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MERLIN Properties SOCIMI SA (ES:MRL)
BME:MRL
RESEARCH TOOLSreports
Earnings Data
Report Date
May 16, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
0.14Last Year’s EPS
0.15Same Quarter Last Year
Strong Buy
Based on 8 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 28, 2025
|% Change Since: -7.74%
|Next Earnings Date:May 16, 2025
Earnings Call Sentiment|Neutral
MERLIN Properties had a strong operational year with significant growth in rental income and occupancy across key segments. Nonetheless, the company faced challenges such as increased financing costs and dilution from the capital increase, which impacted its financial metrics. Strategic expansions in the data center segment and upgrades in credit ratings are positive indicators for future potential. However, the decision to reduce dividends may have sent mixed signals to investors.Company Guidance
During MERLIN Properties' 2024 results presentation, key metrics highlighted included a record occupancy rate of 96.7% across the portfolio, with logistics reaching full occupancy at 99.4%. The company experienced strong rental growth, evidenced by a positive like-for-like performance of 3.9% in offices despite some weakness in Barcelona, and an impressive 2.7% in shopping centers. Financially, the company generated solid funds from operations (FFO), buoyed by a midyear capital increase that also strengthened its balance sheet, resulting in a loan-to-value (LTV) ratio of 28%, all at a fixed rate with no major debt maturities until November 2026. Moody's and S&P upgraded MERLIN's credit rating, reflecting confidence in its cash flow growth, particularly through its data center activities. The company reported gross rents increased by approximately €25 million, despite a slight decrease in EBITDA margin compared to the previous year. For 2025, the company anticipates a flat cash flow due to rising financial expenses and a commitment to not capitalizing interest, projecting an FFO of €0.54 per share.Strong Financial Performance
MERLIN Properties experienced a strong operating momentum in 2024 with very good rental growth and record occupancy across its portfolio, achieving a 96.7% occupancy rate, an increase of approximately 60 bps from the previous year.
Office and Logistics Segment Success
The office segment saw a like-for-like rental growth of 3.9% and a release spread of 2.3%, despite some weakness in Barcelona. The logistics segment achieved full occupancy at 99.4%, with a positive organic growth of 2.8% like-for-like.
Shopping Centers Performance
Shopping centers delivered a strong year with a like-for-like rental growth of 2.7% and a historical minimum occupancy cost ratio of 11.2%. Tenant sales and footfall were strong, indicating positive market conditions.
Data Center Expansion
The data center segment saw significant development, with a signed agreement for a 5 megawatt IT block in Barcelona and advanced negotiations for an 18-megawatt block in Arasur.
Stable Financial Structure
The company maintained a strong financial position with a 28% Loan-to-Value (LTV) ratio and no additional maturities until November 2026, supported by a successful capital increase.
Credit Rating Upgrades
Both Moody's and S&P upgraded MERLIN's credit rating, reflecting the company's improved financial standing and growth potential in the data center segment.
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ES:MRL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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ES:MRL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 28, 2025 | €10.60 | €10.45 | -1.42% |
| Nov 15, 2024 | €9.60 | €9.76 | +1.65% |
| Jul 19, 2024 | €10.14 | €10.16 | +0.20% |
| May 17, 2024 | €10.84 | €10.66 | -1.65% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does MERLIN Properties SOCIMI SA (ES:MRL) report earnings?
MERLIN Properties SOCIMI SA (ES:MRL) is schdueled to report earning on May 16, 2025, TBA Not Confirmed.
What is MERLIN Properties SOCIMI SA (ES:MRL) earnings time?
MERLIN Properties SOCIMI SA (ES:MRL) earnings time is at May 16, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of MERLIN Properties SOCIMI SA stock?
The P/E ratio of MERLIN Properties SOCIMI SA is N/A.
What is ES:MRL EPS forecast?
ES:MRL EPS forecast for the fiscal quarter 2025 (Q1) is 0.14.
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