MERLIN Properties SOCIMI SA (MRL) AI Stock Analysis

• Market Cap: €6.22B
• Dividend Yield: 3.91%
• Average Volume (3M): 750.67K
• Price to Earnings (P/E): 19.6
• Beta (1Y): 0.80
• Revenue Growth: 8.04%
• EPS Growth: N/A
• Country: ES
• Employees: 282
• Sector: Real Estate
• Sector Strength: 70
• Industry: REIT - Diversified
• EPS (TTM): 0.15
• Shares Outstanding: 563,724,900
• 10 Day Avg. Volume: 644,487
• 30 Day Avg. Volume: 750,668
• PEG Ratio: -1.08
• Price to Book (P/B): 0.60
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 18.64
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €12.70
• Price Target Upside: 14.81% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 71 Outperform
• Price Target: €11.50 ▲(3.98%Upside)

MERLIN Properties SOCIMI SA demonstrates a strong financial recovery with improved profitability and robust financial metrics. The stock's technical indicators are positive, indicating bullish momentum, though potential overbought conditions warrant caution. Valuation metrics suggest reasonable value but limited upside. Overall, the company's strong fundamentals and market performance are slightly offset by valuation constraints.

MERLIN Properties SOCIMI SA Business Overview & Revenue Model

Company Description

MERLIN Properties SOCIMI SA (MRL) is a leading Spanish real estate investment trust (REIT), primarily engaged in the acquisition and management of commercial real estate assets across the Iberian Peninsula. The company focuses on prime office spaces, shopping centers, logistics facilities, and high street retail properties. MERLIN Properties is committed to delivering sustainable and value-driven property solutions, leveraging its extensive portfolio to cater to the diverse needs of businesses and consumers.

How the Company Makes Money

MERLIN Properties SOCIMI SA generates revenue primarily through the leasing of its extensive portfolio of commercial real estate assets, which includes office buildings, shopping centers, logistics facilities, and high street retail properties. The company earns rental income from its tenants, which are typically long-term contracts providing a stable and predictable revenue stream. In addition to rental income, MERLIN Properties may also engage in the sale of properties when market conditions are favorable, generating capital gains. The company's strategic partnerships and investments in high-demand urban locations further bolster its earnings, ensuring a steady flow of income and growth opportunities.

MERLIN Properties SOCIMI SA Financial Statement Overview

Summary

MERLIN Properties SOCIMI SA exhibits a strong financial recovery with improved profitability and robust balance sheet metrics. While cash flow metrics show positive trends, there's potential for enhancing cash conversion. The company is on a solid financial footing with opportunities for further strengthening its cash flow management.

Income Statement

The company shows a strong recovery in profitability with a significant increase in Net Income from a loss in the previous year to a substantial profit, reflecting improved operational performance. Revenue growth is moderate, but the EBIT and EBITDA margins are healthy, indicating efficient cost management.

Balance Sheet

The balance sheet is robust with a healthy equity base as evidenced by a strong equity ratio. The debt-to-equity ratio is reasonable, suggesting a well-managed leverage position. Return on Equity has improved significantly due to increased net income, signaling strong shareholder returns.

Cash Flow

Free Cash Flow has shown growth, indicating improved operational efficiency. The Operating Cash Flow to Net Income ratio is strong, but the Free Cash Flow to Net Income ratio could be better, suggesting room for improvement in cash generation relative to profits.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
485.90M	494.57M	464.78M	439.04M	382.83M	446.13M
	Gross Profit
430.25M	427.20M	420.96M	389.94M	336.51M	400.68M
	EBIT
241.27M	375.54M	8.91M	88.44M	470.64M	240.54M
	EBITDA
199.30M	430.52M	36.60M	153.42M	518.04M	193.29M
	Net Income Common Stockholders
96.80M	283.76M	-83.50M	263.09M	512.22M	56.36M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
725.33M	1.56B	461.22M	427.45M	942.87M	259.62M
	Total Assets
12.45B	13.46B	12.07B	12.05B	14.27B	13.48B
	Total Debt
4.90B	4.92B	4.52B	4.25B	6.19B	5.68B
	Net Debt
4.18B	3.37B	4.07B	3.82B	5.33B	5.43B
	Total Liabilities
5.87B	5.96B	5.53B	5.20B	7.25B	6.78B
	Stockholders Equity
6.58B	7.50B	6.54B	6.85B	7.03B	6.70B
Cash Flow		Free Cash Flow
126.71M	297.30M	225.96M	220.44M	158.79M	132.09M
	Operating Cash Flow
126.71M	316.78M	227.97M	222.16M	162.46M	134.66M
	Investing Cash Flow
-115.37M	-294.38M	-274.75M	1.18B	-454.00K	-229.87M
	Financing Cash Flow
253.84M	1.07B	78.56M	-1.70B	335.39M	93.21M

MERLIN Properties SOCIMI SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.06
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:MRL, the sentiment is Positive. The current price of 11.06 is above the 20-day moving average (MA) of 10.74, above the 50-day MA of 10.10, and above the 200-day MA of 10.21, indicating a bullish trend. The MACD of 0.16 indicates Positive momentum. The RSI at 60.19 is Neutral, neither overbought nor oversold. The STOCH value of 50.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:MRL.

MERLIN Properties SOCIMI SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ISUR	80 Outperform	€221.27M	10.64	13.85%	9.41%	18.54%	82.83%
COL	77 Outperform	€3.64B	11.02	5.79%	4.10%	27.76%	―
MRL	71 Outperform	€6.22B	19.63	4.25%	3.91%	8.04%	―
RLIA	70 Outperform	€737.76M	20.49	3.13%	5.43%	-12.40%	47.21%
HOME	70 Neutral	€1.19B	19.05	6.76%	9.00%	-16.61%	-31.62%
Sector *	61 Neutral	$2.83B	10.89	0.41%	9.34%	5.96%	-21.31%

MERLIN Properties SOCIMI SA Corporate Events

MERLIN Properties Mourns the Loss of Board Member Emilio Novela Berlín

MERLIN Properties SOCIMI, S.A. announced the passing of board member Mr. Emilio Novela Berlín, highlighting his exceptional contributions and irreplaceable human values. The board expressed deep condolences to his family, acknowledging the significant impact of his loss on the company.

The most recent analyst rating on (ES:MRL) stock is a Buy with a EUR12.50 price target. To see the full list of analyst forecasts on MERLIN Properties SOCIMI SA stock, see the ES:MRL Stock Forecast page.

MERLIN Properties Reports Strong Q1 2025 Performance with Increased Rents and High Occupancy

MERLIN Properties reported a robust first quarter in 2025, with a 6.7% increase in gross rents to €132.5 million and an EBITDA of €102.0 million, marking an 8.9% rise compared to the previous year. The company maintained high occupancy levels at 96.7% and announced a final dividend of 22 cents per share for the 2024 financial year. The logistics portfolio showed strong performance with near-full occupancy and increased rents, while the office segment experienced a slight negative release spread due to a contract renewal in Madrid.

The most recent analyst rating on (ES:MRL) stock is a Buy with a EUR12.50 price target. To see the full list of analyst forecasts on MERLIN Properties SOCIMI SA stock, see the ES:MRL Stock Forecast page.

MERLIN Properties Announces Dividend and Reserve Distribution

MERLIN Properties SOCIMI, S.A. announced that its Ordinary General Meeting has approved the distribution of ordinary dividends and a reserve distribution to shareholders. The record date for determining eligible shareholders is set for May 9, 2025, with the payment date scheduled for May 26, 2025. Banco Santander, S.A. will act as the payment agent for these distributions.

MERLIN Properties Approves Board and Committee Appointments at Shareholders’ Meeting

MERLIN Properties SOCIMI SA held its General Shareholders’ Meeting on April 30, 2025, where all proposed agreements were approved as per the Board of Directors’ recommendations. The meeting resulted in the re-election and appointment of directors, maintaining the board at fourteen members and organizing the Audit and Control, Appointments and Remuneration, and Sustainability and Innovation Committees, which could impact the company’s governance and strategic direction.

MERLIN Properties Announces 2025 General Shareholders’ Meeting

MERLIN Properties has announced the convening of its ordinary General Shareholders’ Meeting, scheduled to take place on April 29, 2025, in Madrid. This meeting will address various resolutions proposed by the Board of Directors, with relevant documentation made available to shareholders both at the company’s registered office and on its website, reflecting MERLIN’s commitment to transparency and shareholder engagement.

MERLIN Properties Announces Board Resignation

MERLIN Properties has announced the resignation of Ms. Ana García Fau from its Board of Directors, effective April 1, 2025. This decision is due to her future commitments with other listed companies, which would limit her availability for MERLIN, potentially impacting the company’s governance and strategic direction.