INFORME SECTORIAL SOCIMIS ESPAÑA: BARATAS A PESAR DE TODO (ANÁLISIS BANCO SABADELL)
Vemos recorrido a pesar de todo.Creemos que las valoraciones tanto de COL como de MRL no son exigentes cotizando con descuentos del -40% y -29% respectivamente frente a NTA jun’24 y cuando lo peor del ciclo bajista en tasaciones parece haber quedado atrás. Adicionalmente, creemos que las carteras en desarrollo tienen buenas perspectivas de generación de valor, especialmente la de MRL con sus centros de datos. Por ese motivo, porque está menos apalancada y porque su crecimiento de cashflow a largo plazo es superior, preferimos a MRL sobre COL. En COL Revisamos nuestro P.O. hasta 7,79 euros/acc. (+1,8%, potencial +42%). En MRL revisamos al alza nuestro P.O. (+4%) hasta 13,12 euros/acc. (potencial +27%). En ambos casos recomendamos SOBREPONDERAR.
Inmobiliaria Colonial SOCIMI is engaged in the acquisition, construction, sale, disposal and lease of real estate and related activities, including car garages and parking lots, and the administration and management of real estate properties and land.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
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