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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Merlin Properties SOCIMI, S.A.    MRL   ES0105025003

MERLIN PROPERTIES SOCIMI, S.A.

(MRL)
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Merlin Properties SOCIMI S A : 6M 2020 Results Presentation

07/30/2020 | 03:45am EST

6M 2020

RESULTS

PRESENTATION

30 July 2020

DISCLAIMER

This presentation has been prepared by MERLÍN Properties, SOCIMI, S.A. (the Company) for informational use only.

The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities, and has not been verified by the Company or any other person. The information contained in this document is subject to change without notice. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of any information contained or referred to in this document. Each of the Company and its employees, officers, directors, advisors, agents or affiliates expressly disclaims any and all liabilities whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation, the information contained or referred to therein, any errors therein or omissions therefrom or otherwise arising in connection with this presentation. Neither the Company, nor any of its affiliates, advisors or agents undertakes any obligation to provide the recipients with access to additional information or to update this document or to correct any inaccuracies in the information contained or referred to therein.

Certain statements in this document regarding the market and competitive position data may be based on the internal analyses of the Company, which involve certain assumptions and estimates. These internal analyses may have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Additionally, certain information in this presentation may be based on management accounts and estimates of the Company and may have not been audited or reviewed by the Company's auditors, whereas the information

on Metrovacesa S.A. and on certain competitors contained herein is based on publicly available information which has not been verified by the Company. Accordingly, recipients should not place undue reliance on this information.

This information is provided to the recipients for informational purposes only and recipients must undertake their own investigation of the Company. The information providing herein is not to be relied upon in substitution for the recipient's own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company.

Neither this presentation nor any copy of it shall be taken, transmitted into, disclosed, diffused, send, published or distributed in the United States, Canada, Australia or Japan. The distribution of this

presentation in other jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. In particular, any offer that might result from the transaction herein escribed will not be made, directly or indirectly, in the United States of America, or by use of mails, or by any means or instrumentality (including, without limitation, facsimile transmission, telephone and internet) of interstate or foreign commerce of, or any facilities of any national securities exchange of, the United States, Canada, Australia or Japan. The securities of the Company have not been and, should there be an offering, will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) and, subject to certain exceptions, may not be offered or sold in the United States. The securities of the Company have not been and, should there be an offering, will not be registered under the applicable securities laws of any state or jurisdiction of Canada or Japan and, subject to certain exceptions, may not be offered or sold within Canada or Japan or to or for the benefit of any national, resident or citizen of Canada or Japan.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION, NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE

RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO SELL OR PURCHASE SHARES. ANY DECISION TO SELL OR PURCHASE SHARES IN ANY OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION.

This presentation may include forward- looking statements. These forward- looking statements involve known and unknown risks, uncertainties and other factors, which may cause such actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Company and the environment in which they expect to operate in the future. Forward-looking statements speak only as of the date of this presentation and the Company expressly disclaim any obligation or undertaking to release any update

of, or revisions to, any forward-looking statements in this presentation, any change in their expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.

In reviewing this presentation, the recipient is agreeing to, and accepting, the foregoing restrictions and limitations.

ı 2 ı

ISMAEL CLEMENTE

CEO

MIGUEL OLLERO

GM / COO

DAVID BRUSH

CIO

Contents

A resilient company

Key highlights

6M20 Financial results Offices

Shopping centers

Logistics

Valuation and debt position Value creation

Covid-19 update

Closing remarks

A resilient company        |       

Diversified

business

model

High quality

portfolio

  1. By GAV
  2. Excluding minority stakes

51%

31%

OFFICES(1)

LOGISTICS + NET LEASES + OTHER(1)

18%

>1,900

RETAIL(1)

TENANTS(2)

91%

OFFICES IN PRIME CBD AND NEW BUSINESS AREAS

90%

E-COMMERCE LOGISTICS

96%

URBAN AND DOMINANT MALLS

ı 4 ı

A resilient company        |       

Contracted rents exceed € 3bn(1) to first break and € 5bn to maturity

Stable and predictable cash flow stream

Healthy

debt profile

Only 15% of rents maturing before end of 2021

Covid-19 incentives fully booked in 2020

(€ 66 million estimated, no change from April disclosure)

Securing a minimum of € 101.1 million of rents from retail in 2021(2) through lease extensions

Only 3%-4% of retail tenants deemed "unrecoverable"

40% LTV (covenant 60%)

3.7x ICR (covenant 2.5x)

No debt repayment until May 2022

Maturity profile extended to 6.5 years

BBB stable rating by S&P

  1. Including contracts on projects pending to be delivered. Not including CPI

(2) Assuming no mall income and 0% renewal rate

ı 5 ı

Key highlights        |       

FINANCIAL PERFORMANCE

  • Positive LfL rental growth of +2.7% YoY, evidencing the strength of our portfolio
  • FFO per share of € 0.29, affected by Covid -19 incentives (€ 0.06 per share) and assets sold (€ 0.02 per share), otherwise it would show growth when compared to 6M19
  • Valuations flat vs Dec-19, with offices and logistics on the positive territory while retail down by 4.7%
  • Debt management resulting in LTV on par with Dec-19 (40.4%). Average maturity extended 6 months to 6.5 years and no floating rate risk

OPERATING PERFORMANCE

  • LfL growth in all asset categories, combined with sound release spread
  • Leasing activity has continued at a good pace during Covid-19, with 150,000 sqm signed in offices in the second quarter. Retail has seen modest activity (ca 6,200 sqm signed) and logistics advancing, with ca 45,000 sqm signed. Leases generally signed above ERV
  • Occupancy resilience, standing today (94%) where it was at the end of the first quarter. The high adoption rate of our Covid-19 commercial policy (which included an extension of contracts beyond 2021) plus the extension of the Endesa lease, provides greater visibility on future rents

VALUE CREATION

  • Landmark. Several significant leases signed in the period, in Castellana 85 and Monumental with rents at the same level as the pre-lets negotiated before Covid-19 outbreak. Both projects achieve very compelling returns (yield on cost of 8.3% and 9.4%, respectively). Total secured future rents for Landmark of € 13.3m commencing in 2021
  • Flagship. Works have progressed on pace in Saler and Porto Pi
  • Best II & III. 2 projects delivered in Seville and pre-lets signed for Madrid-San Fernando II and Zaragoza-Plaza II. Total secured future rents for Best II & III of € 6.3m commencing in 2021

ı 6 ı

6M20 Financial results

6M20 Financial results        |       

Top-line ahead of 2020 expectations. FFO impact of Covid-19incentives

(€ million)

6M20

6M19

YoY

Gross rents

256.6

262.7

(2.3%)

Gross rents after incentives

221.2

253.0

(12.6%)

Net rents

198.7

228.2

(13.0%)

EBITDA(1)

184.1

210.4

(12.5%)

FFO(2)

134.3

157.2

(14.6%)

AFFO

125.4

151.6

(17.3%)

IFRS net profit

70.9

262.0

(72.9%)

EPRA NAV

7,365.3

7,096.9

+3.8%

(€ per share)

FFO

AFFO

EPS

EPRA NAV

  • 0.06 of Covid incentives
  • 0.02 of non core disposals

0.29

0.33

(14.6%)

0.27

0.32

(17.3%)

0.15

0.56

(72.9%)

15.68

15.11

+3.8%

(1) Excludes non-overhead costs items (€ 2.4m) plus LTIP accrual (€ 10.1m)

(2) FFO equals EBITDA less net interest payments, less minorities, less recurring income taxes plus share in earnings of equity method

ı 8 ı

6M20 Financial results        |        Bridge gross rents

Positive LfL growth in all asset categories despite the challenging environment

(€m)

Offices +4.0%

LfL(1)

Shopping centers +2.8%

+2.7%

Net leases +1.2%

Logistics +2.9%

262.7

+6.4

256.6

(12.5)

6M19

Like-for-Like

Balance acquisitions,

6M20

growth

disposals and other

  1. Portfolio in operation for the 6M20 (€ 246.7m) and for the 6M19 (€ 240.3m)

ı 9 ı

Offices

Offices        |        Rent bridge and breakdown

Offices continue performing well in our 3 markets

(€m)

LfL(1)

+4.0%

122.1

+4.4

118.0

(8.5)

6M19

Like-for-Like

Balance acquisitions,

6M20

growth

disposals and other

Lfl growth by area

Madrid

Barcelona

Lisbon

  1. Office portfolio in operation for 6M20 (€ 113.4m) and for 6M19 (€ 109.0m)

+2.8%

+9.2%

+5.1%

Occupancy by area

3M20

6M20

Madrid

89.3%

89.3%

+2 bps

Barcelona

95.5%

92.2%

(328 bps)

Lisbon

100.0%

100.0%

0 bps

Travelperk early

termination in

Torre Glòries

ı 11 ı

Offices        |        Leasing activity

Rental growth continues robust (+2.7% release spread)

Contracted sqm

Release spread

#contracts

Tenants

Madrid

113,709

(1.9%)(1)

122

Barcelona

21,011

+27.8%

26

Lisbon

2,546

+14.6%

8

TOTAL

137,265

+2.7%

156

(1) Endesa extension

ı 12 ı

Offices        |        Leasing activity during Covid-19

1Q20

2Q20

PE Sanchinarro

Beatriz de

Diagonal 514

Ribera del Loira

Ribera del Loira

Sant Cugat II

Bobadilla 14

60

36-50

New contracts signed(1)

Premium to ERV

Contracts renewed

Renewal rate(2)

Release spread

11,927 sqm

50,078 sqm

+5.8%

+11.6%

27,494 sqm

97,831 sqm

75%

92%

+11.7%

(7.5%)

• 54,960 sqm building

Endesa renewal • Contract extended to 2030

• Trade-off of 16% rent reduction in exchange for contract extension. If excluded, release spread would have been 17.3%

(1) Including projects under refurbishment

ı 13 ı

(2) Including roll-overs

Shopping centers

Shopping Centers        |        Rent bridge and breakdown

LfL rental growth positive

(€m)

LfL(1)

+2.8%

64.1

+1.6

60.6

(5.1)

6M19

Like-for-Like

Balance acquisitions,

6M20

growth

disposals and other

Footfall (million)

Tenant sales (million)

2019 LTM

101.2

2019 LTM

1,074.9

(19.9%)

(18.2%)

2020 LTM

81.1

2020 LTM

879.3

  1. Shopping centers portfolio in operation for 6M20 (€ 58.2m of GRI) and for 6M19 (€ 56.6m of GRI)

ı 15 ı

Shopping Centers        |        Leasing activity and occupancy

Occupancy secured by Covid-19 Commercial Policy

Release spread

#contracts

Tenants

All

4.0%

100

portfolio

Contracted

Net

Occupancy

Change vs

sqm

Absorption

30/06/20

31/03/20 (bps)

All

18,112

(1,007)

94.1%

(9)

portfolio

ı 16 ı

Shopping Centers        |        Footfall and tenant sales evolution

Since reopening, footfall and tenant sales are affected by Covid-19

Vs same period last year

June 01-15

June 15-30

July 01-15

Footfall

Shopping centers

(42%)

(35%)

(33%)

evolution

YoY

Shopping centers

(excl. assets under (41%) (32%) (29%) reform: Porto Pi +

Saler)

Vs same period last year

June 01-30

Sales

Shopping centers

(23%)

evolution

YoY

Shopping centers

(excl. assets under(18%) reform: Porto Pi +

Saler)

Note: excluding X-Madrid since it opened in November 2019

ı 17 ı

Logistics

Logistics        |        Rents bridge and breakdown

Rental growth in a strong market

(€m)

LfL(1)

+2.9%

26.2

+0.7

+1.9

28.8

6M19

Like-for-Like growth

Balance acquisitions,

6M20

disposals and other

LfL growth by location

Occupancy by area

Madrid

Barcelona

Other

+7.7%

(10.1%)

+3.5%

Madrid

Barcelona

Other

3M206M20

97.2% 97.3%

+8 bps

85.4% 88.7%

+331 bps

99.8% 99.4%

(41 bps)

(1) Logistics portfolio in operation for 6M20 (€ 26.3m of GRI) and for 6M19 (€ 25.5m of GRI)

ı 19 ı

Logistics        |        Leasing activity

Excellent release spread in all markets

Contracted sqm

Release spread

#contracts

Tenants

Madrid

30,284

+4.5%

2

Barcelona 10,390

+14.5%

4

Other

20,211

+12.2%

1

TOTAL

60,885

+6.7%

7

ı 20 ı

Logistics        |        ZAL Port

Stock 624,716

WIP 102,965

Stock incl. WIP 727,681

155,345 sqm delivered in 2020

GRI

€ 13.4m

Third parties stock 183,252

Stock under management 910,933

Contracted sqm

Release spread

#contracts

Tenants

280,944

(0.8%)

36

Occupancy by area

FY19 98.9%

(-210 bps)

6M20 96.8%

€m

6M20

6M19

YoY

Gross rents

26.7

22.9

+16.4%

Net rents

22.7

22.5

+0.7%

EBITDA

21.8

21.5

+1.3%

FFO(1)

12.2

12.6

(2.6%)

ı 21 ı

  1. After deducting leasehold concession charge FFO. Affected by free rent attached to the recently delivered units

Valuation and debt position

Valuation and debt position        |        GAV summary

Valuation remains flat (+0.2%) as compared to December 2019

Reversionary

4.9%

5.6%

4.7%

6.4%

yield

Passing

4.0%

4.9%

4.7%

5.8%

-

4.4%

yield

12,755

12,193

6,334

GAV

stakes

(€ million)

Shopping centers

2,274

1,849

Minority stakes

TOTAL with minority

Offices

Net Leases

Logistics

972

Other(1)

763

TOTAL

562

Source: Company

ı 23 ı

  1. Other includes WIP, hotels, non-core land and miscellaneous

Valuation and debt position        |        GAV drivers

Offices and logistics showing positive LfL growth, net leases flat and shopping centers down by 4.7%, mainly due to yield expansion

GAV Like-for-Like evolution(1)(1)

+2.1%

+2.0%

+0.0%0.2%

MERLIN average(1)

(4.7%)

Offices

Shopping centers

Net Leases

Logistics

Yield

compression

/ (expansion)(1)

1 bps

1 bps

0 bps

(2) bps

MERLIN

average

(8 bps)

Offices

Shopping centers

Net Leases

Logistics

  1. Vs FY19

ı 24 ı

Valuation and debt position        |        Debt maturity profile

Recent debt management initiatives to extend maturity profile

(€ million)

2,036

No debt maturities

until May 2022

1,400

(€ million)

560

548

6

1

10

5

10

12

2020

2021

2022

754

743

12

2023

862

850

12

2024

888

619

23

600

800

613

19

88

2025

2026

2027-2034

Mortgage debt

Unsecured debt (incl. RCF)

Bonds

ı 25 ı

Valuation and debt position        |        Debt position

Average maturity now at 6.5 years, with no floating rate risk

30/06/2020 PF(1)

30/06/2020

31/12/2019

Net debt

€ 5,167m

€ 5,153 m

€ 5,182 m

LTV

40.5%

40.4%(2)

40.6%

Average interest rate

2.07%

1.97%

2.09%

Average maturity (years)

6.5

6.0

6.4

Unsecured debt/Total debt

86.6%

85.2%

82.7%

Fixed rate debt

99.8%

88.9%

99.5%

Rating

Outlook

BBB

Stable

Baa2

Negative

(1) PF after the €500m - 7yr bond issue, which includes the partial Bond repayment, the RCF repayment and the repayment of Retail mortgage debt

ı 26 ı

(2) Excluding transfer costs. If included, LTV would amount to 39.2%

Valuation and debt position        |        Debt covenants

Ample headroom to safely comply with all financial covenants

Covenant

Required

MERLIN Today

LTV

<60%

40.4%

ICR

>2.5x

3.7x

Unencumbered

>125%

190.8%

ı 27 ı

Value creation

Value creation        |        Landmark I

Castellana 85

Monumental

  • Full refurbishment of the asset, located in the heart of Azca, the best business area in Madrid Prime CBD
  • 12,789 sqm signed post Covid-19 outbreak (+ 1,842 sqm optioned)
  • C85 will become the HQ of both a top-tier consulting firm and construction company
  • Full refurbishment of the building, located in Duque de Saldanha, one of the most emblematic squares in the city and the core of Lisbon's Prime CBD area
  • 10-yearterm lease agreement with BPI comprising 19,425 sqm, to become their main HQ in Lisbon

CONFIDENTIAL

GLA 16,471 sqm(1) Total Capex € 33.0m Yield on cost 8.3% Delivery 1Q21

  1. Post refurbishment

GLA 25,385 sqm(1)

Total Capex € 34.8m

Yield on cost 9.4%

Delivery 1Q21

ı 29 ı

Value creation        |        Flagship

Saler

  • The refurbishment will consolidate Saler, facing the City of Arts and Sciences, as the leading urban mall in Valencia
  • Anchor tenants upsizing and upscaling units

GLA 28,834 sqm (inc. additional GLA) Cost € 36.0m (inc. units acquired) Yield on cost 5.2%

Porto Pi

  • Full refurbishment of the shopping center
  • The asset will contain outstanding exterior terraces overlooking the Mediterranean sea
  • The future additional space (2,400 sqm) is fully let

GLA 32,732 sqm (inc. additional GLA) Cost € 41.8m (inc. units acquired) Yield on cost 4.2%

ı 30 ı

Value creation        |        Best II & III

Madrid San Fernando II

Zaragoza Plaza II

Sevilla ZAL WIP

  • The project, currently under construction, will be delivered by 3Q20
  • 67% pre-let to Grupo Damm
  • Turn key project in the most dynamic hub of Zaragoza
  • 100% let to Dachser upon delivery (September 2020)
  • Phased project located in Seville's Port area
  • 3 warehouses totalling 27,248 sqm have already been delivered

GLA 34,224 sqm

GLA 11,421 sqm

Cost € 1.9m

Cost € 0.5m

Yield on cost 8.9%

Yield on cost 7.1%

GLA 42,632 sqm Cost € 2.0m Yield on cost 8.4%

ı 31 ı

Covid-19 update

Covid-19 update        |        Commercial policy

MERLIN Properties conceived a commercial policy in 2 phases to help its retail tenants

Phase I

Phase II

Enacted

Since March 15th until the reopening

Since the reopening until December 31st

Tenants affected by the compulsory shutdown set

Tenants affected by the compulsory shutdown or

Eligibility

forth in the state of alarm regulations which were

a severe operations limitation who were up-to-date in

up-to-date in their contractual obligations

their contractual obligations

100% rent relief since March 15th (state of alarm)

and up until the earliest of (i) end of compulsory

Partial rent relief until year end (progressive from

shutdown, and (ii) July 31st

60% in June to 10% in December)

Policy

Common service charges continue to be paid

Tenants extend their contracts until 2022

by tenants

Tenants continue paying common service charges

Tenants waive rights to take any future actions

and waive any future actions against MERLIN

against MERLIN as a consequence of Covid-19

Offices

Shopping centers

Offices

Shopping centers

Implementation

Eligible universe(1)

3%

89%

Eligible universe(1)

4%

94%

Tenants that

100%

>85%

Tenants that

93%

>92%

have accepted

have accepted

(1) As a % of annual gross rents of each category

ı 33 ı

Covid-19 update        |        Collection rate

A high quality tenant base leads to high collection rates post-Covid

(as a % of total invoices due)

2Q 2020

Offices

Shopping centers

Net leases

Logistics

Commercial policy

0%(1)

59.7%

0%

0%

Collected

99.2%

37.7%

100%

96.4%

In process

0%

0%

0%

2.7%

Uncollected

0.8%

2.6%

0%

0.9%

(1) We have excluded the retail component of offices which is residual for the asset category (~3%)

ı 34 ı

Covid-19 update        |        Impact on business

No change in Covid-19 impact for 2020 previously quantified. 2021 impact mitigated by low level of maturities and delivery of new rents secured by Landmark and Best II & III

2020

2021

€ 66m

€ 29m

€ 250m

INCENTIVES

BOOKED IN 1H

(€ 0.53 per share)

€ 4m

€ 41m

NEW FFO GUIDANCE

EXPECTED FOR 2H

COLLECTION LOSS

Only 12% of rents mature in 2021

2020 incentives expensed, not straight-lined (no impact on 2021 P&L)

€ 20 million of incremental rents secured by new contracts already signed

Retail occupancy supported by commercial policy(1)

13% reversionary potential in offices as a buffer against market declines

Net leases as a "safe harbour" Logistics to continue its growth pace

(1) Maturities extended beyond December 2021

ı 35 ı

Closing remarks

Closing remarks        |       

  • Covid-19impact on 2020 net rents of € 70m and € 60m on FFO. FFO

guidance for 2020 of € 250m (€ 0.53 per share)

Financial

Valuations flat, with retail taking the biggest hit, a 4.7% decrease, mainly due to yield

expansion (8 bps)

performance

Strong balance sheet, € 1.2bn in liquidity, no maturities until 2022 and ample headroom

in covenants

  • Leasing activity post-Covid revealing higher retention rates, with new deals signed above

ERV and renewals with positive release spread

Occupancy on par with FY19 and set up well for resilient performance going forward: 15%

Business

expiry rate from June 30 to December 2021, commercial policy highly embraced by retail

tenants whose expiries have been extended beyond December 2021 in exchange for incentives

performance

Collection rates in the hardest part of the crisis have maintained very healthy levels,

underpinned by the quality of our tenant base

Landmark. Important leases signed in Castellana 85 and Monumental, generating compelling

value creation (yields on cost of 8.3% and 9.4%, respectively). Secured rents of € 13.3m

Flagship. Works advancing in Saler and Larios, with leasing activity growing on the back of

Value

the reforms

Best II & III. 2 warehouses delivered in Sevilla ZAL. Leases signed in Madrid-San Fernando II

creation

and Zaragoza-Plaza II. Secured rents of € 6.3m

Cabanillas Park II moved back to priority 1 Capex category

ı 37 ı

Paseo de la Castellana, 257 28046 Madrid

+34 91 769 19 00 info@merlinprop.com

www.merlinproperties.com

Disclaimer

MERLIN Properties SOCIMI SA published this content on 30 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2020 07:45:10 UTC


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2020MERLIN PROPERTIES SOCIMI S A : 6M 2020 Results Presentation
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2020MERLIN PROPERTIES SOCIMI, S.A. : Half-year results
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2020MERLIN PROPERTIES SOCIMI S A : – Composition of the Board of Directors
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2020MERLIN PROPERTIES SOCIMI, S.A. : Proxy Statments
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2020MERLIN PROPERTIES SOCIMI S A : 2020 AGM Supplementary Call Notice
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Financials
Sales 2020 480 M 579 M 579 M
Net income 2020 -23,8 M -28,7 M -28,7 M
Net Debt 2020 5 537 M 6 686 M 6 686 M
P/E ratio 2020 -23,5x
Yield 2020 4,93%
Capitalization 3 660 M 4 425 M 4 420 M
EV / Sales 2020 19,2x
EV / Sales 2021 17,9x
Nbr of Employees 218
Free-Float 70,4%
Chart MERLIN PROPERTIES SOCIMI, S.A.
Duration : Period :
Merlin Properties SOCIMI, S.A. Technical Analysis Chart | MRL | ES0105025003 | MarketScreener
Technical analysis trends MERLIN PROPERTIES SOCIMI, S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 8,87 €
Last Close Price 7,88 €
Spread / Highest target 52,4%
Spread / Average Target 12,6%
Spread / Lowest Target -25,1%
EPS Revisions
Managers and Directors
NameTitle
Ismael Clemente Orrego Vice Chairman & Chief Executive Officer
Francisco Javier García-Carranza Benjumea Non-Executive Chairman
Miguel Ollero Barrera Chief Operating Officer, Executive Director & MD
Fernando Lacadena Azpeitia Financial Director
Ana Maria García Fau Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
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