What moat does Merlin Properties SOCIMI have?

The advantage is the asset already let in a place where repeating the warehouse or the building takes time and land. It is not dominant scale by decree. The tenant renegotiates. The moat narrows if offices are spare, if the warehouse empties, or if the shopping centre loses visits. A data-centre plan is not yet that advantage.

How do you read the Merlin Properties SOCIMI radar?

Health is debt against a mixed portfolio. It has to be read by asset type, not as one building. Quality is occupancy and rent. Growth is the rent and what is actually built, not the announcement. Valuation is compared with bonds and with Colonial, knowing the mix is not the same. Shareholder return is the regime dividend, crossed with the cash.

Which multiples matter for Merlin Properties SOCIMI?

Rent and debt matter more than P/E. An accounting revaluation is not cash. EV is read with the SOCIMI's debt inside. Do not use Colonial's multiple as if both portfolios were the Paris office. A dash means MRL.MC is missing.

What does this Merlin Properties SOCIMI analysis leave out?

Not advice on MRL.MC. Vaultflake does not split offices, warehouses and shopping centres and does not value a data centre. This is not an LTV. Read the CNMV filings. A past dividend is not a right. The table is cache, not a live quote.

Merlin Properties SOCIMI (MRL.MC) analysis

Merlin Properties SOCIMI, S.A.

Sector:Real Estate · Offices, Logistics and Retail

Country:Spain

Profile and moat

Merlin is a SOCIMI. The portfolio puts offices, logistics warehouses and shopping centres together. It is not Colonial, which concentrates on central offices in Madrid, Barcelona and Paris. The data-centre story is read in the CNMV filings. This report does not take it as given and does not say Merlin is the largest SOCIMI.

Each asset type collects in a different way. The office follows employment. The warehouse follows the distributor. The shopping centre follows footfall. This report does not split the portfolio. Occupancy and rent are in the accounts. Rates move value and debt. A low leverage ratio is not stated here.

The regime asks for a large share of the rent to be distributed. The dividend comes from that cash after interest and after what is invested. It is not a coupon and this report does not state a yield.

Merlin Properties SOCIMI (MRL.MC) analysis

Merlin Properties SOCIMI, S.A.

Sector:Real Estate · Offices, Logistics and Retail

Country:Spain

Merlin Properties SOCIMI (MRL.MC) analysis

Profile and moat

Merlin Properties SOCIMI (MRL.MC) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Merlin Properties SOCIMI have?

How do you read the Merlin Properties SOCIMI radar?

Which multiples matter for Merlin Properties SOCIMI?

What does this Merlin Properties SOCIMI analysis leave out?

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