MERLIN PROPERTIES SOCIMI SA (MRL.LS) Stock Fundamental Analysis
ELI:MRL - Euronext Lisbon - ES0105025003 - REIT - Currency: EUR
Overall MRL gets a fundamental rating of 4 out of 10. We evaluated MRL against 42 industry peers in the Diversified REITs industry. MRL has an average financial health and profitability rating. MRL is valied quite expensively at the moment, while it does show a decent growth rate.
1. Profitability
1.1 Basic Checks
In the past year MRL was profitable.
MRL had a positive operating cash flow in the past year.
Of the past 5 years MRL 4 years were profitable.
In the past 5 years MRL always reported a positive cash flow from operatings.
1.2 Ratios
MRL has a Return On Assets (2.11%) which is comparable to the rest of the industry.
MRL has a Return On Equity (3.78%) which is comparable to the rest of the industry.
MRL has a worse Return On Invested Capital (2.32%) than 78.57% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for MRL is in line with the industry average of 3.70%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.11% | ||
| ROE | 3.78% | ||
| ROIC | 2.32% |
ROA(3y)1.2%
ROA(5y)1.52%
ROE(3y)2.12%
ROE(5y)2.9%
ROIC(3y)2.33%
ROIC(5y)2.23%
1.3 Margins
Looking at the Profit Margin, with a value of 57.37%, MRL is in the better half of the industry, outperforming 64.29% of the companies in the same industry.
MRL's Profit Margin has declined in the last couple of years.
Looking at the Operating Margin, with a value of 75.09%, MRL is in the better half of the industry, outperforming 61.90% of the companies in the same industry.
In the last couple of years the Operating Margin of MRL has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 75.09% | ||
| PM (TTM) | 57.37% | ||
| GM | N/A |
OM growth 3Y-1.01%
OM growth 5Y0.41%
PM growth 3Y-19.36%
PM growth 5Y-12.12%
GM growth 3YN/A
GM growth 5YN/A
2. Health
2.1 Basic Checks
MRL has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
MRL has more shares outstanding than it did 1 year ago.
MRL has more shares outstanding than it did 5 years ago.
The debt/assets ratio for MRL has been reduced compared to a year ago.
2.2 Solvency
MRL has an Altman-Z score of 1.03. This is a bad value and indicates that MRL is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.03, MRL is in the better half of the industry, outperforming 69.05% of the companies in the same industry.
The Debt to FCF ratio of MRL is 16.58, which is on the high side as it means it would take MRL, 16.58 years of fcf income to pay off all of its debts.
MRL's Debt to FCF ratio of 16.58 is in line compared to the rest of the industry. MRL outperforms 45.24% of its industry peers.
A Debt/Equity ratio of 0.57 indicates that MRL is somewhat dependend on debt financing.
MRL has a better Debt to Equity ratio (0.57) than 71.43% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.57 | ||
| Debt/FCF | 16.58 | ||
| Altman-Z | 1.03 |
ROIC/WACC0.45
WACC5.22%
2.3 Liquidity
A Current Ratio of 2.02 indicates that MRL has no problem at all paying its short term obligations.
With an excellent Current ratio value of 2.02, MRL belongs to the best of the industry, outperforming 92.86% of the companies in the same industry.
A Quick Ratio of 1.96 indicates that MRL should not have too much problems paying its short term obligations.
MRL's Quick ratio of 1.96 is amongst the best of the industry. MRL outperforms 92.86% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.02 | ||
| Quick Ratio | 1.96 |
3. Growth
3.1 Past
The earnings per share for MRL have decreased by -8.20% in the last year.
Measured over the past years, MRL shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -14.43% on average per year.
Looking at the last year, MRL shows a small growth in Revenue. The Revenue has grown by 6.41% in the last year.
Measured over the past years, MRL shows a decrease in Revenue. The Revenue has been decreasing by -0.80% on average per year.
EPS 1Y (TTM)-8.2%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%-72.46%
Revenue 1Y (TTM)6.41%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%2.61%
3.2 Future
Based on estimates for the next years, MRL will show a small growth in Earnings Per Share. The EPS will grow by 5.23% on average per year.
MRL is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 10.17% yearly.
EPS Next Y-1.63%
EPS Next 2Y0.82%
EPS Next 3Y4.35%
EPS Next 5Y5.23%
Revenue Next Year9.43%
Revenue Next 2Y9.18%
Revenue Next 3Y10.43%
Revenue Next 5Y10.17%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 17.16, the valuation of MRL can be described as rather expensive.
MRL's Price/Earnings is on the same level as the industry average.
Compared to an average S&P500 Price/Earnings ratio of 28.10, MRL is valued a bit cheaper.
Based on the Price/Forward Earnings ratio of 17.45, the valuation of MRL can be described as rather expensive.
MRL's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. MRL is more expensive than 71.43% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 20.74, MRL is valued at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.16 | ||
| Fwd PE | 17.45 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of MRL indicates a slightly more expensive valuation: MRL is more expensive than 69.05% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, MRL is valued a bit more expensive than 69.05% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 18.22 | ||
| EV/EBITDA | 23.35 |
4.3 Compensation for Growth
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y0.82%
EPS Next 3Y4.35%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 4.02%, MRL is a good candidate for dividend investing.
MRL's Dividend Yield is slightly below the industry average, which is at 7.56.
MRL's Dividend Yield is rather good when compared to the S&P500 average which is at 2.43.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.02% |
5.2 History
The dividend of MRL decreases each year by -12.73%.
Dividend Growth(5Y)-12.73%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
37.06% of the earnings are spent on dividend by MRL. This is a low number and sustainable payout ratio.
DP37.06%
EPS Next 2Y0.82%
EPS Next 3Y4.35%
ELI:MRL (5/2/2025, 7:00:00 PM)
9.61
-0.37 (-3.71%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners36.69%
Inst Owner ChangeN/A
Ins Owners8.46%
Ins Owner ChangeN/A
Market Cap5.42B
Analysts84.8
Price Target13.83 (43.91%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.02% |
Yearly Dividend0.2
Dividend Growth(5Y)-12.73%
DP37.06%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)3.36%
Min EPS beat(2)-15.13%
Max EPS beat(2)21.86%
EPS beat(4)1
Avg EPS beat(4)-0.46%
Min EPS beat(4)-15.13%
Max EPS beat(4)21.86%
EPS beat(8)2
Avg EPS beat(8)0.86%
EPS beat(12)6
Avg EPS beat(12)70.22%
EPS beat(16)8
Avg EPS beat(16)74.9%
Revenue beat(2)1
Avg Revenue beat(2)-4.18%
Min Revenue beat(2)-12.21%
Max Revenue beat(2)3.84%
Revenue beat(4)3
Avg Revenue beat(4)-1.52%
Min Revenue beat(4)-12.21%
Max Revenue beat(4)3.84%
Revenue beat(8)6
Avg Revenue beat(8)-0.96%
Revenue beat(12)7
Avg Revenue beat(12)-1.68%
Revenue beat(16)8
Avg Revenue beat(16)-3.88%
PT rev (1m)0%
PT rev (3m)14.36%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)-6.65%
EPS NY rev (3m)-5.03%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.43%
Revenue NY rev (1m)2.22%
Revenue NY rev (3m)0.6%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.16 | ||
| Fwd PE | 17.45 | ||
| P/S | 10.95 | ||
| P/FCF | 18.22 | ||
| P/OCF | 17.1 | ||
| P/B | 0.72 | ||
| P/tB | 0.72 | ||
| EV/EBITDA | 23.35 |
EPS(TTM)0.56
EY5.83%
EPS(NY)0.55
Fwd EY5.73%
FCF(TTM)0.53
FCFY5.49%
OCF(TTM)0.56
OCFY5.85%
SpS0.88
BVpS13.31
TBVpS13.3
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.11% | ||
| ROE | 3.78% | ||
| ROCE | 2.94% | ||
| ROIC | 2.32% | ||
| ROICexc | 2.65% | ||
| ROICexgc | 2.65% | ||
| OM | 75.09% | ||
| PM (TTM) | 57.37% | ||
| GM | N/A | ||
| FCFM | 60.11% |
ROA(3y)1.2%
ROA(5y)1.52%
ROE(3y)2.12%
ROE(5y)2.9%
ROIC(3y)2.33%
ROIC(5y)2.23%
ROICexc(3y)2.51%
ROICexc(5y)2.38%
ROICexgc(3y)2.51%
ROICexgc(5y)2.38%
ROCE(3y)2.95%
ROCE(5y)2.82%
ROICexcg growth 3Y5.27%
ROICexcg growth 5Y2.62%
ROICexc growth 3Y5.27%
ROICexc growth 5Y2.62%
OM growth 3Y-1.01%
OM growth 5Y0.41%
PM growth 3Y-19.36%
PM growth 5Y-12.12%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.04
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.57 | ||
| Debt/FCF | 16.58 | ||
| Debt/EBITDA | 11.46 | ||
| Cap/Depr | 447.82% | ||
| Cap/Sales | 3.94% | ||
| Interest Coverage | 3.11 | ||
| Cash Conversion | 84.32% | ||
| Profit Quality | 104.77% | ||
| Current Ratio | 2.02 | ||
| Quick Ratio | 1.96 | ||
| Altman-Z | 1.03 |
F-Score6
WACC5.22%
ROIC/WACC0.45
Cap/Depr(3y)211.84%
Cap/Depr(5y)198.47%
Cap/Sales(3y)1.59%
Cap/Sales(5y)1.22%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-8.2%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%-72.46%
EPS Next Y-1.63%
EPS Next 2Y0.82%
EPS Next 3Y4.35%
EPS Next 5Y5.23%
Revenue 1Y (TTM)6.41%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%2.61%
Revenue Next Year9.43%
Revenue Next 2Y9.18%
Revenue Next 3Y10.43%
Revenue Next 5Y10.17%
EBIT growth 1Y5.44%
EBIT growth 3Y0.81%
EBIT growth 5Y-0.4%
EBIT Next Year12.62%
EBIT Next 3Y12.02%
EBIT Next 5Y10.14%
FCF growth 1Y31.57%
FCF growth 3Y9.44%
FCF growth 5Y0.85%
OCF growth 1Y38.96%
OCF growth 3Y11.19%
OCF growth 5Y1.44%