MERLIN PROPERTIES SOCIMI, S.A. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 10.56 EUR | +2.03% |
|
+3.43% | +4.97% |
| Mar. 01 | Colonial suffers $1.1 billion loss on falling real estate values | RE |
| Feb. 29 | Spain's Colonial swings to $1.1 billion loss as property values drop | RE |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,943 | 3,616 | 4,468 | 4,109 | 4,712 | 4,946 | - | - |
| Enterprise Value (EV) 1 | 11,411 | 9,321 | 9,863 | 7,926 | 8,762 | 9,216 | 9,350 | 9,416 |
| P/E ratio | 10.7 x | 64.8 x | 8.86 x | 18.7 x | -55.9 x | 28.3 x | 13 x | 10.3 x |
| Yield | 4.07% | 3.21% | 1.8% | 13.7% | - | 4.25% | 4.73% | 5.18% |
| Capitalization / Revenue | 11.3 x | 7.18 x | 8.84 x | 9.07 x | 9.91 x | 9.64 x | 8.89 x | 8.18 x |
| EV / Revenue | 21.7 x | 18.5 x | 19.5 x | 17.5 x | 18.4 x | 18 x | 16.8 x | 15.6 x |
| EV / EBITDA | 30.3 x | 27.3 x | 27.2 x | 23.7 x | 24.2 x | 24.1 x | 22.2 x | 20.5 x |
| EV / FCF | 668 x | -97.9 x | 28.9 x | - | - | 27.7 x | 22.7 x | 27.1 x |
| FCF Yield | 0.15% | -1.02% | 3.45% | - | - | 3.61% | 4.41% | 3.69% |
| Price to Book | 0.89 x | 0.54 x | 0.64 x | 0.6 x | - | 0.79 x | 0.77 x | 0.75 x |
| Nbr of stocks (in thousands) | 464,693 | 464,797 | 466,885 | 468,225 | 468,346 | 468,372 | - | - |
| Reference price 2 | 12.79 | 7.780 | 9.570 | 8.775 | 10.06 | 10.56 | 10.56 | 10.56 |
| Announcement Date | 2/27/20 | 2/25/21 | 2/24/22 | 2/27/23 | 2/28/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 525.9 | 503.4 | 505.3 | 452.8 | 475.6 | 513.1 | 556.4 | 605 |
| EBITDA 1 | 376.3 | 340.9 | 363.1 | 334.7 | 361.4 | 381.7 | 421.6 | 459.6 |
| EBIT 1 | 423.4 | 240.5 | 543.5 | 348.9 | 344.9 | 365.1 | 419.8 | 454.5 |
| Operating Margin | 80.5% | 47.78% | 107.55% | 77.05% | 72.51% | 71.15% | 75.45% | 75.12% |
| Earnings before Tax (EBT) 1 | 590.7 | 55.61 | 518.8 | 48.16 | -74.99 | 232.7 | 363.6 | 450 |
| Net income 1 | 563.6 | 56.36 | 512.2 | 263.1 | -83.5 | 186 | 389.1 | 481.5 |
| Net margin | 107.17% | 11.19% | 101.37% | 58.1% | -17.56% | 36.26% | 69.94% | 79.58% |
| EPS 2 | 1.200 | 0.1200 | 1.080 | 0.4700 | -0.1800 | 0.3732 | 0.8107 | 1.027 |
| Free Cash Flow 1 | 17.08 | -95.21 | 340.7 | - | - | 332.5 | 412 | 347 |
| FCF margin | 3.25% | -18.91% | 67.42% | - | - | 64.8% | 74.05% | 57.35% |
| FCF Conversion (EBITDA) | 4.54% | - | 93.83% | - | - | 87.11% | 97.73% | 75.51% |
| FCF Conversion (Net income) | 3.03% | - | 66.51% | - | - | 178.73% | 105.88% | 72.07% |
| Dividend per Share 2 | 0.5200 | 0.2500 | 0.1727 | 1.200 | - | 0.4491 | 0.4998 | 0.5469 |
| Announcement Date | 2/27/20 | 2/25/21 | 2/24/22 | 2/27/23 | 2/28/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 256.6 | 248.5 | 127 | 129.9 | 111.5 | 111.1 | 222.6 | 112.4 | 117.8 | 119.2 | 118.6 | - | 118.8 | 119 | 120.7 | 123 | 124.8 | 126.6 |
| EBITDA | 171.6 | 172 | 95.56 | 95.61 | 82.22 | 79.5 | 161.7 | 81.62 | - | 89.31 | 90.42 | 179.7 | 90.5 | 91.18 | - | - | - | - |
| EBIT 1 | 188.3 | 200.9 | 95.94 | 246.6 | 85.21 | 203.2 | 288.4 | 83.16 | 87.37 | 91.35 | -118.2 | - | 89.4 | 83.86 | 91.82 | 95.15 | 96.16 | 98.39 |
| Operating Margin | 73.4% | 80.87% | 75.56% | 189.86% | 76.42% | 182.99% | 129.6% | 73.99% | 74.14% | 76.6% | -99.69% | - | 75.25% | 70.48% | 76.08% | 77.37% | 77.07% | 77.73% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | 75.97 | -306.4 | 67.86 | -106.8 | -38.95 | 62.32 | -98.36 | - | - | - | - |
| Net income | - | - | - | 257.9 | - | 399.1 | 491.6 | 75.41 | - | 66.17 | -113.7 | -47.53 | 60.05 | -96.02 | - | - | - | - |
| Net margin | - | - | - | 198.52% | - | 359.32% | 220.91% | 67.09% | - | 55.49% | -95.9% | - | 50.54% | -80.7% | - | - | - | - |
| EPS | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 7/29/20 | 7/29/21 | 11/11/21 | 2/24/22 | 5/12/22 | 7/28/22 | 7/28/22 | 11/10/22 | 2/27/23 | 5/11/23 | 7/27/23 | 7/27/23 | 11/16/23 | 2/28/24 | - | - | - | - |
1EUR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 5,467 | 5,705 | 5,395 | 3,818 | 4,050 | 4,270 | 4,404 | 4,470 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 14.53 x | 16.73 x | 14.86 x | 11.41 x | 11.21 x | 11.19 x | 10.45 x | 9.727 x |
| Free Cash Flow 1 | 17.1 | -95.2 | 341 | - | - | 333 | 412 | 347 |
| ROE (net income / shareholders' equity) | 8.6% | 3.55% | 7.47% | 4.09% | - | 4.26% | 5.14% | 5.38% |
| ROA (Net income/ Total Assets) | 4.36% | 1.78% | 3.69% | 2.16% | - | 1.77% | 2.72% | 3.46% |
| Assets 1 | 12,939 | 3,172 | 13,875 | 12,192 | - | 10,526 | 14,284 | 13,924 |
| Book Value Per Share 2 | 14.40 | 14.40 | 15.10 | 14.60 | - | 13.30 | 13.70 | 14.10 |
| Cash Flow per Share 2 | 0.6300 | 0.2900 | 0.4900 | - | - | 0.5600 | 0.6300 | 0.6800 |
| Capex 1 | 344 | 254 | 185 | - | - | 256 | 204 | 104 |
| Capex / Sales | 65.46% | 50.39% | 36.56% | - | - | 49.98% | 36.73% | 17.13% |
| Announcement Date | 2/27/20 | 2/25/21 | 2/24/22 | 2/27/23 | 2/28/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
10.56
EUR
Average target price
11.29
EUR
Spread / Average Target
+6.94%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +4.97% | 5.28B | |
| -6.46% | 46.25B | |
| -8.31% | 20.33B | |
| -3.56% | 13.07B | |
| +16.05% | 11.53B | |
| -4.85% | 9.68B | |
| -0.83% | 8.48B | |
| -14.19% | 8.38B | |
| +1.38% | 7.63B | |
| -18.42% | 5.53B |
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