MERLIN Properties SOCIMI SA
MAD:MRL
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P/OCF
Price to Operating Cash Flow (P/OCF) ratio compares a company`s market value to the cash it generates from its core operations.
Price to Operating Cash Flow (P/OCF) ratio compares a company`s market value to the cash it generates from its core operations.
Valuation Scenarios
If P/OCF returns to its 3-Year Average (19.7), the stock would be worth €14.17 (7% downside from current price).
| Scenario | P/OCF Value | Implied Price | Upside/Downside |
|---|---|---|---|
| Current Multiple | 21.1 | €15.18 |
0%
|
| 3-Year Average | 19.7 | €14.17 |
-7%
|
| 5-Year Average | 19.7 | €14.17 |
-7%
|
| Industry Average | 13.5 | €9.72 |
-36%
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| Country Average | 9.5 | €6.85 |
-55%
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Forward P/OCF
Today’s price vs future operating cash flow
Peer Comparison
| Market Cap | P/OCF | P/E | ||||
|---|---|---|---|---|---|---|
| ES |
|
MERLIN Properties SOCIMI SA
MAD:MRL
|
8.5B EUR | 21.1 | 11.1 | |
| ZA |
G
|
Growthpoint Properties Ltd
JSE:GRT
|
57.3B ZAR | 67.4 | 11.1 | |
| ZA |
R
|
Redefine Properties Ltd
JSE:RDF
|
44.4B ZAR | 12.8 | 10.8 | |
| US |
|
WP Carey Inc
NYSE:WPC
|
16B USD | 12.5 | 34.4 | |
| ZA |
F
|
Fairvest Ltd
JSE:FTA
|
13.7B ZAR | 220.1 | 9.3 | |
| ZA |
A
|
Attacq Ltd
JSE:ATT
|
11.8B ZAR | 10.8 | 8.3 | |
| ZA |
S
|
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
|
9.5B ZAR | 224.1 | 16.8 | |
| JP |
|
KDX Realty Investment Corp
OTC:KDXRF
|
9.5B USD | 18.2 | 44.3 | |
| ZA |
H
|
Heriot REIT Ltd
JSE:HET
|
7.3B ZAR | 9.8 | 5.6 | |
| AU |
|
Stockland Corporation Ltd
ASX:SGP
|
10.1B AUD | 50.7 | 11.6 | |
| US |
S
|
STORE Capital Corp
LSE:0LA6
|
6.8B USD | 10.2 | 21.4 |
Market Distribution
| Min | 1.5 |
| 30th Percentile | 6 |
| Median | 9.5 |
| 70th Percentile | 14.8 |
| Max | 217.5 |
Other Multiples
MERLIN Properties SOCIMI SA
Glance View
MERLIN Properties SOCIMI SA, one of the largest real estate investment trusts (REITs) in the Iberian Peninsula, has carved out a significant niche for itself since its establishment. The company's foundation rests on a strategic blend of acquiring, developing, and managing high-quality commercial real estate assets, which include office buildings, shopping centers, and logistics properties. With a robust portfolio spanning major metropolitan areas in Spain and Portugal, MERLIN Properties positions itself at the heart of vibrant economic activity. The company's success hinges on its deep understanding of market dynamics and its ability to align its investments with burgeoning sectors such as e-commerce, which has driven considerable demand for logistics spaces. MERLIN's revenue model is anchored in generating steady rental income from its diverse range of tenants. This income is intricately tied to long-term lease agreements that provide MERLIN with predictable cash flows, part of which is mandated to be distributed as dividends, a requirement of its SOCIMI status akin to a REIT elsewhere. The firm is adept at enhancing the value of its assets through proactive property management and strategic renovations, ensuring properties are consistently upgraded to meet modern standards and the evolving needs of tenants. By focusing on prime locations and maintaining a diversified portfolio, MERLIN not only ensures stable returns but also mitigates risks associated with market fluctuations, thereby reinforcing its stature as a stalwart in the European real estate domain.