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Stock Analysis & ValuationOrinoquia Real Estate SOCIMI, S.A. (MLORQ.PA)

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Valuation methodValue, Upside, %
Artificial intelligence (AI)47.323186
Intrinsic value (DCF)n/a
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Graham Formulan/a

Strategic Investment Analysis

Company Overview

Orinoquia Real Estate SOCIMI, S.A. is a Spanish real estate investment trust (SOCIMI) specializing in residential and commercial properties in Spain. Incorporated in 2017 and headquartered in Madrid, the company focuses on acquiring and managing apartment buildings, with a portfolio comprising 73 apartments, 3 commercial units, and 5 parking spaces across four properties. Operating in the REIT - Hotel & Motel sector, Orinoquia Real Estate SOCIMI leverages Spain's robust real estate market, benefiting from steady rental income and long-term capital appreciation. The company's strategic investments in urban residential assets position it well in a market with growing demand for rental housing. With a market capitalization of approximately €22.8 million, Orinoquia Real Estate SOCIMI offers investors exposure to Spain's stable real estate sector, supported by a dividend yield from its rental income streams.

Investment Summary

Orinoquia Real Estate SOCIMI presents a niche investment opportunity in Spain's residential real estate market. The company's small but focused portfolio generates steady rental income, reflected in its positive net income of €766,927 and an EPS of €0.0537 for FY 2023. A notable attraction is its dividend payout of €0.15557 per share, appealing to income-focused investors. However, the company's limited scale (only four properties) and lack of diversification pose concentration risks. Additionally, its negative beta (-0.038) suggests low correlation with broader market movements, which may appeal to defensive investors but could limit upside during market rallies. The absence of debt is a strength, but minimal operating cash flow and zero capital expenditures indicate limited near-term growth initiatives. Investors should weigh the stable income against the company's small size and constrained growth prospects.

Competitive Analysis

Orinoquia Real Estate SOCIMI operates in a competitive segment of the Spanish real estate market, dominated by larger SOCIMIs and REITs with more diversified portfolios. Its competitive advantage lies in its specialized focus on residential properties in urban areas, which typically offer stable occupancy rates and rental yields. However, the company's small scale limits its ability to achieve economies of scale or negotiate favorable financing terms compared to larger peers. Unlike competitors with international exposure or mixed-asset portfolios (residential, office, retail), Orinoquia's concentration in a single asset class and geography increases vulnerability to local market downturns. Its zero-debt balance sheet is a differentiator, providing resilience in rising interest rate environments, but this conservative approach may also constrain acquisition-led growth. The company's lack of development activities or value-add strategies (e.g., renovations) further narrows its competitive positioning to passive income generation rather than active asset appreciation.

Major Competitors

  • Merlin Properties SOCIMI, S.A. (MRL.MC): Merlin Properties is Spain's largest SOCIMI with a diversified portfolio spanning offices, retail, and logistics. Its scale (market cap ~€4.5B) and access to capital give it a significant advantage over Orinoquia in acquisitions and tenant diversification. However, Merlin's higher leverage and exposure to cyclical sectors like offices pose risks Orinoquia avoids.
  • Inmobiliaria Colonial, SOCIMI, S.A. (COL.MC): Colonial focuses on prime office assets in Barcelona and Madrid, competing indirectly with Orinoquia for investor capital. Its premium assets and strong tenant roster (e.g., multinationals) command higher rents, but Orinoquia's residential focus offers more stable occupancy. Colonial's €2.8B market cap and international aspirations overshadow Orinoquia's niche positioning.
  • Lar España Real Estate SOCIMI, S.A. (LRE.MC): Lar España specializes in retail and residential assets, overlapping partially with Orinoquia. Its €700M+ portfolio and active asset management (e.g., mall redevelopments) provide growth opportunities Orinoquia lacks. However, Lar's retail exposure adds volatility compared to Orinoquia's purely residential income stream.
  • Vinci SA (VNA.PA): Vinci, a French conglomerate with real estate operations, competes indirectly via its scale and construction-integrated model. Its €55B+ market cap and infrastructure projects dwarf Orinoquia, but Vinci's diversified business reduces its real estate focus. Orinoquia's SOCIMI tax benefits and pure-play residential strategy offer distinct advantages.
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