MERLIN PROPERTIES SOCIMI SA (MRL.LS) Stock Fundamental Analysis
Europe - ELI:MRL - ES0105025003 - REIT
13.34 EUR
+0.02 (+0.15%)
We assign a fundamental rating of 4 out of 10 to MRL. MRL was compared to 40 industry peers in the Diversified REITs industry. Both the profitability and the financial health of MRL get a neutral evaluation. Nothing too spectacular is happening here. 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.
In the past year MRL had a positive cash flow from operations.
Of the past 5 years MRL 4 years were profitable.
Each year in the past 5 years MRL had a positive operating cash flow.
1.2 Ratios
The Return On Assets of MRL (4.96%) is better than 87.50% of its industry peers.
The Return On Equity of MRL (8.42%) is better than 82.50% of its industry peers.
MRL has a Return On Invested Capital of 2.51%. This is in the lower half of the industry: MRL underperforms 75.00% of its industry peers.
MRL had an Average Return On Invested Capital over the past 3 years of 2.33%. This is in line with the industry average of 3.49%.
The 3 year average ROIC (2.33%) for MRL is below the current ROIC(2.51%), indicating increased profibility in the last year.
| 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
The Profit Margin of MRL (129.33%) is better than 97.50% of its industry peers.
In the last couple of years the Profit Margin of MRL has declined.
Looking at the Operating Margin, with a value of 81.15%, MRL is in the better half of the industry, outperforming 80.00% of the companies in the same industry.
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
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MRL is destroying value.
The number of shares outstanding for MRL has been increased compared to 1 year ago.
The number of shares outstanding for MRL has been increased compared to 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 1.36. 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 1.36, MRL belongs to the top of the industry, outperforming 90.00% of the companies in the same industry.
MRL has a debt to FCF ratio of 14.60. This is a negative value and a sign of low solvency as MRL would need 14.60 years to pay back of all of its debts.
With a Debt to FCF ratio value of 14.60, MRL perfoms like the industry average, outperforming 47.50% 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.
With a decent Debt to Equity ratio value of 0.55, MRL is doing good in the industry, outperforming 72.50% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.55 | ||
| Debt/FCF | 14.6 | ||
| Altman-Z | 1.36 |
ROIC/WACC0.45
WACC5.62%
2.3 Liquidity
A Current Ratio of 3.53 indicates that MRL has no problem at all paying its short term obligations.
MRL's Current ratio of 3.53 is amongst the best of the industry. MRL outperforms 97.50% of its industry peers.
MRL has a Quick Ratio of 3.33. This indicates that MRL is financially healthy and has no problem in meeting its short term obligations.
Looking at the Quick ratio, with a value of 3.33, MRL belongs to the top of the industry, outperforming 97.50% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 3.53 | ||
| Quick Ratio | 3.33 |
3. Growth
3.1 Past
The earnings per share for MRL have decreased strongly by -43.49% in the last year.
The earnings per share for MRL have been decreasing by -14.43% on average. This is quite bad
MRL shows a small growth in Revenue. In the last year, the Revenue has grown by 7.41%.
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)-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
MRL is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 5.92% yearly.
Based on estimates for the next years, MRL will show a quite strong growth in Revenue. The Revenue will grow by 15.71% on average per year.
EPS Next Y0.06%
EPS Next 2Y1.79%
EPS Next 3Y3.3%
EPS Next 5Y5.92%
Revenue Next Year10.03%
Revenue Next 2Y8.84%
Revenue Next 3Y9.31%
Revenue Next 5Y15.71%
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
MRL is valuated rather expensively with a Price/Earnings ratio of 23.82.
MRL's Price/Earnings is on the same level as the industry average.
Compared to an average S&P500 Price/Earnings ratio of 27.67, MRL is valued at the same level.
A Price/Forward Earnings ratio of 22.99 indicates a rather expensive valuation of MRL.
Based on the Price/Forward Earnings ratio, MRL is valued a bit more expensive than the industry average as 77.50% of the companies are valued more cheaply.
Compared to an average S&P500 Price/Forward Earnings ratio of 23.33, MRL is valued at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.82 | ||
| Fwd PE | 22.99 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, MRL is valued a bit more expensive than 75.00% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, MRL is valued a bit more expensive than the industry average as 75.00% of the companies are valued more cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 24.73 | ||
| EV/EBITDA | 26.32 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates MRL does not grow enough to justify the current Price/Earnings ratio.
MRL has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)383.33
PEG (5Y)N/A
EPS Next 2Y1.79%
EPS Next 3Y3.3%
5. Dividend
5.1 Amount
MRL has a Yearly Dividend Yield of 2.94%.
Compared to an average industry Dividend Yield of 5.84, MRL is paying slightly less dividend.
MRL's Dividend Yield is a higher than the S&P500 average which is at 2.35.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.94% |
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
MRL pays out 16.87% of its income as dividend. This is a sustainable payout ratio.
DP16.87%
EPS Next 2Y1.79%
EPS Next 3Y3.3%
ELI:MRL (10/21/2025, 7:00:00 PM)
13.34
+0.02 (+0.15%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners38.09%
Inst Owner ChangeN/A
Ins Owners0.28%
Ins Owner ChangeN/A
Market Cap7.52B
Revenue(TTM)513.32M
Net Income(TTM)663.86M
Analysts84.62
Price Target14.44 (8.25%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.94% |
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)0.94%
PT rev (3m)10.57%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0.17%
EPS NY rev (3m)1.72%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.71%
Revenue NY rev (1m)0.61%
Revenue NY rev (3m)0.71%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.82 | ||
| Fwd PE | 22.99 | ||
| P/S | 14.65 | ||
| P/FCF | 24.73 | ||
| P/OCF | 23.04 | ||
| P/B | 0.95 | ||
| P/tB | 0.95 | ||
| EV/EBITDA | 26.32 |
EPS(TTM)0.56
EY4.2%
EPS(NY)0.58
Fwd EY4.35%
FCF(TTM)0.54
FCFY4.04%
OCF(TTM)0.58
OCFY4.34%
SpS0.91
BVpS13.99
TBVpS13.99
PEG (NY)383.33
PEG (5Y)N/A
Graham Number13.28
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%
ROICexgc growth 3Y5.27%
ROICexgc 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 | 1.36 |
F-Score7
WACC5.62%
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)-43.49%
EPS 3Y-19.91%
EPS 5Y-14.43%
EPS Q2Q%-7.14%
EPS Next Y0.06%
EPS Next 2Y1.79%
EPS Next 3Y3.3%
EPS Next 5Y5.92%
Revenue 1Y (TTM)7.41%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%6.08%
Revenue Next Year10.03%
Revenue Next 2Y8.84%
Revenue Next 3Y9.31%
Revenue Next 5Y15.71%
EBIT growth 1Y16.96%
EBIT growth 3Y0.81%
EBIT growth 5Y-0.4%
EBIT Next Year13.32%
EBIT Next 3Y11.01%
EBIT Next 5Y14.56%
FCF growth 1Y8.69%
FCF growth 3Y9.44%
FCF growth 5Y0.85%
OCF growth 1Y16%
OCF growth 3Y11.19%
OCF growth 5Y1.44%