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Merlin Properties SOCIMI SA MRL

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Stock XMAD Rating as of
€12.11 +0.29 (2.45%)
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As of Delayed Price Closed

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Draft Royal Decree Weighs on Merlin Shares; Uncertainty Raised to High; Valuation Remains Attractive

Jack Fletcher-Price

Merlin Properties is aggressively scaling its data center portfolio to be the primary revenue driver; data centers are forecast to account for 65% of gross rental income by 2032. This strategy leverages Iberia’s relative advantages over legacy European hubs: land and energy abundance and subsea cable connectivity. Meanwhile, the group maintains its position in traditional asset classes (offices, logistics, and shopping centers).

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Price vs Fair Value

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MRL is trading at a LOCK|hB&#C^ premium.
Price
€11.82
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Merlin boasts the largest data center development pipeline in Iberia, and the addressable customer base has broadened materially thanks to AI.

Bears

Data center execution risk is substantial and capital-intensive. Slippage in permitting, grid connection, or customer demand could impair yield-on-cost assumptions.

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Trading Information

Previous Close Price
€11.82
Day Range
€11.79–12.17
52-Week Range
€11.72–15.92
Bid/Ask
€12.00 / €12.30
Shares Outstanding
619.18M
Market Cap
€7.50B
Volume/Avg
2M / 1M

Key Statistics

Price/Earnings (Normalized)
9.54
Price/Sales
11.95
Dividend Yield (Trailing)
1.82%
Dividend Yield (Forward)
1.82%
Dividend Payment Schedule
May, Dec
Total Yield
1.80%

Company Profile

Merlin Properties is Spain’s largest listed SOCIMI/REIT, managing a EUR 12.6 billion portfolio across offices, logistics, shopping centers, and data centers. Over the coming years, it will bring at least 730 megawatts of data center capacity online, increasing its gross rental income contribution from just 6% in 2025 to 65% by 2032. Its total GRI will more than triple to EUR 1.8 billion, driven by its Mega Plan. Additionally, it has a pipeline of 4.4 GW worth of land at varying stages of readiness that it can develop.
Sector
Real Estate
Industry
REIT - Office
Stock Style Box
Mid Core
Total Number of Employees
296
Website
https://www.merlinproperties.com

Competitors

Valuation

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Metric
MRL
EQIX
DLR
Price/Earnings (Normalized)
 9.5460.94100.43
Price/Book Value
 0.796.952.45
Price/Sales
 11.9510.189.22
Price/Cash Flow
 21.5422.9222.03
Price/Earnings
MRL
EQIX
DLR

Financial Strength

Metric
MRL
EQIX
DLR
Quick Ratio
 1.510.910.73
Current Ratio
 1.591.130.73
Interest Coverage
 7.253.702.83
Quick Ratio
MRL
EQIX
DLR

Profitability

Metric
MRL
EQIX
DLR
Return on Assets (Normalized)
 5.89%5.31%2.26%
Return on Equity (Normalized)
 10.11%14.87%4.88%
Return on Invested Capital (Normalized)
 7.13%6.74%3.44%
Return on Assets
MRL
EQIX
DLR

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