NEINOR HOMES: 2Q17 results showed strong fundamentals
Neinor Homes reported revenues of €55.3Mn, EBITDA of €5.6Mn and a net profit of €3.9Mn in 2Q17.
Development business contributed with €18.8Mn revenues in 2Q17 (vs. €8.6Mn in 1Q17). Pre-sales increased to 402 units or €135Mn in 2Q17 (vs. 319 units or €116Mn in 1Q17) and reached the 51% of the FY17 target in the weakest semester of the year. In addition, Neinor Homes captured 4.8% of HPA (Housing prices appreciation) in 1H17.
Servicing performed totally in line with our estimates (€7.5Mn revenues in 2Q17) and legacy business contributed with €29Mn revenues and positive gross margin in 2Q17.
Neinor Homes’ GAV fetched €1,344Mn in June 2017 vs. 1,120Mn€ in December 2016. It was mainly thanks to the land acquisitions during the period (€157.5Mn), but also to a like for like value increase of 6%. According to our estimates, company’s NAV slightly increased to €1,208.8Mn in June 2017 from €1,198Mn in December 2016 (adjusted by the €100Mn primary offering), and its NNAV including services remained unchanged at €1,201Mn in June 2017.
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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