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 7,678 - -
Change - -8.04% 14.67% 21.28% 22.43% 9.75% - -
Enterprise Value (EV) 1 9,863 7,926 8,762 9,061 10,739 11,793 12,679 13,408
Change - -19.64% 10.54% 3.42% 18.51% 9.82% 7.51% 5.75%
P/E 8.86x 18.7x -55.9x 20.3x 8.88x 7.26x 5.75x 5.21x
PBR 0.64x 0.6x 0.72x 0.76x 0.87x 0.79x 0.72x 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 12.7x 11.1x 9.08x
EV / Revenue 19.5x 17.5x 18.4x 18.1x 19.8x 19.5x 18.3x 15.8x
EV / EBITDA 27.2x 23.7x 24.2x 24.5x 26.9x 26.3x 25x 21.9x
EV / EBIT 18.1x 22.7x 25.4x 24.1x 26.6x 26.3x 25.2x 21.7x
EV / FCF 28.9x - -108x 376x -41.6x 26.7x 25.5x 21.8x
FCF Yield 3.45% - -0.93% 0.27% -2.4% 3.74% 3.93% 4.58%
Dividend per Share 2 0.1727 1.2 0.44 0.42 0.42 0.4233 0.4497 0.5139
Rate of return 1.8% 13.7% 4.37% 4.13% 3.38% 3.42% 3.63% 4.15%
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% 21.6%
Net sales 1 505.3 452.8 475.6 500.4 541.9 606.2 694.3 846
EBITDA 1 363.1 334.7 361.4 370.3 399.4 448.1 507.1 610.9
EBIT 1 543.5 348.9 344.9 376.6 403.7 448.8 503.7 618.5
Net income 1 512.2 263.1 -83.5 283.8 786.1 800.6 1,129 1,219
Net Debt 1 5,395 3,818 4,050 3,347 3,743 4,115 5,001 5,730
Reference price 2 9.57 8.78 10.06 10.16 12.43 12.38 12.38 12.38
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
39.26x15.28x15.78x5.51% 55.9B
16.42x23.12x27.71x3.51% 16.98B
8.03x11.91x14.6x5.97% 15.42B
17.99x16.26x23.64x5.25% 14.33B
9.32x13.35x15.91x5.36% 12.17B
27.02x10.8x16.99x3.99% 9.95B
7.26x19.43x26.29x3.42% 8.85B
14.46x11.71x18.4x6.52% 9.12B
35.55x7.57x12.17x5.54% 9.05B
Average 19.48x 14.38x 19.05x 5.01% 16.86B
Weighted average by Cap. 24.74x 15.03x 18.38x 5.14%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation Merlin Properties SOCIMI, S.A.
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