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 7,183 - -
Change - -8.04% 14.67% 21.28% 22.43% 2.67% - -
Enterprise Value (EV) 1 9,863 7,926 8,762 9,061 10,739 11,330 12,200 13,008
Change - -19.64% 10.54% 3.42% 18.51% 5.51% 7.67% 6.63%
P/E 8.86x 18.7x -55.9x 20.3x 8.88x 6.8x 5.38x 4.88x
PBR 0.64x 0.6x 0.72x 0.76x 0.87x 0.76x 0.68x 0.61x
PEG - -0.3x 0x -0x 0x 0.3x 0.2x 0.5x
Capitalization / Revenue 8.84x 9.07x 9.91x 11.4x 12.9x 11.8x 10.3x 8.52x
EV / Revenue 19.5x 17.5x 18.4x 18.1x 19.8x 18.6x 17.5x 15.4x
EV / EBITDA 27.2x 23.7x 24.2x 24.5x 26.9x 25.3x 23.9x 21.4x
EV / EBIT 18.1x 22.7x 25.4x 24.1x 26.6x 25.6x 24.4x 21.7x
EV / FCF 28.9x - -108x 376x -41.6x -23.8x 99.2x 43.2x
FCF Yield 3.45% - -0.93% 0.27% -2.4% -4.21% 1.01% 2.31%
Dividend per Share 2 0.1727 1.2 0.44 0.42 0.42 0.4215 0.4491 0.5079
Rate of return 1.8% 13.7% 4.37% 4.13% 3.38% 3.63% 3.87% 4.38%
EPS 2 1.08 0.47 -0.18 0.5 1.4 1.706 2.154 2.377
Distribution rate 16% 255% -244% 84% 30% 24.7% 20.8% 21.4%
Net sales 1 505.3 452.8 475.6 500.4 541.9 608.1 695.3 842.9
EBITDA 1 363.1 334.7 361.4 370.3 399.4 448.5 509.4 608.4
EBIT 1 543.5 348.9 344.9 376.6 403.7 443.3 500.8 599
Net income 1 512.2 263.1 -83.5 283.8 786.1 974.6 1,176 1,270
Net Debt 1 5,395 3,818 4,050 3,347 3,743 4,148 5,017 5,826
Reference price 2 9.57 8.78 10.06 10.16 12.43 11.60 11.60 11.60
Nbr of stocks (in thousands) 466,885 468,225 468,346 562,415 562,814 619,183 - -
Announcement Date 24/02/22 27/02/23 28/02/24 27/02/25 25/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
6.8x18.63x25.26x3.63% 8.06B
38.9x18.12x22.78x3.35% 121B
31.38x14.1x18.11x4.38% 66.51B
36.72x14.64x15.14x5.89% 52.21B
17.76x15.04x17.11x1.16% 37.24B
15.98x24.8x27.16x3.59% 16.49B
26.44x10.64x14.63x4.73% 15.24B
8.07x11.73x14.37x6.18% 14.47B
17.81x15.99x23.24x5.4% 13.88B
28.97x11.08x16.23x4.21% 13.2B
Average 22.88x 15.48x 19.40x 4.25% 35.86B
Weighted average by Cap. 30.26x 15.95x 19.56x 3.99%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Merlin Properties SOCIMI, S.A.

Historical PBR trend

Valuation ratios - PBR - Merlin Properties SOCIMI, S.A.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Merlin Properties SOCIMI, S.A.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Merlin Properties SOCIMI, S.A.


Year-on-year evolution of the Yield

Valuation ratios - Yield - Merlin Properties SOCIMI, S.A.
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