Company Valuation: Merlin Properties SOCIMI, S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,468 4,109 4,712 5,714 6,996 7,424 - -
Change - -8.04% 14.67% 21.28% 22.43% 6.12% - -
Enterprise Value (EV) 1 9,863 7,926 8,762 9,061 10,739 11,568 12,436 13,242
Change - -19.64% 10.54% 3.42% 18.51% 7.72% 7.5% 6.48%
P/E 8.86x 18.7x -55.9x 20.3x 8.88x 7.03x 5.57x 5.04x
PBR 0.64x 0.6x 0.72x 0.76x 0.87x 0.79x 0.71x 0.63x
PEG - -0.3x 0x -0x 0x 0.3x 0.2x 0.5x
Capitalization / Revenue 8.84x 9.07x 9.91x 11.4x 12.9x 12.3x 10.7x 8.87x
EV / Revenue 19.5x 17.5x 18.4x 18.1x 19.8x 19.1x 18x 15.8x
EV / EBITDA 27.2x 23.7x 24.2x 24.5x 26.9x 25.7x 24.4x 21.9x
EV / EBIT 18.1x 22.7x 25.4x 24.1x 26.6x 26.1x 24.8x 22.1x
EV / FCF 28.9x - -108x 376x -41.6x 26.2x 23.8x 21x
FCF Yield 3.45% - -0.93% 0.27% -2.4% 3.81% 4.2% 4.77%
Dividend per Share 2 0.1727 1.2 0.44 0.42 0.42 0.4226 0.4502 0.5099
Rate of return 1.8% 13.7% 4.37% 4.13% 3.38% 3.52% 3.76% 4.25%
EPS 2 1.08 0.47 -0.18 0.5 1.4 1.706 2.154 2.377
Distribution rate 16% 255% -244% 84% 30% 24.8% 20.9% 21.4%
Net sales 1 505.3 452.8 475.6 500.4 541.9 605.5 691.7 837.1
EBITDA 1 363.1 334.7 361.4 370.3 399.4 449.8 509.1 605.8
EBIT 1 543.5 348.9 344.9 376.6 403.7 443.3 500.8 599
Net income 1 512.2 263.1 -83.5 283.8 786.1 862.9 1,211 1,242
Net Debt 1 5,395 3,818 4,050 3,347 3,743 4,144 5,012 5,818
Reference price 2 9.57 8.78 10.06 10.16 12.43 11.99 11.99 11.99
Nbr of stocks (in thousands) 466,885 468,225 468,346 562,415 562,814 619,183 - -
Announcement Date 2/24/22 2/27/23 2/28/24 2/27/25 2/25/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
38.51x18.34x23.27x3.31% 123B
30.4x13.79x17.54x4.51% 64.59B
35.82x14.48x14.94x6.02% 51.09B
18.03x15.23x17.36x1.15% 37.43B
15.95x24.87x27.23x3.6% 16.24B
25.81x10.44x14.38x4.86% 14.82B
7.78x11.64x14.26x6.42% 13.91B
17.92x16.04x23.31x5.38% 13.9B
28.73x11.04x16.12x4.25% 13.06B
Average 24.33x 15.10x 18.71x 4.39% 38.66B
Weighted average by Cap. 30.39x 15.93x 19.53x 4.02%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Merlin Properties SOCIMI, S.A.

Historical PBR trend

Valuation ratios - PBR - Merlin Properties SOCIMI, S.A.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Merlin Properties SOCIMI, S.A.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Merlin Properties SOCIMI, S.A.


Year-on-year evolution of the Yield

Valuation ratios - Yield - Merlin Properties SOCIMI, S.A.
  1. Stock Market
  2. Stocks
  3. MRL Stock
  4. MRPRF Stock
  5. Valuation Merlin Properties SOCIMI, S.A.