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STOCK COMPARISON

Empire State Realty OP LP vs Merlin Properties SOCIMI: Fair Value & Quality

Both stocks run through our valuation models. Here is how Empire State Realty OP LP (OGCP) and Merlin Properties SOCIMI (MRL) compare, as of Aug 10, 2026.

As of Aug 10, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Empire State Realty OP LP trades at $4.76 versus a fair value of $3.00 (-37%), while Merlin Properties SOCIMI trades at €14.77 versus €10.51 (-29%).
Empire State Realty OP LP
OGCP · USD · Real Estate
-37%
upside to fair value
overvalued
Price$4.76
Fair Value$3.00
Quality41/100
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-29%
upside to fair value
overvalued
Price€14.77
Fair Value€10.51
Quality53/100

Head-to-head numbers

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

Empire State Realty OP LPMerlin Properties SOCIMI
Valuation
27.2×P/E (TTM)11.0×
2.06×P/S (TTM)18.63×
1.51×P/B1.34×
10.4×EV/EBITDA31.9×
—PEG1.31×
2.5%Dividend yield—
$0.14Dividend per share—
Profitability
8%Net margin134%
16%Operating margin74%
3%Return on equity9%
2%Return on assets2%
Growth
5%Revenue growth (YoY)10%
2.8%Avg. growth/yr (3Y)7.1%
4.7%Avg. growth/yr (5Y)3.9%
Balance & size
1.78×Debt / equity0.52×
$2BMarket cap$11B
expensiveGrowth qualitymixed

Merlin Properties SOCIMI leads: 4 to 8 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.

Empire State Realty OP LPof which business quality 40 · market factors 13 Merlin Properties SOCIMIof which business quality 54 · market factors 61
ProfitabilityMargins and returns on capital today
18
39
Quality GrowthAre margins and returns improving?
32
63
CashflowEarnings quality: real cash, not paper profit
60
76
Fin. StrengthBalance sheet, leverage, solvency risk
12
57
InvestmentDisciplined investing over empire-building
57
81
Low VolatilityCalm price path (market factor)
15
75
MomentumPrice trend over the last 3–12 months (market factor)
18
52
52W MomentumDistance to the 52-week high (market factor)
1
62
Net IssuanceBuybacks instead of dilution
80
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.

Empire State Realty OP LP

DCF Models$6.51
Dividend Discount$1.31
Multiples$3.00
Asset-Based$2.63
Economic Profit$2.78

9 of 11 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.

Empire State Realty OP LP
Bear $2.25Fair Value $3.00Bull $3.75
$4.76 = current price (white tick)
Merlin Properties SOCIMI
Bear €9.54Fair Value €10.51Bull €15.79
€14.77 = 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.

Empire State Realty OP LP · Real Estate

Quality score41 · bottom 25%
Fair value upside-37% · below median

Merlin Properties SOCIMI · Real Estate

Quality score53 · above median
Fair value upside-29% · below median

Bottom line

As of Aug 10, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Empire State Realty OP LP trades at $4.76 versus a fair value of $3.00 (-37%), while Merlin Properties SOCIMI trades at €14.77 versus €10.51 (-29%).

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

See the full analysis →
Empire State Realty OP LP · Merlin Properties SOCIMI

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