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: 9.93 EUR -0.2%
Market Cap: 5.6B EUR
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Relative Value

The Relative Value of one MRL stock under the Base Case scenario is 16.73 EUR. Compared to the current market price of 9.93 EUR, MERLIN Properties SOCIMI SA is Undervalued by 41%.

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
16.73 EUR
Undervaluation 41%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

11.6
P/S
P/S
Price to Sales
11.6
vs History
3
vs Industry
15
Median 3Y
9.2
Median 5Y
8.8
Industry
3.6
Forward
11.2
More Details
43.2
P/E
P/E
Price to Earnings
43.2
vs History
17
vs Industry
28
Median 3Y
7.8
Median 5Y
7.8
Industry
16.7
Forward
17.6
More Details
25.2
P/OCF
P/OCF
Price to OCF
25.2
vs History
19
vs Industry
15
Median 3Y
18
Median 5Y
18
Industry
10.9
More Details
6.8
P/FCFE
P/FCFE
Price to FCFE
6.8
vs History
39
vs Industry
27
Median 3Y
6.7
Median 5Y
-2.8
Industry
13.3
More Details
0.7
P/B
P/B
Price to Book Value
0.7
vs History
19
vs Industry
52
Median 3Y
0.6
Median 5Y
0.6
Industry
0.8
More Details
17.2
EV/S
EV/S
Enterprise Value to Sales
17.2
vs History
55
vs Industry
9
Median 3Y
17.6
Median 5Y
17.6
Industry
6.6
Forward
16.6
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
11
Industry
11.9
More Details
22.8
EV/EBITDA
EV/EBITDA
Enterprise Value to EBITDA
22.8
vs History
53
vs Industry
18
Median 3Y
23.3
Median 5Y
23.5
Industry
15.8
Forward
21.6
More Details
22.9
EV/EBIT
EV/EBIT
Enterprise Value to EBIT
22.9
vs History
53
vs Industry
27
Median 3Y
23.4
Median 5Y
23.7
Industry
19
Forward
22.6
More Details
37.4
EV/OCF
EV/OCF
Enterprise Value to OCF
37.4
vs History
49
vs Industry
13
Median 3Y
36.9
Median 5Y
37.2
Industry
18.5
More Details
38.6
EV/FCFF
EV/FCFF
Enterprise Value to FCFF
38.6
vs History
41
vs Industry
16
Median 3Y
36.7
Median 5Y
37.2
Industry
20.1
More Details
0.7
EV/IC
EV/IC
Enterprise Value to IC
0.7
vs History
30
vs Industry
43
Median 3Y
0.7
Median 5Y
0.7
Industry
0.7
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
5.6B EUR 11.6 43.2 22.8 22.9
ZA
Growthpoint Properties Ltd
JSE:GRT
44B Zac 0 0 0 0
ZA
Redefine Properties Ltd
JSE:RDF
29.4B Zac 0 0 0 0
US
WP Carey Inc
NYSE:WPC
11.8B USD 7.5 21.2 14.8 24.8
ZA
Attacq Ltd
JSE:ATT
10.1B Zac 0 0 0 0
JP
KDX Realty Investment Corp
OTC:KDXRF
9.6B USD 27 38.4 54.4 68.7
AU
Stockland Corporation Ltd
ASX:SGP
11.8B AUD 3.9 38.7 21.6 21.6
ZA
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
7.1B Zac 0 0 0 0
FR
Gecina SA
PAR:GFC
6.6B EUR 7.7 -7.2 16.6 17.3
ZA
Fairvest Ltd
JSE:FTA
6.9B Zac 0 0 0 0
US
STORE Capital Corp
LSE:0LA6
6.8B USD 7.7 21.4 14.6 23.3
P/S Multiple
Revenue Growth P/S to Growth
ES
MERLIN Properties SOCIMI SA
MAD:MRL
Average P/S: 10.9
11.6
27%
0.4
ZA
G
Growthpoint Properties Ltd
JSE:GRT
Not Available
-36%
N/A
ZA
R
Redefine Properties Ltd
JSE:RDF
Not Available
-45%
N/A
US
WP Carey Inc
NYSE:WPC
7.5
0%
202.3
ZA
A
Attacq Ltd
JSE:ATT
Not Available N/A N/A
JP
KDX Realty Investment Corp
OTC:KDXRF
27
72%
0.4
AU
Stockland Corporation Ltd
ASX:SGP
3.9
56%
0.1
ZA
S
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
Not Available
-22%
N/A
FR
Gecina SA
PAR:GFC
7.7
16%
0.5
ZA
F
Fairvest Ltd
JSE:FTA
Not Available N/A N/A
US
S
STORE Capital Corp
LSE:0LA6
7.7
26%
0.3
P/E Multiple
Earnings Growth P/E to Growth
ES
MERLIN Properties SOCIMI SA
MAD:MRL
Average P/E: 32.6
43.2
N/A N/A
ZA
G
Growthpoint Properties Ltd
JSE:GRT
Not Available
-96%
N/A
ZA
R
Redefine Properties Ltd
JSE:RDF
Not Available
-98%
N/A
US
WP Carey Inc
NYSE:WPC
21.2
-19%
N/A
ZA
A
Attacq Ltd
JSE:ATT
Not Available N/A N/A
JP
KDX Realty Investment Corp
OTC:KDXRF
38.4
128%
0.3
AU
Stockland Corporation Ltd
ASX:SGP
38.7
221%
0.2
ZA
S
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
Not Available
-37%
N/A
FR
Gecina SA
PAR:GFC
Negative Multiple: -7.2 N/A N/A
ZA
F
Fairvest Ltd
JSE:FTA
Not Available N/A N/A
US
S
STORE Capital Corp
LSE:0LA6
21.4
31%
0.7
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
ES
MERLIN Properties SOCIMI SA
MAD:MRL
Average EV/EBITDA: 24.1
22.8
34%
0.7
ZA
G
Growthpoint Properties Ltd
JSE:GRT
Not Available
-5%
N/A
ZA
R
Redefine Properties Ltd
JSE:RDF
Not Available
-6%
N/A
US
WP Carey Inc
NYSE:WPC
14.8
11%
1.3
ZA
A
Attacq Ltd
JSE:ATT
Not Available N/A N/A
JP
KDX Realty Investment Corp
OTC:KDXRF
54.4
122%
0.4
AU
Stockland Corporation Ltd
ASX:SGP
21.6
67%
0.3
ZA
S
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
Not Available
17%
N/A
FR
Gecina SA
PAR:GFC
16.6
14%
1.2
ZA
F
Fairvest Ltd
JSE:FTA
Not Available N/A N/A
US
S
STORE Capital Corp
LSE:0LA6
14.6
52%
0.3
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
ES
MERLIN Properties SOCIMI SA
MAD:MRL
Average EV/EBIT: 29.8
22.9
65%
0.4
ZA
G
Growthpoint Properties Ltd
JSE:GRT
Not Available
-7%
N/A
ZA
R
Redefine Properties Ltd
JSE:RDF
Not Available
19%
N/A
US
WP Carey Inc
NYSE:WPC
24.8
14%
1.7
ZA
A
Attacq Ltd
JSE:ATT
Not Available
12%
N/A
JP
KDX Realty Investment Corp
OTC:KDXRF
68.7
N/A N/A
AU
Stockland Corporation Ltd
ASX:SGP
21.6
60%
0.4
ZA
S
SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
Not Available N/A N/A
FR
Gecina SA
PAR:GFC
17.3
24%
0.7
ZA
F
Fairvest Ltd
JSE:FTA
Not Available N/A N/A
US
S
STORE Capital Corp
LSE:0LA6
23.3
54%
0.4

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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