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MERLIN Properties SOCIMI SA
MAD:MRL

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MERLIN Properties SOCIMI SA
MAD:MRL
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Price: 15.18 EUR 0.86% Market Closed
Market Cap: €9.4B

P/OCF

21.1
Current
7%
More Expensive
vs 3-y average of 19.7

Price to Operating Cash Flow (P/OCF) ratio compares a company`s market value to the cash it generates from its core operations.

P/OCF
21.1
=
Market Cap
€8.3B
/
Operating Cash Flow
€415.6m

Price to Operating Cash Flow (P/OCF) ratio compares a company`s market value to the cash it generates from its core operations.

P/OCF
21.1
=
Market Cap
€8.3B
/
Operating Cash Flow
€415.6m

Valuation Scenarios

MERLIN Properties SOCIMI SA is trading above its 3-year average

If P/OCF returns to its 3-Year Average (19.7), the stock would be worth €14.17 (7% downside from current price).

Statistics
Positive Scenarios
0/4
Maximum Downside
-55%
Maximum Upside
No Upside Scenarios
Average Downside
26%
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%
Country Average 9.5 €6.85
-55%

Forward P/OCF
Today’s price vs future operating cash flow

Not enough data available to calculate forward P/OCF

Peer Comparison

All Multiples
P/OCF
P/E
All Countries
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Market Distribution

Higher than 80% of companies in Spain
Percentile
80th
Based on 618 companies
80th percentile
21.1
Low
1.5 — 6
Typical Range
6 — 14.8
High
14.8 —
Distribution Statistics
Spain
Min 1.5
30th Percentile 6
Median 9.5
70th Percentile 14.8
Max 217.5

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.

MRL Intrinsic Value
13.17 EUR
Overvaluation 13%
Intrinsic Value
Price €15.18
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