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STOCK COMPARISON

Coles Group vs Merlin Properties SOCIMI: Fair Value & Quality

Both stocks run through our valuation models. Here is how Coles Group (COL) and Merlin Properties SOCIMI (MRL) compare, as of Sep 6, 2026.

As of Sep 6, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Coles Group trades at A$23.68 versus a fair value of A$15.86 (-33%), while Merlin Properties SOCIMI trades at €13.26 versus €9.81 (-26%).
Coles Group
COL.AU · AUD · Consumer Staples
-33%
upside to fair value
overvalued
PriceA$23.68
Fair ValueA$15.86
Quality63/100
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-26%
upside to fair value
overvalued
Price€13.26
Fair Value€9.81
Quality53/100
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Head-to-head numbers

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

Coles GroupMerlin Properties SOCIMI
Valuation
31.0×P/E (TTM)9.7×
0.51×P/S (TTM)18.73×
5.99×P/B1.35×
9.4×EV/EBITDA32.0×
—PEG1.31×
−33.0%Fair value upside−26.0%
3.1%Dividend yield1.3%
A$0.73Dividend per share—
Profitability
4%Operating margin74%
0.93×EBIT margin trend (5Y)2.26×
27%Return on equity9%
6%Return on assets2%
Growth
3%Revenue growth (YoY)10%
5.0%Avg. growth/yr (3Y)7.1%
3.3%Avg. growth/yr (5Y)3.9%
+4.5%Value creation/yr+6.2%
Balance & size
3.4×Interest coverage (EBIT/interest)6.6×
0.48×Debt / equity0.52×
$23BMarket cap$11B
mixedGrowth qualitymixed
Valuation multiples (P/E, P/S, P/B, EV/EBITDA) are shown but not scored here: the two companies sit in different sectors, and multiples only compare fairly between similar business models. PEG stays scored, as it relates the P/E to growth.

Merlin Properties SOCIMI leads: 3 to 7 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.

Coles Groupof which business quality 60 · market factors 66 Merlin Properties SOCIMIof which business quality 54 · market factors 51
ProfitabilityMargins and returns on capital today
72
39
Quality GrowthAre margins and returns improving?
43
63
CashflowEarnings quality: real cash, not paper profit
46
76
Fin. StrengthBalance sheet, leverage, solvency risk
46
57
InvestmentDisciplined investing over empire-building
86
81
Low VolatilityCalm price path (market factor)
94
74
MomentumPrice trend over the last 3–12 months (market factor)
51
41
52W MomentumDistance to the 52-week high (market factor)
59
42
Net IssuanceBuybacks instead of dilution
82
8

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyColes GroupPrice A$23.68Merlin Properties SOCIMIPrice €13.26
DCF Models-37%below the priceA$15.01-41%below the price€7.82
Earnings-Based-57%below the priceA$10.24n/a
Dividend Discount-65%below the priceA$8.22-75%below the price€3.25
Multiples-29%below the priceA$16.82+51%above the price€19.96
Asset-Based-92%below the priceA$1.90-34%below the price€8.74
Growth DCF-35%below the priceA$15.30-43%below the price€7.52
Economic Profit-65%below the priceA$8.28-7%close to the price€12.30
Growth Earnings-46%below the priceA$12.83n/a
Minimum-92%below the priceA$1.90-75%below the price€3.25
Maximum-29%below the priceA$16.82+51%above the price€19.96
Median-51%below the priceA$11.53-38%below the price€8.28
Geometric mean-60%below the priceA$9.49-35%below the price€8.62

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Coles Group: 22 of 24 models see the stock below the current price.

Merlin Properties SOCIMI: 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.

Coles Group
Bear A$10.24Fair Value A$15.86Bull A$21.09
A$23.68 = current price (white tick)
Merlin Properties SOCIMI
Bear €9.09Fair Value €9.81Bull €11.65
€13.26 = 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.

Coles Group · Consumer Staples

Quality score63 · above median
Fair value upside-33% · below median

Merlin Properties SOCIMI · Real Estate

Quality score53 · above median
Fair value upside-26% · below median

Bottom line

As of Sep 6, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Coles Group trades at A$23.68 versus a fair value of A$15.86 (-33%), while Merlin Properties SOCIMI trades at €13.26 versus €9.81 (-26%).

Coles Group has the higher quality score (63/100).

See the full analysis →
Coles Group · Merlin Properties SOCIMI

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.