Merlin Properties SOCIMI SA

MRL: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Merlin Properties: We Initiate Coverage With EUR 18.70 Fair Value Estimate and No Moat

Jack Fletcher-Price

Jun 4, 2026

We’re initiating coverage of Merlin Properties, the Spanish office, logistics, shopping, and data center REIT.

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Merlin Properties SOCIMI SA

Merlin Properties: We Initiate Coverage With EUR 18.70 Fair Value Estimate and No Moat

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