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Merlin Properties MRL.MC

Spain Real Estate
4.6/10
AI Analyst score
12.29 EUR
Last price at analysis date · analyst target 17.25 (+40.3%)
-5.0% (1 year)
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🟡 HOLD — Hold. The growth potential in data centers is real, but high leverage and a rising rate environment limit the stock's appeal in the short term.

Merlin Properties is a Spanish SOCIMI (REIT) that owns and manages a diversified portfolio of prime offices, shopping centers, logistics, and increasingly, data centers, generating income from rents. Merlin Properties combines a stable office and logistics business with strong growth in data centers (revenue +14.6%), but its high leverage (Net Debt/EBITDA 8.34) and rising interest rates are a drag on its valuation and financial health.

Financial health
4.5
Quality / Moat
5.3
Valuation
5.2
Growth
7.7
Dividend
2.0
Momentum
5.5
Risk & Context
5.3

Detailed metrics

Market and fundamental data as of the analysis date.

💵 Valuation
P/E8.36
Fwd P/E21.80
EV/EBITDA25.85
P/B0.82
P/S12.65
PEG2.40
Market cap7.61 B EUR
Enterprise value11.21 B EUR
🏰 Quality and moat
ROIC (approx.)2.9%
Gross margin100.00%
FCF conversion58%
Operating margin69.85%
📈 Profitability and margins
ROE9.92%
ROA1.85%
Net margin141.68%
FCF253.1 M EUR
FCF yield3.33%
🏦 Solvency and liquidity
Total debt5.18 B EUR
Net debt3.62 B EUR
Cash1.56 B EUR
EBITDA433.6 M EUR
Net debt / EBITDA8.34
D/E55.79
Current ratio1.59
Quick ratio1.51
🚀 Growth
Revenue growth14.60%
Earnings growth16.60%
EPS (TTM)1.47 EUR
EPS (Fwd)0.56 EUR
💰 Dividend and risk
Dividend yield1.79%
Payout14.6%
Beta0.93
Analyst consensusBuy (21)
Target price17.25 EUR
52-week range11.81 EUR – 15.92 EUR
⚠️ Main risk: High leverage (Net Debt/EBITDA of 8.34) in a rising interest rate environment, which makes debt refinancing more expensive and pressures the valuation of its real estate assets.
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Full AI report

Generated automatically from the metrics, the macro context and the company's news.

Merlin Properties is a Spanish SOCIMI (REIT) that owns and manages a diversified portfolio of prime offices, shopping centers, logistics, and increasingly, data centers, generating income from rents. Merlin Properties combines a stable office and logistics business with strong growth in data centers (revenue +14.6%), but its high leverage (Net Debt/EBITDA 8.34) and rising interest rates are a drag on its valuation and financial health.

Score by category

CategoryScore
Financial health4.5
Quality / Moat5.3
Valuation5.2
Growth7.7
Dividend2.0
Momentum5.5
Risk & Context5.3

OVERALL SCORE: 4.6/10

Context and risks

The company's profile as a REIT with high debt (Net Debt/EBITDA 8.34) and its capital-intensive data center business make it sensitive to the rise in 10-year interest rates, which increases its financing costs and reduces the present value of its future cash flows.

News considered in the analysis

  • Merlin Properties SOCIMI SA (MRPRF) (H1 2026) Earnings Call Highlights: Record Data Center ... — Resultados récord en data centers, un motor de crecimiento clave para la compañía, aún no totalmente descontado en el precio.
  • Merlin Properties SOCIMI SA (MRPRF) Full Year 2025 Earnings Call Highlights: Strong FFO Growth ... — Crecimiento sólido del FFO en 2025, ya reflejado en las cifras y el precio de la acción.
  • Merlin Properties SOCIMI SA (MRPRF) Q3 2025 Earnings Call Highlights: Strong Growth Amidst ... — Resultados del tercer trimestre de 2025 con crecimiento, información ya incorporada al mercado.
  • 3 AI Infrastructure Stocks With Data Center Exposure in a High Rate World — Listículo genérico sin información específica nueva sobre la empresa.

Verdict: Hold. The growth potential in data centers is real, but high leverage and a rising rate environment limit the stock's appeal in the short term.

Main risk: High leverage (Net Debt/EBITDA of 8.34) in a rising interest rate environment, which makes debt refinancing more expensive and pressures the valuation of its real estate assets.

Other Real Estate companies

Neighbours in the sector ranking, to compare without going back to the index.

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Automatically generated analysis from fundamental, market and news data. Not personalised financial advice — a research tool, not an individual recommendation. Past performance does not guarantee future results. Last update of this analysis: 2026-09-28. Legal notice, privacy & cookies.