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1. Company Snapshot

1.a. Company Description

Neinor Homes, S.A., together with its subsidiaries, develops, promotes, rental, and manages real estate properties in Spain.The company operates through Legacy, Development, Assets Management-Servicing, and Rental segments.Its land portfolio consists of 160 lots with a total of 9.700 buildable units in Madrid, Catalonia, the Basque Country, Valencia, and Andalusia.


Neinor Homes, S.A. was founded in 1988 and is headquartered in Bilbao, Spain.

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1.b. Last Insights on HOME

Positive drivers behind Neinor Homes' recent performance include the fulfillment of FY24 targets, with adjusted net income of €69mn, a 5.9% beat to guidance. Strong underlying gross margin of 28.5% and solid cash flow generation supported a conservative LTV of 16.2%. The company's shareholder-friendly approach, with €125mn in distributions approved for FY25, aiming for a total of €188mn over 12 months (16% yield), has boosted investor confidence.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Neinor Homes completes €140mn ABB, eyeing further growth opportunities in a buoyant Spanish Residential market

Oct -27

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Neinor Homes completes €140mn ABB, eyeing further growth opportunities in a buoyant Spanish Residential market

Oct -24

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What Recent Gains and Market Optimism Mean for Neinor Homes in 2025

Sep -09

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Neinor Homes accelerates growth in 1H25 with 1,701# pre-sold (+45%), while reaffirms its FY25 targets

Jul -25

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Neinor secures €225mn with record €1.2bn demand to fund the AEDAS Tender Offer acquisition

Jun -25

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Neinor launches €1,070mn Tender Offer for AEDAS, redefining the residential real estate landscape

Jun -16

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Neinor completes strategic monetization of BTR portfolio, unlocking c.€325mn since 2023

May -12

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Neinor Homes confirms achievement of FY24 guidance and announces €125mn shareholder distributions

Feb -26

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.54%)

6. Segments

Development

Expected Growth: 4.5%

Neinor Homes' 4.5% growth driven by increasing demand for affordable housing in Spain, fueled by low interest rates, economic recovery, and government incentives. Additionally, the company's strategic focus on land acquisition, efficient construction processes, and diversified product offerings contribute to its growth momentum.

Rental

Expected Growth: 4.8%

Rental from Neinor Homes, S.A. growth of 4.8% driven by increasing demand for rental properties in Spain, fueled by urbanization and changing demographics. Additionally, Neinor's strategic focus on affordable and sustainable housing, coupled with its efficient property management, contributes to the growth.

Assets Management and Other/Corporate

Expected Growth: 5.2%

Neinor Homes' 5.2% growth in Assets Management and Other/Corporate segments is driven by increasing demand for rental properties, strategic partnerships, and effective cost management. The company's focus on urban regeneration projects and expansion into new markets also contribute to growth. Additionally, Neinor's diversified revenue streams and strong balance sheet provide a solid foundation for future growth.

7. Detailed Products

New Homes

Neinor Homes offers a wide range of new homes, from apartments to single-family homes, designed to meet the needs of modern living.

Residential Plots

Neinor Homes offers residential plots for those who want to build their own homes, providing a blank canvas for customization.

Renovation and Refurbishment

Neinor Homes offers renovation and refurbishment services to upgrade and modernize existing homes, enhancing their value and livability.

Land Development

Neinor Homes develops and sells land for residential and commercial use, providing opportunities for investors and developers.

Property Management

Neinor Homes offers property management services, including rental and maintenance, to help homeowners and investors maximize their returns.

8. Neinor Homes, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Neinor Homes, S.A. is medium due to the presence of alternative housing options such as apartments and rental properties.

Bargaining Power Of Customers

The bargaining power of customers for Neinor Homes, S.A. is low due to the company's strong brand reputation and limited availability of similar housing options.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Neinor Homes, S.A. is medium due to the company's dependence on a few large suppliers for construction materials and services.

Threat Of New Entrants

The threat of new entrants for Neinor Homes, S.A. is high due to the relatively low barriers to entry in the Spanish real estate market and the increasing demand for housing.

Intensity Of Rivalry

The intensity of rivalry for Neinor Homes, S.A. is high due to the presence of several established competitors in the Spanish real estate market, leading to a highly competitive environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 28.08%
Debt Cost 6.16%
Equity Weight 71.92%
Equity Cost 6.16%
WACC 6.16%
Leverage 39.05%

11. Quality Control: Neinor Homes, S.A. passed 5 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

Stock-Card
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 ->

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Stock-Card
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 ->

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Stock-Card
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 ->

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Stock-Card
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 ->

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Stock-Card
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 ->

View Full Report
Stock-Card
MJ Gleeson

A-Score: 4.4/10

Value: 8.2

Growth: 4.6

Quality: 5.9

Yield: 5.0

Momentum: 0.0

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.36$

Current Price

18.36$

Potential

-0.00%

Expected Cash-Flows