MERLIN PROPERTIES SOCIMI SA (MRL.LS) Stock Fundamental Analysis
Europe - ELI:MRL - ES0105025003 - REIT
12.7 EUR
+0.18 (+1.44%)
Taking everything into account, MRL scores 4 out of 10 in our fundamental rating. MRL was compared to 41 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 quite expensive at the moment. It does show a decent growth rate.
1. Profitability
1.1 Basic Checks
In the past year MRL was profitable.
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
MRL has a better Return On Assets (4.96%) than 90.24% of its industry peers.
Looking at the Return On Equity, with a value of 8.42%, MRL belongs to the top of the industry, outperforming 85.37% of the companies in the same industry.
The Return On Invested Capital of MRL (2.51%) is worse than 73.17% 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 3.39%.
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
MRL's Profit Margin of 129.33% is amongst the best of the industry. MRL outperforms 97.56% of its industry peers.
MRL's Profit Margin has declined in the last couple of years.
With a decent Operating Margin value of 81.15%, MRL is doing good in the industry, outperforming 78.05% 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 | 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
MRL has a better debt/assets ratio than last year.
2.2 Solvency
MRL has an Altman-Z score of 1.32. 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 1.32, MRL belongs to the top of the industry, outperforming 87.80% 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.
The Debt to FCF ratio of MRL (14.60) is comparable to the rest of the industry.
A Debt/Equity ratio of 0.55 indicates that 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 78.05% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.55 | ||
| Debt/FCF | 14.6 | ||
| Altman-Z | 1.32 |
ROIC/WACC0.45
WACC5.55%
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.
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.
MRL has a better Quick ratio (3.33) than 100.00% of its industry peers.
| 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.
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 7.41% 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)-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 6.04% yearly.
The Revenue is expected to grow by 15.80% on average over the next years. This is quite good.
EPS Next Y0.06%
EPS Next 2Y1.79%
EPS Next 3Y3.3%
EPS Next 5Y6.04%
Revenue Next Year9.37%
Revenue Next 2Y8.92%
Revenue Next 3Y9.36%
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
With a Price/Earnings ratio of 22.68, MRL is valued on the expensive side.
MRL's Price/Earnings is on the same level as the industry average.
MRL is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 27.67, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 21.89, MRL is valued on the expensive side.
Based on the Price/Forward Earnings ratio, MRL is valued a bit more expensive than the industry average as 75.61% of the companies are valued more cheaply.
MRL's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 23.13.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.68 | ||
| Fwd PE | 21.89 |
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 75.61% of the companies listed in the same industry.
70.73% of the companies in the same industry are cheaper than MRL, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 23.54 | ||
| EV/EBITDA | 25.46 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
MRL has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)364.94
PEG (5Y)N/A
EPS Next 2Y1.79%
EPS Next 3Y3.3%
5. Dividend
5.1 Amount
MRL has a Yearly Dividend Yield of 3.13%.
MRL's Dividend Yield is slightly below the industry average, which is at 5.73.
Compared to an average S&P500 Dividend Yield of 2.41, MRL pays a bit more dividend than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.13% |
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 2Y1.79%
EPS Next 3Y3.3%
ELI:MRL (9/26/2025, 7:00:00 PM)
12.7
+0.18 (+1.44%)
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 Cap7.16B
Analysts84.62
Price Target14.3 (12.6%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.13% |
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)4.98%
PT rev (3m)9.55%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-6.67%
EPS NY rev (1m)0.17%
EPS NY rev (3m)1.72%
Revenue NQ rev (1m)0.01%
Revenue NQ rev (3m)2.39%
Revenue NY rev (1m)0.45%
Revenue NY rev (3m)0.11%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.68 | ||
| Fwd PE | 21.89 | ||
| P/S | 13.95 | ||
| P/FCF | 23.54 | ||
| P/OCF | 21.93 | ||
| P/B | 0.91 | ||
| P/tB | 0.91 | ||
| EV/EBITDA | 25.46 |
EPS(TTM)0.56
EY4.41%
EPS(NY)0.58
Fwd EY4.57%
FCF(TTM)0.54
FCFY4.25%
OCF(TTM)0.58
OCFY4.56%
SpS0.91
BVpS13.99
TBVpS13.99
PEG (NY)364.94
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 | 1.32 |
F-Score7
WACC5.55%
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 5Y6.04%
Revenue 1Y (TTM)7.41%
Revenue growth 3Y1.84%
Revenue growth 5Y-0.8%
Sales Q2Q%6.08%
Revenue Next Year9.37%
Revenue Next 2Y8.92%
Revenue Next 3Y9.36%
Revenue Next 5Y15.8%
EBIT growth 1Y16.96%
EBIT growth 3Y0.81%
EBIT growth 5Y-0.4%
EBIT Next Year13.32%
EBIT Next 3Y11.01%
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%