Bernstein cuts target for Merlin Properties stock to EUR 16.80

Published on 10/13/2026 at 14:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

FFO reached EUR 180 million in first-half 2026, up 8.00 percent year over year. Merlin Properties stock is EUR 12.04 on October 13, 2026, down 0.08 percent versus BME close.

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Bernstein cut its target for Merlin Properties stock from EUR 18.80 to EUR 16.80 while keeping a buy view, according to Ideal Investisseur on October 12, 2026. The revised target is 39.87 percent above the EUR 12.04 Lang & Schwarz price used in this report.

First-half FFO reaches EUR 180 million

Merlin Properties reported first-half 2026 FFO of EUR 180.0 million, up 8.00 percent year over year, according to Economia 3. Revenue reached EUR 307.7 million, an increase of 11.70 percent from the first half of 2025.

Stock remains below its yearly high

The stock's 52-week range is EUR 11.72 to EUR 15.92 as of October 7, 2026. At EUR 12.04, the price is 24.37 percent below that high and 2.73 percent above the low. Year-to-date performance was minus 1.53 percent through October 7, 2026.

Merlin's data-center strategy is becoming a larger operating factor. The company had 160 megawatts contracted or pre-contracted in the first half of 2026, while liquidity stood at EUR 2.571 billion and loan-to-value at 24.50 percent, according to Economia 3. That combination links the growth story to both contracted capacity and balance-sheet funding.

Valuation and next reporting date

Merlin Properties had a market capitalization of EUR 7.4 billion, a price-to-earnings ratio of 8.54 and a dividend yield of 0.07 percent on October 13, 2026. Its next quarterly results are listed for November 12, 2026, according to TickerLandia.

Comparison with peers

Merlin Properties: minus 0.08 percent, P/E 8.54, market capitalization EUR 7.4 billion
Colonial SFL SOCIMI (BME, EUR): plus 0.91 percent, P/E 8.34, market capitalization EUR 3.0 billion
Neinor Homes (BME, EUR): plus 0.12 percent, P/E 11.73, market capitalization EUR 1.6 billion

Price stays close to the yearly low

Merlin Properties was trading at EUR 12.04 at Lang & Schwarz on October 13, 2026 at 2:09 p.m. CEST, down 0.08 percent versus the BME close of October 12, 2026 at EUR 12.05. The price was 24.37 percent below the 52-week high of EUR 15.92.

The further course of trading is shown by the continuously updated real-time quote of Merlin Properties stock.