Only one of our models could value this stock with confidence, so use it as a guide.
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Valued as a REIT (property company): Price to FFO and EV/EBITDA comparison.
ACCE opinionMerlin Properties (MRL.MC)
Fair value
Not available
ACCE price target
€11.70
Rating
Not rated
Horizon
12 months
ACCE price target published on 17 Oct 2026, 00:00 CEST.
Price used: €11.25 at the close on 23 Oct 2026, 17:30 CEST.
Models: EV/EBITDA comparison and Price to FFO.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
61
out of 100
P/E
7.6x
forward 22.1x
1-year return
-18.5%
Dividend yield
1.95%
Merlin Properties in four questions
Plain answers, details below
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Overview
ACCE thesis
Merlin Properties is a Spanish REIT whose portfolio is built around telecom towers, data centres and logistics assets, with a market capitalisation of about EUR 7.2 billion. The structural case rests on long-dated contracts with mobile operators and hyperscale or enterprise tenants, which give cash flows that are contracted and inflation-linked rather than tied to a retail cycle. Near-term growth is driven by data centre capacity coming online and by rising demand for network and cloud infrastructure in Spain and Iberia. The stock screens cheaply on trailing earnings at a P/E of 7.9 against a forward P/E of 20.9, a gap that by itself points to a sharp expected drop in reported earnings or to one-off items in the trailing figure, so the first task is to reconcile the two. Sector, revenue growth, margins and ROE are not in our dataset, so the business description above should be checked against the latest filings before any position is sized.