Bankinter | Data centres represent a significant growth opportunity, in terms of earnings, dividends and asset valuation. We estimate an annual EPS growth of 24% between 2025 and 2030, with a dividend yield that could reach 7% from 2030 onwards (against the current 3%). We value the data centres at €10,703 million as of December 2026, significantly below their potential, which exceeds even €14,000 million, as they are still in…

Intermoney | Merlin Properties (MRL) (Buy, Target Price €15) announced on Wednesday, after the market closed, a capital increase via an accelerated bookbuilding (ABB) process. The SOCIMI will issue 52.3 million shares, or 10% of the share capital, which at yesterday’s closing price would represent a capital inflow of €768 million. Both Santander and Nortia, Manuel Lao’s vehicle, with stakes in Merlin of 24.7% and 8.2% respectively, have confirmed that…

Intemoney | Yesterday, Merlin Properties (Buy, PO £15) confirmed, in a CMD focused on data centres, its plans to carry out Phase III of this asset, consisting of the development of 412 MW of new capacity mainly in Lisbon, the Basque Country and Zaragoza. Phases I and II, already under construction or in service, total around 320 MW, with an investment of €3.37 billion. Phase III will involve an additional…

Renta 4 | The financial newspaper Expansión features an interview with Ismael Clemente (CEO of the company) in its Monday edition, in which he reviews Merlin Properties’ (MRL) short- and medium-term strategy. In this regard, Merlin Properties will continue with its strategic roadmap focused on the expansion of data centres. With phases 1 and 2 already underway, Merlin’s CEO reveals that phase III, currently in the planning stage, will be…

Link Securities | Merlin Properties (MRL) has presented its new logistics park in Bétera, a project that expands its presence in the Valencian Community, according to the Bolsamanía portal. The logistics park will have more than 95,000 square metres of gross leasable area (GLA), spread over three warehouses of 25,000 square metres and one of 20,000 square metres, with clear heights of 13.70 metres, 50-metre manoeuvring areas and state-of-the-art technical…

Intermoney | The REIT (Buy, PO €15) has just announced its results for September. The main figures from the results, together with our estimates, are shown in the attached table. Revenue/income for 9M25 rose 8% to €413 million, broadly in line with Intermoney’s estimate (€414 million), while EBITDA (€300 million, up 8%) was slightly below our figures (10%), following higher-than-expected overheads, particularly in personnel and the LP incentive plan. By…