(MRL) Merlin Properties SOCIMI - Overview
Sector: Real Estate | Industry: REIT - Office | Exchange: MC (Spain) | Market Cap: 9.361m EUR | Total Return: 39.5% in 12m
Avg Turnover: 15.8M
Qual. Beats: 0
Rev. Trend: 99.0%
Qual. Beats: 0
Warnings
Earnings expected to drop: P/E 11.0 → Forward 27.8
Altman Z'' 0.80 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
No distinct edge detected
MERLIN Properties SOCIMI, S.A. is the largest real estate company listed on the Spanish Stock Exchange and a constituent of the IBEX-35. Founded in 2014, the firm specializes in the acquisition, development, and management of commercial assets across the Iberian Peninsula, specifically targeting the office, logistics, retail, and data center sectors.
The company operates as a SOCIMI, the Spanish equivalent of a Real Estate Investment Trust (REIT), which requires the distribution of the majority of taxable income to shareholders in exchange for corporate tax exemptions. MERLIN focuses on Core and Core Plus assets, which are typically high-quality properties in primary markets characterized by stable occupancy rates and long-term lease structures.
Investors seeking deeper insights into the companys valuation metrics and historical performance should consult ValueRay for further analysis. The firm maintains a diversified portfolio presence in major economic hubs such as Madrid, Barcelona, and Lisbon, providing broad exposure to the Mediterranean commercial real estate cycle.
- Data center expansion strategy drives long term rental income growth potential
- Interest rate fluctuations impact financing costs and property portfolio valuations
- Iberian office occupancy rates determine core recurring cash flow stability
- Logistics demand surge from e-commerce boosts warehouse segment revenue
- Spanish regulatory environment changes affect SOCIMI tax status and dividend payouts
| Net Income: 778.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 0.50 > 1.0 |
| NWC/Revenue: 173.5% < 20% (prev 182.0%; Δ -8.46% < -1%) |
| CFO/TA 0.03 > 3% & CFO 415.6m > Net Income 778.9m |
| Net Debt (3.55b) to EBITDA (530.9m): 6.68 < 3 |
| Current Ratio: 2.07 > 1.5 & < 3 |
| Outstanding Shares: last quarter (620.0m) vs 12m ago 9.98% < -2% |
| Gross Margin: 87.62% > 18% (prev 0.83%; Δ 8.68k% > 0.5%) |
| Asset Turnover: 3.85% > 50% (prev 3.76%; Δ 0.09% > 0%) |
| Interest Coverage Ratio: 4.61 > 6 (EBITDA TTM 530.9m / Interest Expense TTM 114.0m) |
| A: 0.06 (Total Current Assets 1.86b - Total Current Liabilities 900.0m) / Total Assets 15.1b |
| B: 0.01 (Retained Earnings 77.0m / Total Assets 15.1b) |
| C: 0.04 (EBIT TTM 525.2m / Avg Total Assets 14.3b) |
| D: 0.11 (Book Value of Equity 697.0m / Total Liabilities 6.16b) |
| Altman-Z'' = 0.80 = B |
| DSRI: 1.35 (Receivables 106.3m/73.0m, Revenue 552.7m/511.8m) |
| GMI: 0.95 (GM 87.62% / 83.21%) |
| AQI: 1.01 (AQ_t 0.88 / AQ_t-1 0.87) |
| SGI: 1.08 (Revenue 552.7m / 511.8m) |
| TATA: 0.02 (NI 778.9m - CFO 415.6m) / TA 15.1b) |
| Beneish M = -2.70 (Cap -4..+1) = A |
As of June 02, 2026, the stock is trading at EUR 14.83 with a total of 1,250,602 shares traded.
Over the past week, the price has changed by -2.43%,
over one month by +2.71%,
over three months by +0.76% and
over the past year by +39.48%.
Merlin Properties SOCIMI has no consensus analysts rating.
P/E Trailing = 11.0365
P/E Forward = 27.7778
P/S = 16.1367
P/B = 1.0594
Revenue TTM = 552.7m EUR
EBIT TTM = 525.2m EUR
EBITDA TTM = 530.9m EUR
Long Term Debt = 4.40b EUR (from longTermDebt, last quarter)
Short Term Debt = 900.0m EUR (from shortTermDebt, last quarter)
Debt = 5.30b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.55b EUR (calculated: Debt 5.30b - CCE 1.75b)
Enterprise Value = 12.9b EUR (9.36b + Debt 5.30b - CCE 1.75b)
Interest Coverage Ratio = 4.61 (Ebit TTM 525.2m / Interest Expense TTM 114.0m)
EV/FCF = 31.86x (Enterprise Value 12.9b / FCF TTM 405.0m)
FCF Yield = 3.14% (FCF TTM 405.0m / Enterprise Value 12.9b)
FCF Margin = 73.29% (FCF TTM 405.0m / Revenue TTM 552.7m)
Net Margin = 140.9% (Net Income TTM 778.9m / Revenue TTM 552.7m)
Gross Margin = 87.62% ((Revenue TTM 552.7m - Cost of Revenue TTM 68.4m) / Revenue TTM)
Gross Margin QoQ = 89.37% (prev 88.41%)
Tobins Q-Ratio = 0.86 (Enterprise Value 12.9b / Total Assets 15.1b)
Interest Expense / Debt = 2.15% (Interest Expense 114.0m / Debt 5.30b)
Taxrate = 1.91% (1.50m / 78.5m)
NOPAT = 515.2m (EBIT 525.2m * (1 - 1.91%))
Current Ratio = 2.07 (Total Current Assets 1.86b / Total Current Liabilities 900.0m)
Debt / Equity = 0.59 (Debt 5.30b / totalStockholderEquity, last quarter 8.92b)
Debt / EBITDA = 6.68 (Net Debt 3.55b / EBITDA 530.9m)
Debt / FCF = 8.75 (Net Debt 3.55b / FCF TTM 405.0m)
Total Stockholder Equity = 8.21b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.43% (Net Income 778.9m / Total Assets 15.1b)
RoE = 9.48% (Net Income TTM 778.9m / Total Stockholder Equity 8.21b)
RoCE = 4.16% (EBIT 525.2m / Capital Employed (Equity 8.21b + L.T.Debt 4.40b))
RoIC = 3.86% (NOPAT 515.2m / Invested Capital 13.3b)
WACC = 5.49% (E(9.36b)/V(14.7b) * Re(7.40%) + D(5.30b)/V(14.7b) * Rd(2.15%) * (1-Tc(0.02)))
Discount Rate = 7.40% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 42.22 | Cagr: -0.05%
[DCF] Terminal Value 77.97% ; FCFF base≈361.9m ; Y1≈414.9m ; Y5≈610.6m
[DCF] Fair Price = 9.12 (EV 9.19b - Net Debt 3.55b = Equity 5.64b / Shares 619.1m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.13 | # QB: 0
Revenue Correlation: 98.97 | Revenue CAGR: 7.25% | SUE: -0.83 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.13 | Chg30d=-13.33% | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.14 | Chg30d=-6.67% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=0.53 | Chg30d=-3.59% | Revisions=-45% | GrowthEPS=-0.1% | GrowthRev=+11.5%
EPS next Year (2027-12-31): EPS=0.58 | Chg30d=-0.14% | Revisions=-43% | GrowthEPS=+9.0% | GrowthRev=+14.2%
[Analyst] Revisions Ratio: -45%