Report
Juan Moreno

AEDAS: 1Q19 results. The business plan is unchanged

Aedas Homes delivered 57 units in 1Q19 that generated €14.0Mn sales in 1Q19 (+66% YoY), with a 27.7% gross margin. The overhead costs amounted €5.3Mn in 1Q19 (+36% YoY), almost reaching the expected run rate. The company accounted -€3.4Mn net losses in 1Q19 (vs. -€2.2Mn in 1Q18). The NFD increased in line with our estimates to €133.7Mn in 1Q19 (from €93.3Mn as of December 2018). The business plan is unchanged

Underlying
AEDAS Homes SA

Aedas Homes is engaged in the housing development business in Spain. The company has a portfolio of approximately 1.5 million square meters of land that it develops for residential purpose. Co. develops multifamily homes for the housing market in Madrid, Catalonia, Levante and Majorca, Costa del Sol and Seville.

Provider
Bankinter S.A.
Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

Analysts
Juan Moreno

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