Metrovacesa S.A. (MVC.MC) | Investment Case

1. Company Snapshot

1.a. Company Description

Metrovacesa S.A. operates as a real estate development company in Spain.It develops and sells residential properties, which include one-family, multi-family, and semi-detached and detached houses; and commercial properties, as well as sells land.The company was formerly known as Metrovacesa Suelo y Promoción, S.A. and changed its name to Metrovacesa, S.A. in November 2017.

Metrovacesa S.A. was founded in 1918 and is headquartered in Madrid, Spain.

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1.b. Last Insights on MVC

Metrovacesa S.A. has been navigating a challenging European market landscape marked by economic stagnation, trade uncertainties, and mixed investor sentiment. Despite these headwinds, the company's intrinsic value presents opportunities for investors. With a cautiously optimistic investor sentiment, Metrovacesa's valuation could be poised for re-rating. Recent market declines, including a 2.57% drop in the STOXX Europe 600 Index, may have created a buying opportunity. As of September 2025, European equities estimated below fair value could offer potential for discerning investors.

1.c. Company Highlights

Last Price	11.2
Change Percentage	0.45%
Open	11.2
Previous Close	11.2
Market Cap ( Millions)	1698
Volume	229128
Year High	12.75
Year Low	8.53
M A 50	10.98
M A 200	10.54

FCF Yield	1.80%
Dividend Yield	7.05%
ROE	-0.22%
Debt / Equity	28.78%
Net Debt / EBIDTA	0.00%
Price To Book	1.12
Price Earnings Ratio	-494.11
Price To FCF	55.62
Price To sales	3.06
EV / EBITDA	0

2. Transcript Summary

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3. NewsRoom

European Stocks That May Be Trading Below Estimated Value

Oct -02

Source:

European Equities Estimated Below Fair Value In September 2025

Sep -03

Source:

3 European Companies That Could Be Trading Below Their Estimated Value

Aug -05

Source:

Metrovacesa SA (FRA:MS6N) Q2 2024 Earnings Call Highlights: Record Revenue Growth and Strong ...

Oct -09

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.15%)

6. Segments

Residential

Expected Growth: 12%

Metrovacesa S.A.'s 12% growth in Residential segment is driven by increasing demand for housing in prime locations, favorable government policies, and rising disposable income. Additionally, the company's strategic focus on developing high-quality, sustainable, and affordable housing projects has contributed to its growth. Furthermore, the company's strong brand reputation and efficient project execution have enabled it to capitalize on market opportunities.

Commercial

Expected Growth: 14%

Metrovacesa S.A.'s commercial segment growth of 14% is driven by increasing demand for office and retail spaces, strategic acquisitions, and a strong pipeline of development projects. Additionally, the company's focus on sustainable and prime locations, as well as its ability to capitalize on the growing e-commerce trend, contribute to its growth momentum.

7. Detailed Products

Residential Properties

Metrovacesa S.A. develops and sells residential properties, including apartments, houses, and villas, catering to diverse customer needs and preferences.

Commercial Properties

The company offers commercial properties, including offices, retail spaces, and industrial units, designed to meet the needs of businesses and entrepreneurs.

Land Development

Metrovacesa S.A. acquires, develops, and sells land plots for residential and commercial use, providing opportunities for investors and developers.

Property Management

The company provides property management services, including maintenance, repairs, and administrative support, ensuring optimal property performance.

Real Estate Services

Metrovacesa S.A. offers a range of real estate services, including brokerage, valuation, and consulting, supporting clients throughout the property lifecycle.

8. Metrovacesa S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Metrovacesa S.A. is medium due to the presence of alternative real estate companies and investment opportunities.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fragmented nature of the real estate market and the lack of concentration among buyers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers of construction materials and services, but also due to the importance of these suppliers for Metrovacesa's operations.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry in the real estate development industry and the attractiveness of the Spanish market.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the Spanish real estate market, leading to a competitive landscape.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	20.64%
Debt Cost	4.15%
Equity Weight	79.36%
Equity Cost	9.02%
WACC	8.02%
Leverage	26.01%

11. Quality Control: Metrovacesa S.A. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Metrovacesa

A-Score: 6.7/10

Value: 3.8

Growth: 6.7

Quality: 5.3

Yield: 9.4

Momentum: 7.5

Volatility: 7.7

1-Year Total Return ->

Atal

A-Score: 6.5/10

Value: 6.0

Growth: 3.6

Quality: 5.6

Yield: 10.0

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

Cairn Homes

A-Score: 6.3/10

Value: 6.4

Growth: 8.4

Quality: 6.4

Yield: 6.9

Momentum: 4.0

Volatility: 6.0

1-Year Total Return ->

Kaufman & Broad

A-Score: 6.3/10

Value: 7.7

Growth: 4.7

Quality: 6.1

Yield: 10.0

Momentum: 2.0

Volatility: 7.3

1-Year Total Return ->

Aedas Homes

A-Score: 5.9/10

Value: 4.2

Growth: 9.3

Quality: 4.1

Yield: 10.0

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

Neinor Homes

A-Score: 5.9/10

Value: 3.1

Growth: 3.6

Quality: 6.2

Yield: 10.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

9.42%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.02%

Metrovacesa S.A. - ES0105122024

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on MVC

1.c. Company Highlights

Higher Yield

Cheaper

Lower Quality

Average Quality

Less Volatile

Average Growth

Expensive

Strong Momentum

Revenues Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.15%)

6. Segments

Residential

Expected Growth: 12%

Commercial

Expected Growth: 14%

7. Detailed Products

Residential Properties

Commercial Properties

Land Development

Property Management

Real Estate Services

8. Metrovacesa S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Metrovacesa S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.2$

Current Price

11.2$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA