Neinor Homes sharply reduces its estimates
We expect the strategic review to have a negative impact on Neinor Home’s stock price. We put our target price Under Revision, but we maintain our Buy recommendation. The stock price already discounted our adverse case scenario (€11.90/share), that gives no value to the management unit and assumes a 30% haircut on the current land bank.
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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