MERLIN Properties SOCIMI SA
MAD:MRL

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MERLIN Properties SOCIMI SA Logo
MERLIN Properties SOCIMI SA
MAD:MRL
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Price: 12.41 EUR Market Closed
Market Cap: 7B EUR
Section:
 

Relative Value

The Relative Value of one MRL stock under the Base Case scenario is 14.66 EUR. Compared to the current market price of 12.41 EUR, MERLIN Properties SOCIMI SA is Undervalued by 15%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

MRL Relative Value
Base Case
14.66 EUR
Undervaluation 15%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

13.4
P/S
P/S
Price to Sales
13.4
vs History
7
vs Industry
12
Median 3Y
0
Median 5Y
0
Industry
3.9
Forward
12.7
More Details
10.9
P/E
P/E
Price to Earnings
10.9
vs History
6
vs Industry
27
Median 3Y
0
Median 5Y
0
Industry
16.4
Forward
22.3
More Details
21.4
P/OCF
P/OCF
Price to OCF
21.4
vs History
7
vs Industry
20
Median 3Y
0
Median 5Y
0
Industry
11.3
More Details
Negative
P/FCFE
P/FCFE
Price to FCFE
N/A
vs History
vs Industry
30
Median 3Y
0
Median 5Y
0
Industry
12.9
More Details
0.9
P/B
P/B
Price to Book Value
0.9
vs History
7
vs Industry
52
Median 3Y
0
Median 5Y
0
Industry
0.9
More Details
23.2
EV/S
EV/S
Enterprise Value to Sales
23.2
vs History
6
vs Industry
11
Median 3Y
0
Median 5Y
0
Industry
6.9
Forward
22
More Details
N/A
EV/GP
EV/GP
Enterprise Value to Gross Profit
N/A
vs History
vs Industry
20
Median 3Y
0
Median 5Y
0
Industry
12.5
More Details
16
EV/EBITDA
EV/EBITDA
Enterprise Value to EBITDA
16
vs History
15
vs Industry
22
Median 3Y
0
Median 5Y
0
Industry
15.9
Forward
29.1
More Details
16.1
EV/EBIT
EV/EBIT
Enterprise Value to EBIT
16.1
vs History
6
vs Industry
30
Median 3Y
0
Median 5Y
0
Industry
19.3
Forward
21.8
More Details
37
EV/OCF
EV/OCF
Enterprise Value to OCF
37
vs History
6
vs Industry
21
Median 3Y
0
Median 5Y
0
Industry
18.7
More Details
39.6
EV/FCFF
EV/FCFF
Enterprise Value to FCFF
39.6
vs History
6
vs Industry
23
Median 3Y
0
Median 5Y
0
Industry
21
More Details
0.9
EV/IC
EV/IC
Enterprise Value to IC
0.9
vs History
6
vs Industry
49
Median 3Y
0
Median 5Y
0
Industry
0.8
More Details

Multiples Across Competitors

MRL Competitors Multiples
MERLIN Properties SOCIMI SA Competitors

All Multiples
P/S
P/E
EV/EBITDA
EV/EBIT
All Countries
All Countries
Close
Market Cap P/S P/E EV/EBITDA EV/EBIT
ES
MERLIN Properties SOCIMI SA
MAD:MRL
7B EUR 13.4 10.9 16 16.1
ZA
Growthpoint Properties Ltd
JSE:GRT
59.1B Zac 0 0 0 0
ZA
Redefine Properties Ltd
JSE:RDF
40.1B Zac 0 0 0 0
US
WP Carey Inc
NYSE:WPC
15.1B USD 9 41.2 17.1 27.2
ZA
Attacq Ltd
JSE:ATT
11.5B Zac 0 0 0 0
ZA
Fairvest Ltd
JSE:FTA
11B Zac 0 0 0 0
JP
KDX Realty Investment Corp
OTC:KDXRF
9.5B USD 19.1 44.5 39.1 49.2
ZA
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
8.8B Zac 0 0 0 0
AU
Stockland Corporation Ltd
ASX:SGP
13B AUD 4.2 15.8 21.9 21.9
AU
Charter Hall Group
ASX:CHC
11.3B AUD 16.4 50.1 25.1 25.1
AU
GPT Group
ASX:GPT
10.4B AUD 9.8 27.5 24.1 24.1
P/S Multiple
Revenue Growth P/S to Growth
ES
MERLIN Properties SOCIMI SA
MAD:MRL
Average P/S: 12
13.4
N/A N/A
ZA
G
Growthpoint Properties Ltd
JSE:GRT
Not Available
-11%
N/A
ZA
R
Redefine Properties Ltd
JSE:RDF
Not Available
-4%
N/A
US
WP Carey Inc
NYSE:WPC
9
6%
1.5
ZA
A
Attacq Ltd
JSE:ATT
Not Available N/A N/A
ZA
F
Fairvest Ltd
JSE:FTA
Not Available N/A N/A
JP
KDX Realty Investment Corp
OTC:KDXRF
19.1
N/A N/A
ZA
S
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
Not Available
-15%
N/A
AU
Stockland Corporation Ltd
ASX:SGP
4.2
10%
0.4
AU
Charter Hall Group
ASX:CHC
16.4
14%
1.2
AU
GPT Group
ASX:GPT
9.8
3%
3.3
P/E Multiple
Earnings Growth PEG
ES
MERLIN Properties SOCIMI SA
MAD:MRL
Average P/E: 31.7
10.9
N/A N/A
ZA
G
Growthpoint Properties Ltd
JSE:GRT
Not Available
3%
N/A
ZA
R
Redefine Properties Ltd
JSE:RDF
Not Available
3%
N/A
US
WP Carey Inc
NYSE:WPC
41.2
43%
1
ZA
A
Attacq Ltd
JSE:ATT
Not Available
-10%
N/A
ZA
F
Fairvest Ltd
JSE:FTA
Not Available N/A N/A
JP
KDX Realty Investment Corp
OTC:KDXRF
44.5
N/A N/A
ZA
S
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
Not Available
11%
N/A
AU
Stockland Corporation Ltd
ASX:SGP
15.8
7%
2.3
AU
Charter Hall Group
ASX:CHC
50.1
35%
1.4
AU
GPT Group
ASX:GPT
27.5
N/A N/A
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
ES
MERLIN Properties SOCIMI SA
MAD:MRL
Average EV/EBITDA: 23.9
16
388%
0
ZA
G
Growthpoint Properties Ltd
JSE:GRT
Not Available
-1%
N/A
ZA
R
Redefine Properties Ltd
JSE:RDF
Not Available
1%
N/A
US
WP Carey Inc
NYSE:WPC
17.1
9%
1.9
ZA
A
Attacq Ltd
JSE:ATT
Not Available N/A N/A
ZA
F
Fairvest Ltd
JSE:FTA
Not Available N/A N/A
JP
KDX Realty Investment Corp
OTC:KDXRF
39.1
N/A N/A
ZA
S
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
Not Available
0%
N/A
AU
Stockland Corporation Ltd
ASX:SGP
21.9
19%
1.2
AU
Charter Hall Group
ASX:CHC
25.1
21%
1.2
AU
GPT Group
ASX:GPT
24.1
18%
1.3
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
ES
MERLIN Properties SOCIMI SA
MAD:MRL
Average EV/EBIT: 27.3
16.1
N/A N/A
ZA
G
Growthpoint Properties Ltd
JSE:GRT
Not Available
-2%
N/A
ZA
R
Redefine Properties Ltd
JSE:RDF
Not Available
5%
N/A
US
WP Carey Inc
NYSE:WPC
27.2
12%
2.3
ZA
A
Attacq Ltd
JSE:ATT
Not Available
4%
N/A
ZA
F
Fairvest Ltd
JSE:FTA
Not Available N/A N/A
JP
KDX Realty Investment Corp
OTC:KDXRF
49.2
N/A N/A
ZA
S
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
Not Available N/A N/A
AU
Stockland Corporation Ltd
ASX:SGP
21.9
18%
1.2
AU
Charter Hall Group
ASX:CHC
25.1
20%
1.3
AU
GPT Group
ASX:GPT
24.1
18%
1.3

See Also

Summary
MRL intrinsic value, competitors valuation, and company profile.
DCF Valuation
MRL stock valuation using Discount Cash Flow valuation method.
Relative Valuation
MRL stock valuation using valuation multiples.
Wall Street Estimates
MRL price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
MRL stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
Discover More
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