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STOCK COMPARISON

True North Commercial Real Estate Investment Trust vs Merlin Properties SOCIMI: Fair Value & Quality

Both stocks run through our valuation models. Here is how True North Commercial Real Estate Investment Trust (TUERF) and Merlin Properties SOCIMI (MRL) compare, as of Aug 14, 2026.

As of Aug 14, 2026, Fair Value Calculator sees True North Commercial Real Estate Investment Trust as the less overvalued of the two: True North Commercial Real Estate Investment Trust trades at $6.28 versus a fair value of $4.26 (-32%), while Merlin Properties SOCIMI trades at €14.56 versus €9.81 (-33%).
True North Commercial Real Estate Investment Trust
TUERF · USD · Real Estate
-32%
upside to fair value
overvalued
Price$6.28
Fair Value$4.26
Quality56/100
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-33%
upside to fair value
overvalued
Price€14.56
Fair Value€9.81
Quality53/100

Head-to-head numbers

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

True North Commercial Real Estate Investment TrustMerlin Properties SOCIMI
Valuation
P/E (TTM)10.6×
0.67×P/S (TTM)18.61×
0.23×P/B1.34×
EV/EBITDA31.8×
PEG1.31×
11.6%Dividend yield
$0.69Dividend per share
Profitability
-25%Net margin134%
41%Operating margin74%
-8%Return on equity9%
3%Return on assets2%
Growth
-4%Revenue growth (YoY)10%
-3.3%Avg. growth/yr (3Y)7.1%
-1.4%Avg. growth/yr (5Y)3.9%
Balance & size
1.15×Debt / equity0.52×
$86MMarket cap$11B
weakGrowth qualitymixed

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.

True North Commercial Real Estate Investment Trustof which business quality 53 · market factors 51 Merlin Properties SOCIMIof which business quality 54 · market factors 60
ProfitabilityMargins and returns on capital today
4
39
Quality GrowthAre margins and returns improving?
33
63
CashflowEarnings quality: real cash, not paper profit
99
76
Fin. StrengthBalance sheet, leverage, solvency risk
14
57
InvestmentDisciplined investing over empire-building
100
81
Low VolatilityCalm price path (market factor)
79
74
MomentumPrice trend over the last 3–12 months (market factor)
39
51
52W MomentumDistance to the 52-week high (market factor)
39
61
Net IssuanceBuybacks instead of dilution
100
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.

True North Commercial Real Estate Investment Trust

DCF Models$47.30
Dividend Discount$6.02
Multiples$43.23
Asset-Based$17.85
Growth DCF$32.97

2 of 13 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.

True North Commercial Real Estate Investment Trust
Bear $4.26Fair Value $4.26Bull $14.26
$6.28 = current price (white tick)
Merlin Properties SOCIMI
Bear €9.09Fair Value €9.81Bull €11.65
€14.56 = 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.

True North Commercial Real Estate Investment Trust · Real Estate

Quality score56 · above median
Fair value upside-32% · below median

Merlin Properties SOCIMI · Real Estate

Quality score53 · above median
Fair value upside-33% · below median

Bottom line

As of Aug 14, 2026, Fair Value Calculator sees True North Commercial Real Estate Investment Trust as the less overvalued of the two: True North Commercial Real Estate Investment Trust trades at $6.28 versus a fair value of $4.26 (-32%), while Merlin Properties SOCIMI trades at €14.56 versus €9.81 (-33%).

True North Commercial 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.