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 9,255 - -
Change - -8.04% 14.67% 21.28% 22.43% 32.3% - -
Enterprise Value (EV) 1 9,863 7,926 8,762 9,061 10,739 13,481 14,231 14,909
Change - -19.64% 10.54% 3.42% 18.51% 25.54% 5.56% 4.76%
P/E 8.86x 18.7x -55.9x 20.3x 8.88x 7.9x 6.86x 6.29x
PBR 0.64x 0.6x 0.72x 0.76x 0.87x 0.94x 0.87x 0.77x
PEG - -0.3x 0x -0x 0x 0.2x 0.5x 0.69x
Capitalization / Revenue 8.84x 9.07x 9.91x 11.4x 12.9x 15.4x 13.4x 10.9x
EV / Revenue 19.5x 17.5x 18.4x 18.1x 19.8x 22.4x 20.6x 17.6x
EV / EBITDA 27.2x 23.7x 24.2x 24.5x 26.9x 30.3x 28.1x 24.3x
EV / EBIT 18.1x 22.7x 25.4x 24.1x 26.6x 30.3x 28.3x 24.2x
EV / FCF 28.9x - -108x 376x -41.6x 30.6x 28.6x 24.3x
FCF Yield 3.45% - -0.93% 0.27% -2.4% 3.27% 3.5% 4.12%
Dividend per Share 2 0.1727 1.2 0.44 0.42 0.42 0.4218 0.4484 0.5179
Rate of return 1.8% 13.7% 4.37% 4.13% 3.38% 2.82% 3% 3.46%
EPS 2 1.08 0.47 -0.18 0.5 1.4 1.893 2.179 2.378
Distribution rate 16% 255% -244% 84% 30% 22.3% 20.6% 21.8%
Net sales 1 505.3 452.8 475.6 500.4 541.9 602.7 691 846
EBITDA 1 363.1 334.7 361.4 370.3 399.4 445.2 505.8 613.3
EBIT 1 543.5 348.9 344.9 376.6 403.7 444.7 502.6 617.2
Net income 1 512.2 263.1 -83.5 283.8 786.1 889.9 1,048 1,226
Net Debt 1 5,395 3,818 4,050 3,347 3,743 4,226 4,976 5,653
Reference price 2 9.57 8.78 10.06 10.16 12.43 14.95 14.95 14.95
Nbr of stocks (in thousands) 466,885 468,225 468,346 562,415 562,814 619,089 - -
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.($)
7.9x22.37x30.28x2.82% 10.59B
40.75x15.77x16.34x5.13% 59.47B
9.29x12.59x15.71x5.35% 16.92B
13.52x22.5x26.46x3.81% 15.6B
20.08x17x24.91x4.93% 14.98B
10.24x13.42x16.09x5.39% 11.93B
31.7x11.37x17.93x3.72% 10.55B
15.94x12.29x19.2x6.13% 9.64B
22.77x7.08x11.61x6.07% 8.28B
-1956.5x8.12x19.36x2.16% 7.36B
Average -178.43x 14.25x 19.79x 4.55% 16.53B
Weighted average by Cap. -63.06x 15.18x 19.05x 4.76%

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

  1. Stock Market
  2. Stocks
  3. MRL Stock
  4. Valuation Merlin Properties SOCIMI, S.A.