MERLIN PROPERTIES SOCIMI SA (MRL.LS) Stock Fundamental Analysis
ELI:MRL - ES0105025003 - REIT
12.4 EUR
-0.3 (-2.36%)
Overall MRL gets a fundamental rating of 5 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
MRL had positive earnings in the past year.
MRL had a positive operating cash flow in the past year.
MRL had positive earnings in 4 of the past 5 years.
MRL had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
MRL has a better Return On Assets (4.96%) than 90.48% of its industry peers.
With an excellent Return On Equity value of 8.42%, MRL belongs to the best of the industry, outperforming 85.71% of the companies in the same industry.
The Return On Invested Capital of MRL (2.51%) is worse than 71.43% of its industry peers.
The Average Return On Invested Capital over the past 3 years for MRL is in line with the industry average of 3.38%.
The last Return On Invested Capital (2.51%) for MRL is above the 3 year average (2.33%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.96% | ||
| ROE | 8.42% | ||
| ROIC | 2.51% |
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
MRL has a Profit Margin of 129.33%. This is amongst the best in the industry. MRL outperforms 97.62% of its industry peers.
MRL's Profit Margin has declined in the last couple of years.
The Operating Margin of MRL (81.15%) is better than 80.95% of its industry peers.
MRL's Operating Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 81.15% | ||
| PM (TTM) | 129.33% | ||
| 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.
Compared to 5 years ago, MRL has more shares outstanding
The debt/assets ratio for MRL has been reduced compared to a year ago.
2.2 Solvency
MRL has an Altman-Z score of 1.31. This is a bad value and indicates that MRL is not financially healthy and even has some risk of bankruptcy.
MRL has a Altman-Z score of 1.31. This is amongst the best in the industry. MRL outperforms 88.10% of its industry peers.
The Debt to FCF ratio of MRL is 14.60, which is on the high side as it means it would take MRL, 14.60 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 14.60, MRL is in line with its industry, outperforming 47.62% of the companies in the same industry.
MRL has a Debt/Equity ratio of 0.55. This is a neutral value indicating MRL is somewhat dependend on debt financing.
The Debt to Equity ratio of MRL (0.55) is better than 80.95% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.55 | ||
| Debt/FCF | 14.6 | ||
| Altman-Z | 1.31 |
ROIC/WACC0.46
WACC5.5%
2.3 Liquidity
MRL has a Current Ratio of 3.53. This indicates that MRL is financially healthy and has no problem in meeting its short term obligations.
MRL has a better Current ratio (3.53) than 100.00% of its industry peers.
A Quick Ratio of 3.33 indicates that MRL has no problem at all paying its short term obligations.
MRL has a Quick ratio of 3.33. This is amongst the best in the industry. MRL outperforms 100.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 3.53 | ||
| Quick Ratio | 3.33 |
3. Growth
3.1 Past
MRL shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -43.49%.
MRL shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.43% yearly.
Looking at the last year, MRL shows a small growth in Revenue. The Revenue has grown by 7.41% in the last year.
The Revenue has been decreasing by -0.80% on average over the past years.
EPS 1Y (TTM)-43.49%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%-7.14%
Revenue 1Y (TTM)7.41%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%6.08%
3.2 Future
The Earnings Per Share is expected to grow by 6.04% on average over the next years.
The Revenue is expected to grow by 15.80% on average over the next years. This is quite good.
EPS Next Y-0.11%
EPS Next 2Y1.29%
EPS Next 3Y3.62%
EPS Next 5Y6.04%
Revenue Next Year8.88%
Revenue Next 2Y8.62%
Revenue Next 3Y9.29%
Revenue Next 5Y15.8%
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.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
MRL is valuated rather expensively with a Price/Earnings ratio of 22.14.
MRL's Price/Earnings is on the same level as the industry average.
When comparing the Price/Earnings ratio of MRL to the average of the S&P500 Index (27.06), we can say MRL is valued inline with the index average.
The Price/Forward Earnings ratio is 21.58, which indicates a rather expensive current valuation of MRL.
Based on the Price/Forward Earnings ratio, MRL is valued a bit more expensive than the industry average as 73.81% of the companies are valued more cheaply.
When comparing the Price/Forward Earnings ratio of MRL to the average of the S&P500 Index (22.69), we can say MRL is valued inline with the index average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.14 | ||
| Fwd PE | 21.58 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, MRL is valued a bit more expensive than 71.43% of the companies in the same industry.
MRL's Price/Free Cash Flow ratio is a bit more expensive when compared to the industry. MRL is more expensive than 66.67% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 22.99 | ||
| EV/EBITDA | 25.06 |
4.3 Compensation for Growth
MRL has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y1.29%
EPS Next 3Y3.62%
5. Dividend
5.1 Amount
MRL has a Yearly Dividend Yield of 3.22%.
MRL's Dividend Yield is slightly below the industry average, which is at 5.48.
Compared to an average S&P500 Dividend Yield of 2.45, MRL pays a bit more dividend than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.22% |
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
16.87% of the earnings are spent on dividend by MRL. This is a low number and sustainable payout ratio.
DP16.87%
EPS Next 2Y1.29%
EPS Next 3Y3.62%
ELI:MRL (9/2/2025, 7:00:00 PM)
12.4
-0.3 (-2.36%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners33.83%
Inst Owner ChangeN/A
Ins Owners0.28%
Ins Owner ChangeN/A
Market Cap6.99B
Analysts84.62
Price Target14.4 (16.13%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.22% |
Yearly Dividend0.2
Dividend Growth(5Y)-12.73%
DP16.87%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-0.99%
Min EPS beat(2)-8.06%
Max EPS beat(2)6.08%
EPS beat(4)2
Avg EPS beat(4)1.19%
Min EPS beat(4)-15.13%
Max EPS beat(4)21.86%
EPS beat(8)3
Avg EPS beat(8)33.95%
EPS beat(12)5
Avg EPS beat(12)25.63%
EPS beat(16)8
Avg EPS beat(16)67.76%
Revenue beat(2)2
Avg Revenue beat(2)7.38%
Min Revenue beat(2)0.4%
Max Revenue beat(2)14.37%
Revenue beat(4)3
Avg Revenue beat(4)1.6%
Min Revenue beat(4)-12.21%
Max Revenue beat(4)14.37%
Revenue beat(8)6
Avg Revenue beat(8)0.28%
Revenue beat(12)8
Avg Revenue beat(12)-0.15%
Revenue beat(16)10
Avg Revenue beat(16)-1.04%
PT rev (1m)10.29%
PT rev (3m)9.41%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-6.67%
EPS NY rev (1m)1.55%
EPS NY rev (3m)1.55%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)2.38%
Revenue NY rev (1m)0.41%
Revenue NY rev (3m)-0.34%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.14 | ||
| Fwd PE | 21.58 | ||
| P/S | 13.62 | ||
| P/FCF | 22.99 | ||
| P/OCF | 21.41 | ||
| P/B | 0.89 | ||
| P/tB | 0.89 | ||
| EV/EBITDA | 25.06 |
EPS(TTM)0.56
EY4.52%
EPS(NY)0.57
Fwd EY4.63%
FCF(TTM)0.54
FCFY4.35%
OCF(TTM)0.58
OCFY4.67%
SpS0.91
BVpS13.99
TBVpS13.99
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.96% | ||
| ROE | 8.42% | ||
| ROCE | 3.18% | ||
| ROIC | 2.51% | ||
| ROICexc | 2.69% | ||
| ROICexgc | 2.69% | ||
| OM | 81.15% | ||
| PM (TTM) | 129.33% | ||
| GM | N/A | ||
| FCFM | 59.24% |
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-Score7
Asset Turnover0.04
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.55 | ||
| Debt/FCF | 14.6 | ||
| Debt/EBITDA | 10.28 | ||
| Cap/Depr | 425.33% | ||
| Cap/Sales | 4.36% | ||
| Interest Coverage | 3.56 | ||
| Cash Conversion | 77.39% | ||
| Profit Quality | 45.8% | ||
| Current Ratio | 3.53 | ||
| Quick Ratio | 3.33 | ||
| Altman-Z | 1.31 |
F-Score7
WACC5.5%
ROIC/WACC0.46
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)-43.49%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%-7.14%
EPS Next Y-0.11%
EPS Next 2Y1.29%
EPS Next 3Y3.62%
EPS Next 5Y6.04%
Revenue 1Y (TTM)7.41%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%6.08%
Revenue Next Year8.88%
Revenue Next 2Y8.62%
Revenue Next 3Y9.29%
Revenue Next 5Y15.8%
EBIT growth 1Y16.96%
EBIT growth 3Y0.81%
EBIT growth 5Y-0.4%
EBIT Next Year12%
EBIT Next 3Y11.15%
EBIT Next 5Y15.64%
FCF growth 1Y8.69%
FCF growth 3Y9.44%
FCF growth 5Y0.85%
OCF growth 1Y16%
OCF growth 3Y11.19%
OCF growth 5Y1.44%