MERLIN Properties SOCIMI, S.A. (MRL.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-22.4%

€9.01

vs €11.62 price

Levered DCF

€14.25

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.04

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.88×	18.14×	-55.89×	87.8×	8.7×	64.83×	10.57×	5.9×
P/B	0.87×	0.69×	0.72×	0.6×	0.64×	0.55×	0.89×	0.79×
P/S	12.72×	10.3×	9.33×	9.36×	11.66×	8.19×	11.54×	8.55×
EV / EBITDA	11.37×	19.86×	239.89×	51.7×	18.9×	47.01×	15.91×	9.81×
Gross margin	85.1%	101.1%	83.4%	88.8%	87.9%	89.8%	90.7%	92.9%
Operating margin	70.5%	74.7%	1.8%	20.1%	122.9%	53.9%	73.7%	185.4%
Net margin	143.0%	56.4%	-16.5%	59.9%	133.8%	12.6%	109.5%	144.8%
Current ratio	1.18×	2.02×	2.79×	0.57×	1.41×	2.32×	1.46×	2.03×
Debt / equity	0.63×	0.66×	0.69×	0.62×	0.88×	0.85×	0.82×	0.81×
Interest coverage	2.85×	2.88×	0.08×	0.86×	4.16×	0×	3.45×	9.71×
Dividend yield	1.8%	2.0%	4.4%	11.1%	1.6%	1.9%	3.2%	4.3%
Payout ratio	15.7%	37.1%	-247.9%	173.1%	13.7%	121.6%	33.2%	25.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.7%	3.8%	-1.3%	3.8%	7.3%	0.8%	8.4%	13.4%
Return on invested capital	2.7%	2.7%	0.1%	0.6%	3.3%	1.8%	2.8%	8.2%
Return on assets	5.5%	2.1%	-0.7%	2.2%	3.6%	0.4%	4.2%	6.8%
Free cash flow yield	5.8%	5.7%	4.8%	5.4%	3.6%	3.6%	4.8%	5.0%
Earnings yield	11.2%	5.5%	-1.8%	6.4%	11.5%	1.5%	9.5%	16.9%
Enterprise value	€10.8B	€8.6B	€8.8B	€7.9B	€9.8B	€9.1B	€11.2B	€10.1B
Net debt / EBITDA	4.04×	7.83×	111.16×	24.93×	10.28×	28.11×	7.46×	4.9×
Cash conversion cycle (days)	-507	-260	-265	-197	-18	-45	-516	-245