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STOCK COMPARISON

Mindspace Business Parks Reits vs Merlin Properties SOCIMI: Fair Value & Quality

Both stocks run through our valuation models. Here is how Mindspace Business Parks Reits (MINDSPACE) and Merlin Properties SOCIMI (MRL) compare, as of Aug 22, 2026.

As of Aug 22, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Mindspace Business Parks Reits trades at ₹495 versus a fair value of ₹169 (-66%), while Merlin Properties SOCIMI trades at €14.10 versus €9.81 (-30%).
Mindspace Business Parks Reits
MINDSPACE.BSE · INR · Real Estate
-66%
upside to fair value
overvalued
Price₹495
Fair Value₹169
Quality49/100
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-30%
upside to fair value
overvalued
Price€14.10
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).

Mindspace Business Parks ReitsMerlin Properties SOCIMI
Valuation
46.9×P/E (TTM)10.3×
9.44×P/S (TTM)18.84×
2.19×P/B1.36×
15.2×EV/EBITDA32.1×
PEG1.31×
5.0%Dividend yield1.3%
₹24.97Dividend per share
Profitability
22%Net margin134%
65%Operating margin74%
5%Return on equity9%
4%Return on assets2%
Growth
28%Revenue growth (YoY)10%
12.9%Avg. growth/yr (3Y)7.1%
23.4%Avg. growth/yr (5Y)3.9%
Balance & size
0.63×Debt / equity0.52×
$3BMarket cap$11B
expensiveGrowth qualitymixed

Mindspace Business Parks Reits leads: 7 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.

Mindspace Business Parks Reitsof which business quality 48 · market factors 72 Merlin Properties SOCIMIof which business quality 54 · market factors 56
ProfitabilityMargins and returns on capital today
31
39
Quality GrowthAre margins and returns improving?
49
63
CashflowEarnings quality: real cash, not paper profit
80
76
Fin. StrengthBalance sheet, leverage, solvency risk
40
57
InvestmentDisciplined investing over empire-building
46
81
Low VolatilityCalm price path (market factor)
100
74
MomentumPrice trend over the last 3–12 months (market factor)
54
45
52W MomentumDistance to the 52-week high (market factor)
71
54
Net IssuanceBuybacks instead of dilution
34
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.

Mindspace Business Parks Reits

DCF Models₹424
Dividend Discount₹349
Multiples₹217
Asset-Based₹152
Growth DCF₹418
Economic Profit₹178

13 of 16 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.

Mindspace Business Parks Reits
Bear ₹126Fair Value ₹169Bull ₹266
₹495 = current price (white tick)
Merlin Properties SOCIMI
Bear €9.09Fair Value €9.81Bull €11.65
€14.10 = 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.

Mindspace Business Parks Reits · Real Estate

Quality score49 · below median
Fair value upside-66% · bottom 25%

Merlin Properties SOCIMI · Real Estate

Quality score53 · above median
Fair value upside-30% · below median

Bottom line

As of Aug 22, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Mindspace Business Parks Reits trades at ₹495 versus a fair value of ₹169 (-66%), while Merlin Properties SOCIMI trades at €14.10 versus €9.81 (-30%).

Merlin Properties SOCIMI has the higher quality score (53/100).

See the full analysis →

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