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1. Company Snapshot

1.a. Company Description

Aedas Homes, S.A. engages in the development of residential homes in Spain.It focuses on multi- and single-family homes.The company was incorporated in 2016 and is based in Madrid, Spain.


Aedas Homes, S.A. operates as a subsidiary of Hipoteca 43 Lux S.a.R.L.

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1.b. Last Insights on AEDAS

Aedas Homes' recent performance was negatively impacted by the significant capital raise of €225mn through an accelerated bookbuild, which was 6x oversubscribed, to fund the AEDAS Tender Offer acquisition. This substantial capital injection, priced at €15.25/share, was allocated to top-tier institutional investors, increasing Neinor's free float to ~€600 million. The company's recent earnings release highlighted a decline in profitability, partly due to increased costs associated with the acquisition. The accelerated bookbuild's success has set a new benchmark in the equity capital markets, but its impact on Aedas Homes' short-term performance remains a concern.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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3 European Dividend Stocks Yielding Up To 13.3%

Nov -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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European Dividend Stocks To Consider Now

Apr -09

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3 Top Dividend Stocks Yielding Between 4% And 9%

Feb -25

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Top Dividend Stocks To Consider In January 2025

Jan -21

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Aedas Homes And 2 More Top Dividend Stocks

Dec -18

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US fund Castlelake considering sale of stake in Spain's Aedas, Cinco Dias reports

Sep -11

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.95%)

6. Segments

Development

Expected Growth: 4.0%

Aedas Homes, S.A.'s 4.0 growth driven by increasing demand for affordable housing in Spain, strategic landbanking, and efficient construction processes. Additionally, the company's focus on sustainable development, digitalization, and customer-centric approach contribute to its growth momentum.

Land

Expected Growth: 2.5%

Aedas Homes, S.A.'s land segment growth of 2.5% is driven by increasing demand for residential development in Spain, fueled by low interest rates, government incentives, and a growing economy. Additionally, Aedas Homes' strategic land acquisitions and partnerships with local developers have expanded its landbank, supporting future growth.

Real Estate Services

Expected Growth: 3.5%

Aedas Homes' 3.5% growth in Real Estate Services is driven by increasing demand for affordable housing in Spain, strategic land acquisitions, and efficient project execution. Additionally, the company's focus on sustainable and energy-efficient developments, as well as its strong brand reputation, contribute to its growth momentum.

Rental Promotions

Expected Growth: 3.8%

Aedas Homes' 3.8% rental promotions growth driven by increasing demand for affordable housing, strategic location of properties in high-growth areas, and competitive pricing strategies. Additionally, government incentives for rental properties and Aedas' efficient property management also contribute to this growth.

7. Detailed Products

New Homes

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

Residential Developments

Aedas Homes develops residential complexes, including apartments, townhouses, and single-family homes, with amenities and services tailored to residents' needs.

Land Development

Aedas Homes acquires and develops land for residential use, creating opportunities for new homes and communities.

Property Management

Aedas Homes offers property management services, including maintenance, repairs, and administrative support, to ensure the smooth operation of residential developments.

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

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Aedas Homes, S.A. is medium due to the presence of alternative housing options, such as renting or buying from other developers.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of negotiating power of individual homebuyers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers of construction materials and services.

Threat Of New Entrants

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

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the Spanish real estate development industry, leading to intense competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 34.28%
Debt Cost 7.14%
Equity Weight 65.72%
Equity Cost 7.14%
WACC 7.14%
Leverage 52.17%

11. Quality Control: Aedas Homes, S.A. passed 4 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
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 ->

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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 ->

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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

23.7$

Current Price

23.7$

Potential

-0.00%

Expected Cash-Flows