| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 34.67 | 318 |
| Intrinsic value (DCF) | 3.88 | -53 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 3.72 | -55 |
MAQ Administracion Urbanas SOCIMI SA (MLMAQ.PA) is a Spanish real estate investment trust (SOCIMI) specializing in the acquisition, leasing, and management of prime real estate assets in the metropolitan area of Malaga, Spain. The company focuses on residential properties, offices, and commercial premises in central locations, capitalizing on Malaga's growing urban demand. As a SOCIMI, MAQ benefits from Spain's favorable tax regime for REITs, which mandates distributing at least 80% of rental income to shareholders. With a market cap of approximately €48.2 million, MAQ operates in Spain's dynamic real estate sector, where tourism and urban migration drive demand for rental properties. The company's strategic focus on Malaga—a key economic and tourist hub—positions it well in Spain's competitive real estate market. Investors seeking exposure to Spanish rental real estate with a regional focus may find MAQ an attractive option due to its dividend policy and asset concentration in high-demand areas.
MAQ Administracion Urbanas presents a niche investment opportunity in Spain's real estate market, with a concentrated portfolio in Malaga's metropolitan area. The company's strong net income (€1.59 million in FY 2023) and operating cash flow (€1.53 million) support its dividend yield, with a payout of €0.24666 per share. With minimal debt (€18,646) and a healthy cash position (€1.76 million), MAQ demonstrates financial stability. However, its small market cap and regional focus limit diversification, exposing investors to localized economic risks. The lack of beta data suggests low liquidity or limited analyst coverage, which may deter institutional investors. The SOCIMI structure ensures tax efficiency but requires high dividend distributions, limiting retained earnings for growth. MAQ is best suited for income-focused investors comfortable with regional real estate exposure.
MAQ Administracion Urbanas competes in Spain's crowded SOCIMI market, where scale and geographic diversification are key advantages. Unlike larger peers with nationwide portfolios, MAQ's focus on Malaga provides localized expertise but limits growth opportunities outside its core market. The company's small asset base (€48.2 million market cap) restricts its ability to compete with major Spanish REITs in acquiring premium assets. However, its niche focus allows for deeper market knowledge and potentially higher occupancy rates in Malaga. MAQ's lean operations (minimal debt and capex) enhance profitability, but its lack of development activity may hinder long-term value creation compared to integrated developers. The SOCIMI model aligns it with peers like Lar España and Merlin Properties, but MAQ's regional specialization differentiates it from diversified competitors. Its competitive edge lies in Malaga's strong rental demand, but reliance on a single region increases vulnerability to local economic downturns. The company's financial health (high cash reserves, no significant debt) provides stability but may underutilize leverage opportunities available to larger REITs.