Neinor Homes: The value of the land bank should support the shares
The new business plan makes us cut our target price to €12.43/share (from €18.35/share). Nevertheless, we maintain our Buy recommendation, given that: 1) the shares are trading below our €10.46/share bear valuation; 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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