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STOCK COMPARISON

Keppel DC REIT vs Merlin Properties SOCIMI: Fair Value & Quality

Both stocks run through our valuation models. Here is how Keppel DC REIT (AJBU) and Merlin Properties SOCIMI (MRL) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Keppel DC REIT trades at S$2.19 versus a fair value of S$1.43 (-35%), while Merlin Properties SOCIMI trades at €13.26 versus €9.81 (-26%).
Keppel DC REIT
AJBU.SG · SGD · Real Estate
-35%
upside to fair value
overvalued
PriceS$2.19
Fair ValueS$1.43
Quality44/100
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).

Keppel DC REITMerlin Properties SOCIMI
Valuation
11.5×P/E (TTM)9.7×
9.51×P/S (TTM)18.73×
1.04×P/B1.35×
27.9×EV/EBITDA32.0×
1.55×PEG1.31×
−34.8%Fair value upside−26.0%
5.0%Dividend yield1.3%
S$0.11Dividend per share—
Profitability
71%Operating margin74%
1.35×EBIT margin trend (5Y)2.26×
11%Return on equity9%
3%Return on assets2%
Growth
15%Revenue growth (YoY)10%
16.8%Avg. growth/yr (3Y)7.1%
10.7%Avg. growth/yr (5Y)3.9%
+16.2%Value creation/yr+6.2%
Balance & size
3.4×Interest coverage (EBIT/interest)6.6×
0.49×Debt / equity0.52×
$4BMarket cap$11B
mixedGrowth qualitymixed

Keppel DC REIT leads: 9 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.

Keppel DC REITof which business quality 44 · market factors 50 Merlin Properties SOCIMIof which business quality 54 · market factors 51
ProfitabilityMargins and returns on capital today
40
39
Quality GrowthAre margins and returns improving?
59
63
CashflowEarnings quality: real cash, not paper profit
73
76
Fin. StrengthBalance sheet, leverage, solvency risk
52
57
InvestmentDisciplined investing over empire-building
23
81
Low VolatilityCalm price path (market factor)
87
74
MomentumPrice trend over the last 3–12 months (market factor)
36
41
52W MomentumDistance to the 52-week high (market factor)
31
42
Net IssuanceBuybacks instead of dilution
0
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 familyKeppel DC REITPrice S$2.19Merlin Properties SOCIMIPrice €13.26
DCF Models-30%below the priceS$1.54-41%below the price€7.82
Dividend Discount-38%below the priceS$1.36-75%below the price€3.25
Multiples+19%above the priceS$2.61+51%above the price€19.96
Asset-Based-48%below the priceS$1.14-34%below the price€8.74
Growth DCF-40%below the priceS$1.32-43%below the price€7.52
Economic Profit-25%below the priceS$1.65-7%close to the price€12.30
Minimum-48%below the priceS$1.14-75%below the price€3.25
Maximum+19%above the priceS$2.61+51%above the price€19.96
Median-34%below the priceS$1.45-38%below the price€8.28
Geometric mean-30%below the priceS$1.54-35%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%.

Keppel DC REIT: 11 of 16 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.

Keppel DC REIT
Bear S$1.28Fair Value S$1.43Bull S$2.81
S$2.19 = 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.

Keppel DC REIT · Real Estate

Quality score44 · below median
Fair value upside-35% · below median

Merlin Properties SOCIMI · Real Estate

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

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Keppel DC REIT trades at S$2.19 versus a fair value of S$1.43 (-35%), while Merlin Properties SOCIMI trades at €13.26 versus €9.81 (-26%).

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

See the full analysis →
Keppel DC REIT · 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.