MRL Stock Analysis: Merlin Properties SOCIMI | MC
REIT - Office | MC, Spain | Market Cap: 9.317m EUR | 12M Return: 31.8% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 18.8M
Qual. Beats: 0
Rev. Trend: 99.0%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Merlin Properties SOCIMI, S.A. (MRL) is the largest real estate and infrastructure company listed on the Spanish Stock Exchange. It specializes in the development, acquisition, and management of commercial property across the Iberian region (Spain and Portugal), focusing on offices, shopping centers, logistics facilities, and data centers. The company invests primarily in Core and Core Plus real estate segments, and is a constituent of major indices including the IBEX-35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate, GPR Global Index, GPR-250 Index, MSCI Small Caps, and DJSI. Merlin Properties was incorporated in 2014 in Spain and operates as a SOCIMI, Spains equivalent of a REIT, which under Spanish law is required to distribute a significant portion of its profits as dividends to shareholders.
- Data center portfolio expansion accelerates rental income growth
- ECB rate cuts ease financing costs and lift asset valuations
- Spanish office occupancy recovery hinges on hybrid work demand
| 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 0.01 > 3% & CFO 138.3m > 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 83.21%; Δ 4.41% > 0.5%) |
| Asset Turnover: 3.85% > 50% (prev 3.76%; Δ 0.09% > 0%) |
| Interest Coverage Ratio: 4.61 > 6 (EBIT TTM 525.2m / Interest Expense TTM 114.0m) |
| A: 0.06 (Total Current Assets 1.86b - Total Current Liabilities 900.0m) / Total Assets 15.1b |
| B: -0.00 (Retained Earnings -35.6m / Total Assets 15.1b) |
| C: 0.04 (EBIT TTM 525.2m / Avg Total Assets 14.3b) |
| D: 1.45 (Book Value of Equity 8.92b / Total Liabilities 6.16b) |
| Altman-Z'' = 2.18 = BBB |
| DSRI: 1.35 (Receivables 106.3m/73.0m, Revenue 552.7m/511.8m) |
| GMI: 0.95 (GM 83.21% / 87.62%) |
| AQI: 1.01 (AQ_t 0.88 / AQ_t-1 0.87) |
| SGI: 1.08 (Revenue 552.7m / 511.8m) |
| TATA: 0.04 (NI 778.9m - CFO 138.3m) / TA 15.1b) |
| Beneish M = -2.72 (Cap -4..+1) = A |
As of July 18, 2026, the stock is trading at EUR 15.03 with a total of 532,792 shares traded. Over the past week, the price has changed by -0.13%, over one month by -1.31%, over three months by -2.07% and over the past year by +31.82%.
Current recommended Stop Loss: 14.60 (which is 2.9% or 1.4 ATR below the current price).
Merlin Properties SOCIMI has no consensus analysts rating.
P/E Trailing = 10.9854
P/E Forward = 27.8552
P/S = 15.9981
P/B = 1.0441
P/EG = 1.3272
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 (9.32b + Debt 5.30b - CCE 1.75b)
Interest Coverage Ratio = 4.61 (Ebit TTM 525.2m / Interest Expense TTM 114.0m)
EV/FCF = 31.76x (Enterprise Value 12.9b / FCF TTM 405.0m)
FCF Yield = 3.15% (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 = 0.85 (Enterprise Value 12.9b / Total Assets 15.1b)
Interest Expense / Debt = 2.15% (Interest Expense 114.0m / Debt 5.30b)
Taxrate = 3.39% (27.3m / 806.2m)
NOPAT = 507.4m (EBIT 525.2m * (1 - 3.39%))
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 = 3.37% (NOPAT 507.4m / Invested Capital 15.1b)
WACC = 5.50% (E(9.32b)/V(14.6b) * Re(7.44%) + D(5.30b)/V(14.6b) * Rd(2.15%) * (1-Tc(0.03)))
Discount Rate = 7.44% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 44.50 | 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=-25% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.14 | Chg30d=-6.67% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=0.53 | Chg30d=+0.60% | Revisions=+50% | GrowthEPS=+0.5% | GrowthRev=+11.2%
EPS next Year (2027-12-31): EPS=0.57 | Chg30d=-0.57% | Revisions=+0% | GrowthEPS=+7.7% | GrowthRev=+14.7%
[Analyst] Revisions Ratio: +8% (up=5, down=4)