Bankinter S.A. - Axiare, Colonial, Hispania, Lar España, Merlin Properties, Neinor Homes, Realia (AXIA SM, COL SM, HIS SM, LRE SM, MRL SM, HOME SM, RLIA SM) Spanish Real Estate: The momentum continues

Report

Bankinter S.A.

Juan Moreno

EUR 1500.00 For Business Accounts Only

Spanish Real Estate: The momentum continues

Sector’s main risk is an increase of corporate and sovereign bond yields. Nevertheless, SOCIMIs trade with a sustainable dividend yield of 4.9% 2019e (when all the assets are expected to be under operations), that we consider attractive even if the 10-Y Spanish bond yield goes up by 100-150bp (1.6% currently). We maintain our Buy recommendation on Spanish real estate sector.

Our top picks are Merlin Properties, Lar España and Neinor Homes

26/06/2017 60 EN

Underlying

Axiare, Colonial, Hispania, Lar España, Merlin Properties, Neinor Homes, Realia

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Spain

Provider

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.

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Analysts

Juan Moreno

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Spanish Real Estate: The momentum continues

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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