1Q19 Results. Disappointing guidance on gross margins
We expect that the 1Q19 results will have a slightly negative impact on the share price and that the disappointing guidance on gross margins will be seen as a negative. Nevertheless, we maintain our Buy recommendation, given that: 1) the shares are trading below our €10.46/share bear valuation, that is equivalent to the land bank acquisition price in 2014 and 2015; 2) the possible value destruction from land acquisitions has been mitigated; and 3) an M&A deal is feasible.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
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.
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