MRL Common Shares Bolsas y Mercados Espanoles ES EUR 30. Jun 2014
OTCPK MRPR.F Common Shares Pink Sheets LLC US USD 30. Jun 2014
DB MEQA Common Shares Deutsche Boerse AG DE EUR 30. Jun 2014
LSE 0QVM Common Shares London Stock Exchange GB EUR 30. Jun 2014
WBAG MERL Common Shares Wiener Boerse AG AT EUR 30. Jun 2014
BATS-CHIXE MRLE Common Shares BATS 'Chi-X Europe' GB EUR 30. Jun 2014
Number of employees
Current staff
Staff numbers
176
MERLIN Properties SOCIMI employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 00:39
End of day share price update: 2019/05/14 00:00
Last estimates confirmation: 2019/05/14
Last earnings filing: 2019/05/13
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.