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MERLIN Properties SOCIMI

BATS-CHIXE:MRLE
Snowflake Description

Undervalued average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MRLE
BATS-CHIXE
€3B
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

MERLIN Properties SOCIMI, S.A. (MC:MRL) is one of the largest real estate company trading on the Spanish Stock Exchange, with a market capitalization of approximately 6,200 million euros, specialized in the acquisition and management of commercial property in the Iberian region. The last earnings update was 31 days ago. More info.


Add to Portfolio Compare Print
  • MERLIN Properties SOCIMI has significant price volatility in the past 3 months.
MRLE Share Price and Events
7 Day Returns
-9.1%
BATS-CHIXE:MRLE
6.6%
GB REITs
6%
GB Market
1 Year Returns
-39.9%
BATS-CHIXE:MRLE
-20%
GB REITs
-22.7%
GB Market
MRLE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
MERLIN Properties SOCIMI (MRLE) -9.1% -39.7% -44.9% -39.9% -33% -43.9%
GB REITs 6.6% -22.8% -28.8% -20% -16.1% -22%
GB Market 6% -20.3% -28.1% -22.7% -24.6% -22%
1 Year Return vs Industry and Market
  • MRLE underperformed the REITs industry which returned -20% over the past year.
  • MRLE underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -22.7% over the past year.
Price Volatility
MRLE
Industry
5yr Volatility vs Market

Value

 Is MERLIN Properties SOCIMI undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of MERLIN Properties SOCIMI to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for MERLIN Properties SOCIMI.

BATS-CHIXE:MRLE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:MRLE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 7.5%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.46
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.46 (1 + (1- 25%) (171.98%))
0.642
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.8 * 7.46%)
6.5%

Discounted Cash Flow Calculation for BATS-CHIXE:MRLE using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

BATS-CHIXE:MRLE Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:MRLE represents 1.00286x of BME:MRL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00286x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 13.85 x 1.00286
€13.89
Value per share (EUR) From above. €13.89
Current discount Discount to share price of €7.02
= -1 x (€7.02 - €13.89) / €13.89
49.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price MERLIN Properties SOCIMI is available for.
Intrinsic value
49%
Share price is €7.02 vs Future cash flow value of €13.89
Current Discount Checks
For MERLIN Properties SOCIMI to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • MERLIN Properties SOCIMI's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • MERLIN Properties SOCIMI's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for MERLIN Properties SOCIMI's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are MERLIN Properties SOCIMI's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:MRLE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €1.21
BME:MRL Share Price ** BME (2020-03-27) in EUR €7
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 12.85x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 747 Publicly-Listed Companies 12.54x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of MERLIN Properties SOCIMI.

BATS-CHIXE:MRLE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BME:MRL Share Price ÷ EPS (both in EUR)

= 7 ÷ 1.21

5.77x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MERLIN Properties SOCIMI is good value based on earnings compared to the GB REITs industry average.
  • MERLIN Properties SOCIMI is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does MERLIN Properties SOCIMI's expected growth come at a high price?
Raw Data
BATS-CHIXE:MRLE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.77x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
-8.7%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 22 Publicly-Listed REITs Companies 0.65x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 531 Publicly-Listed Companies 0.98x

*Line of best fit is calculated by linear regression .

BATS-CHIXE:MRLE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.77x ÷ -8.7%

-0.66x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MERLIN Properties SOCIMI earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on MERLIN Properties SOCIMI's assets?
Raw Data
BATS-CHIXE:MRLE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €14.44
BME:MRL Share Price * BME (2020-03-27) in EUR €7
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 53 Publicly-Listed REITs Companies 0.74x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,322 Publicly-Listed Companies 1.08x
BATS-CHIXE:MRLE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BME:MRL Share Price ÷ Book Value per Share (both in EUR)

= 7 ÷ 14.44

0.48x

* Primary Listing of MERLIN Properties SOCIMI.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MERLIN Properties SOCIMI is good value based on assets compared to the GB REITs industry average.
X
Value checks
We assess MERLIN Properties SOCIMI's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. MERLIN Properties SOCIMI has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is MERLIN Properties SOCIMI expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-8.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is MERLIN Properties SOCIMI expected to grow at an attractive rate?
  • MERLIN Properties SOCIMI's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.5%.
Growth vs Market Checks
  • MERLIN Properties SOCIMI's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
  • MERLIN Properties SOCIMI's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:MRLE Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:MRLE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts -8.7%
BATS-CHIXE:MRLE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 5%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 24.2%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.6%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:MRLE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:MRLE Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 653 1
2023-12-31 634 328 2
2022-12-31 631 420 412 3
2021-12-31 589 369 483 9
2020-12-31 551 275 536 9
2020-03-29
BATS-CHIXE:MRLE Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 525 295 564
2019-09-30 602 666
2019-06-30 533 414 637
2019-03-31 612 801
2018-12-31 600 254 855
2018-09-30 515 1,107
2018-06-30 562 218 1,159
2018-03-31 450 1,148
2017-12-31 480 696 1,100
2017-09-30 486 803
2017-06-30 438 362 793
2017-03-31 392 604

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • MERLIN Properties SOCIMI's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • MERLIN Properties SOCIMI's revenue is expected to grow by 5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:MRLE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from MERLIN Properties SOCIMI Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:MRLE Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31 1.35 2.34 0.57 6.00
2020-12-31 0.58 0.88 0.07 4.00
2020-03-29
BATS-CHIXE:MRLE Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 1.21
2019-09-30 1.37
2019-06-30 1.37
2019-03-31 1.73
2018-12-31 1.83
2018-09-30 2.38
2018-06-30 2.48
2018-03-31 2.45
2017-12-31 2.35
2017-09-30 1.71
2017-06-30 1.83
2017-03-31 1.52

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • MERLIN Properties SOCIMI is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess MERLIN Properties SOCIMI's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
MERLIN Properties SOCIMI has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has MERLIN Properties SOCIMI performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare MERLIN Properties SOCIMI's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • MERLIN Properties SOCIMI has delivered over 20% year on year earnings growth in the past 5 years.
  • MERLIN Properties SOCIMI's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • MERLIN Properties SOCIMI's 1-year earnings growth is negative, it can't be compared to the GB REITs industry average.
Earnings and Revenue History
MERLIN Properties SOCIMI's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from MERLIN Properties SOCIMI Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:MRLE Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 524.92 563.64 76.85
2019-09-30 602.43 666.24 76.59
2019-06-30 533.02 637.20 75.75
2019-03-31 611.55 800.83 72.79
2018-12-31 600.35 854.88 73.94
2018-09-30 514.92 1,106.86 68.02
2018-06-30 562.09 1,158.70 69.18
2018-03-31 450.08 1,148.02 77.47
2017-12-31 479.53 1,100.42 71.76
2017-09-30 486.15 803.07 94.18
2017-06-30 437.66 792.90 75.87
2017-03-31 391.68 603.96 54.25
2016-12-31 353.46 582.65 43.88
2016-09-30 308.84 434.32 19.23
2016-06-30 307.63 140.64 17.81
2016-03-31 261.64 74.72 18.68
2015-12-31 215.23 49.08 15.92
2015-09-30 186.35 -93.16 37.41
2014-12-31 75.49 66.23 4.19

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • MERLIN Properties SOCIMI has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • MERLIN Properties SOCIMI used its assets more efficiently than the GB REITs industry average last year based on Return on Assets.
  • MERLIN Properties SOCIMI has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess MERLIN Properties SOCIMI's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
MERLIN Properties SOCIMI has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is MERLIN Properties SOCIMI's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up MERLIN Properties SOCIMI's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • MERLIN Properties SOCIMI is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • MERLIN Properties SOCIMI's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of MERLIN Properties SOCIMI's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from MERLIN Properties SOCIMI Company Filings, last reported 2 months ago.

BATS-CHIXE:MRLE Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 6,708.70 5,594.16 254.02
2019-09-30 6,523.89 5,517.91 211.57
2019-06-30 6,482.61 5,312.69 85.40
2019-03-31 6,432.98 5,402.25 174.97
2018-12-31 6,401.84 5,234.82 169.03
2018-09-30 6,110.61 5,742.55 183.20
2018-06-30 6,068.61 5,296.78 135.77
2018-03-31 5,834.27 5,411.85 295.12
2017-12-31 5,723.78 5,308.64 454.04
2017-09-30 5,202.76 5,637.77 646.36
2017-06-30 5,151.86 5,223.58 395.46
2017-03-31 4,916.17 5,337.44 544.79
2016-12-31 4,840.77 5,100.68 247.08
2016-09-30 3,075.32 3,512.59 360.73
2016-06-30 3,045.70 3,222.98 143.00
2016-03-31 2,927.22 3,210.33 450.57
2015-12-31 2,926.43 3,165.50 560.74
2015-09-30 2,779.62 3,223.63 557.97
2014-12-31 1,308.68 1,038.15 26.05
  • MERLIN Properties SOCIMI's level of debt (82.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (79.6% vs 82.4% today).
  • Debt is not well covered by operating cash flow (5.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.5x coverage).
X
Financial health checks
We assess MERLIN Properties SOCIMI's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. MERLIN Properties SOCIMI has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is MERLIN Properties SOCIMI's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.43%
Current annual income from MERLIN Properties SOCIMI dividends. Estimated to be 8.17% next year.
If you bought €2,000 of MERLIN Properties SOCIMI shares you are expected to receive €149 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • MERLIN Properties SOCIMI's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.7%).
  • MERLIN Properties SOCIMI's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (7.3%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:MRLE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 48 Stocks 5.3%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 630 Stocks 6%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.4%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.7%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:MRLE Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 0.66 1.00
2023-12-31 0.64 1.00
2022-12-31 0.61 2.00
2021-12-31 0.59 11.00
2020-12-31 0.54 14.00
2020-03-29
BATS-CHIXE:MRLE Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-02-27 0.520 5.664
2019-02-27 0.500 4.035
2018-02-28 0.520 4.411
2018-02-27 0.520 4.500
2017-11-15 0.420 3.718
2017-09-22 0.420 3.769
2017-02-28 0.405 3.628
2016-02-29 0.083 0.834
2015-11-10 0.155 1.443

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MERLIN Properties SOCIMI has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but MERLIN Properties SOCIMI only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of MERLIN Properties SOCIMI's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (574.7x coverage).
X
Income/ dividend checks
We assess MERLIN Properties SOCIMI's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can MERLIN Properties SOCIMI afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. MERLIN Properties SOCIMI has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of MERLIN Properties SOCIMI's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ismael Clemente Orrego
COMPENSATION €2,450,000
AGE 49
CEO Bio

Mr. Ismael Clemente Orrego serves as the Chief Executive Officer of Merlin Properties Socimi, S.A. Mr. Orrego is a Partner of MAGIC Real Estate responsible for the origination and structuring of real estate investments in Spain, Portugal and Morocco. He serves as the Chief Executive Officer at Tree and a part-time employee at Bosque. He has over 18 years of experience at Bankers Trust and Deutsche Bank Real Estate. Over the 18 years, he worked at Bankers Trust REIB, DB Real Estate and RREEF, where he was a Managing Director. He has participated in transactions with an aggregate volume of approximately €5,000 million across all property sectors. These include the acquisition, private placement and sale of the Hotel Arts complex in Barcelona (IHF Deal of the Year 2001), the repositioning of Penha Longa in Lisbon and Alfamar in the Algarve; the investment in, public tender offer over, restructuring and sale to ING Real Estate of the Spanish listed shopping centre operator Filo, S.A.; the sale of Renta Inmobiliaria, S.A. to General Electric Capital; the structured sale and leaseback of the Spanish Headquarters of Dragados; the advisory services to Suez Lyonnaise des Eaux, Telefónica and Portugal Telecom in the reorganisation of their property holdings; the joint venture with Grupo SIL in Portugal; the incorporation of ARDIM in Morocco; and the sale and leaseback of the Seed Portfolio, the largest real estate transaction executed in Europe in 2009. He has led the acquisition of a social housing portfolio from the Municipality of Madrid, FCC and SAREB for The Blackstone Group and over €1,200 million of performing and non-performing loans for Deutsche Bank AG London and Brookfield Strategic Real Estate Partners. Before founding MAGIC Real Estate, he was responsible for a team managing an asset portfolio of more than €3,000 million, representing the full range of global funds advised by RREEF. Mr. Clemente joined Bankers Trust Co. (now part of Deutsche Bank) in 1996 from the Spanish law firm Garrigues Andersen. He served as Executive Vice Chairman of Merlin Properties Socimi, S.A., from May 27, 2014 to January 13, 2017 and has been its Vice Chairman since January 13, 2017. He has been Member of the Board of Directors of MERLIN Properties SOCIMI, S.A. since May 27, 2014. He has been a Director of Testa Inmuebles en Renta SA since July 23, 2015. He served as a Director of Aedas Homes, S.A. since September 27, 2017. He served as a Director of Filo S.A. He holds superior degrees in Law and in Economics & Business Administration, with a specialization in Finance, from ICADE, is a teacher of the MRE programme at Instituto de Empresa and a Member of the Spanish Council of the Urban Land Institute (ULI).201

CEO Compensation
  • Ismael's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ismael's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team

Ismael Clemente Orrego

TITLE
CEO & Executive Vice-Chairman
COMPENSATION
€2M
AGE
49

Miguel Ollero Barrera

TITLE
Corporate MD
COMPENSATION
€2M
AGE
50

Fernando Lacadena Azpeitia

TITLE
Financial Director
AGE
63
TENURE
3.2 yrs

David Brush

TITLE
Chief Investment Officer
AGE
59

Fernando Ramírez

TITLE
Director of Investor Relations

Mónica Martín de Vidales Godino

TITLE
Secretary

Francisco Rivas

TITLE
Director

Javier Zarrabeitia Unzueta

TITLE
Director

Manuel García Casas

TITLE
Director

Inés Arellano

TITLE
Director
Board of Directors Tenure

Average tenure and age of the MERLIN Properties SOCIMI board of directors in years:

4.8
Average Tenure
53.5
Average Age
  • The tenure for the MERLIN Properties SOCIMI board of directors is about average.
Board of Directors

Francisco Javier Garcia-Carranza Benjumea

TITLE
Non-Executive Chairman of the Board
AGE
48
TENURE
3 yrs

Ismael Clemente Orrego

TITLE
CEO & Executive Vice-Chairman
COMPENSATION
€2M
AGE
49
TENURE
4.2 yrs

Miguel Ollero Barrera

TITLE
Corporate MD
COMPENSATION
€2M
AGE
50
TENURE
5.8 yrs

Fernando Javier Ortiz Vaamonde

TITLE
Non-Executive Independent Director
COMPENSATION
€115K
AGE
50
TENURE
5.8 yrs

Juan María Aguirre Gonzalo

TITLE
Independent Director
COMPENSATION
€134K
AGE
57
TENURE
3.5 yrs

Emilio Novela Berlín

TITLE
Independent Director
COMPENSATION
€111K
AGE
68
TENURE
1.8 yrs

Don Johnston

TITLE
Independent Director
COMPENSATION
€117K
AGE
64
TENURE
5 yrs

Ana María García Fau

TITLE
Non-Executive Independent Director
COMPENSATION
€129K
AGE
51
TENURE
5.8 yrs

María Luisa Jordá Castro

TITLE
Non-Executive Independent Director
COMPENSATION
€129K
AGE
56
TENURE
5.8 yrs

John Gómez-Hall

TITLE
Non-Executive Independent Director
COMPENSATION
€100K
AGE
85
TENURE
4.6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by MERLIN Properties SOCIMI individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
16. Jan 20 Buy Juan María Aguirre Gonzalo Individual 10. Jan 20 10. Jan 20 3,000 €12.52 €37,560
15. Apr 19 Buy Miguel Ollero Barrera Individual 10. Apr 19 10. Apr 19 1,030 €11.64 €11,989
15. Apr 19 Buy George Johnston Individual 11. Apr 19 11. Apr 19 8,450 €11.89 €100,471
15. Apr 19 Buy Ismael Clemente Orrego Individual 10. Apr 19 10. Apr 19 1 €11.64 €12
X
Management checks
We assess MERLIN Properties SOCIMI's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. MERLIN Properties SOCIMI has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

MERLIN Properties SOCIMI, S.A. (MC:MRL) is one of the largest real estate company trading on the Spanish Stock Exchange, with a market capitalization of approximately 6,200 million euros, specialized in the acquisition and management of commercial property in the Iberian region. MERLIN Properties mainly invests in offices, shopping centers and logistics facilities, within the Core and Core Plus segments, forming part of the benchmark IBEX-35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate, GPR Global Index, GPR-250 Index, and MSCI Small Caps indices.

Details
Name: MERLIN Properties SOCIMI, S.A.
MRLE
Exchange: BATS-CHIXE
Founded:
€3,252,853,667
464,693,381
Website: http://www.merlinproperties.com
Address: MERLIN Properties SOCIMI, S.A.
Paseo de la Castellana, 257,
Madrid,
Madrid, 28046,
Spain
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BME MRL Common Shares Bolsas y Mercados Espanoles ES EUR 30. Jun 2014
OTCPK MRPR.F Common Shares Pink Sheets LLC US USD 30. Jun 2014
DB MEQA Common Shares Deutsche Boerse AG DE EUR 30. Jun 2014
LSE 0QVM Common Shares London Stock Exchange GB EUR 30. Jun 2014
WBAG MERL Common Shares Wiener Boerse AG AT EUR 30. Jun 2014
ENXTLS MRL Common Shares Euronext Lisbon PT EUR 30. Jun 2014
BATS-CHIXE MRLE Common Shares BATS 'Chi-X Europe' GB EUR 30. Jun 2014
Number of employees
Current staff
Staff numbers
218
MERLIN Properties SOCIMI employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/29 19:48
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/27
Last earnings filing: 2020/02/27
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.