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STOCK COMPARISON

Tower Real Estate Investment Trust vs Merlin Properties SOCIMI: Fair Value & Quality

Both stocks run through our valuation models. Here is how Tower Real Estate Investment Trust (5111) and Merlin Properties SOCIMI (MRL) compare, as of Aug 11, 2026.

As of Aug 11, 2026, Fair Value Calculator sees Tower Real Estate Investment Trust as the less overvalued of the two: Tower Real Estate Investment Trust trades at MYR 0.30 versus a fair value of MYR 0.25 (-17%), while Merlin Properties SOCIMI trades at €14.55 versus €10.51 (-28%).
Tower Real Estate Investment Trust
5111.KLSE · MYR · Real Estate
-17%
upside to fair value
overvalued
PriceMYR 0.30
Fair ValueMYR 0.25
Quality56/100
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-28%
upside to fair value
overvalued
Price€14.55
Fair Value€10.51
Quality53/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Tower Real Estate Investment TrustMerlin Properties SOCIMI
Valuation
15.5×P/E (TTM)11.0×
1.22×P/S (TTM)18.63×
0.07×P/B1.34×
11.6×EV/EBITDA31.9×
PEG1.31×
MYR 0.13Dividend per share
Profitability
23%Net margin134%
43%Operating margin74%
1%Return on equity9%
2%Return on assets2%
Growth
-8%Revenue growth (YoY)10%
6.1%Avg. growth/yr (3Y)7.1%
12.5%Avg. growth/yr (5Y)3.9%
Balance & size
0.41×Debt / equity0.52×
$37MMarket cap$11B
mixedGrowth qualitymixed

Even match: 6 to 6 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Tower Real Estate Investment Trustof which business quality 54 · market factors 63 Merlin Properties SOCIMIof which business quality 54 · market factors 60
ProfitabilityMargins and returns on capital today
25
39
Quality GrowthAre margins and returns improving?
41
63
CashflowEarnings quality: real cash, not paper profit
95
76
Fin. StrengthBalance sheet, leverage, solvency risk
49
57
InvestmentDisciplined investing over empire-building
79
81
Low VolatilityCalm price path (market factor)
72
74
MomentumPrice trend over the last 3–12 months (market factor)
53
50
52W MomentumDistance to the 52-week high (market factor)
70
59
Net IssuanceBuybacks instead of dilution
40
8

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Tower Real Estate Investment Trust

Dividend DiscountMYR 0.15
MultiplesMYR 0.25
Asset-BasedMYR 0.78
Economic ProfitMYR 0.67

4 of 6 models see the stock below the current price.

Merlin Properties SOCIMI

DCF Models€7.82
Dividend Discount€3.25
Multiples€19.96
Asset-Based€8.74
Growth DCF€7.52
Economic Profit€12.30

10 of 15 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Tower Real Estate Investment Trust
Bear MYR 0.19Fair Value MYR 0.25Bull MYR 0.31
MYR 0.30 = current price (white tick)
Merlin Properties SOCIMI
Bear €9.54Fair Value €10.51Bull €15.79
€14.55 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Tower Real Estate Investment Trust · Real Estate

Quality score56 · above median
Fair value upside-17% · below median

Merlin Properties SOCIMI · Real Estate

Quality score53 · above median
Fair value upside-28% · below median

Bottom line

As of Aug 11, 2026, Fair Value Calculator sees Tower Real Estate Investment Trust as the less overvalued of the two: Tower Real Estate Investment Trust trades at MYR 0.30 versus a fair value of MYR 0.25 (-17%), while Merlin Properties SOCIMI trades at €14.55 versus €10.51 (-28%).

Tower Real Estate Investment Trust has the higher quality score (56/100).

See the full analysis →

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.