Metrovacesa : Performance broadly in line, enhancing credibility
>Return to positive territory with EBITDA at +€ 51m (vs -€ 9m in 2020) - Metrovacesa reported solid results for 2021, slightly above the consensus and our estimates, with in particular revenues up +450% y-o-y to € 510.7m vs € 471.5m est. and cons. € 485.9m: Pre-sales momentum continues apace: Metrovacesa chalked up record-level sales with 2,093 housing units in 2021, or 2x more than in 2020 (with 547 units sold in Q4), confirming a robust Spanish residential mark...Metrovacesa SA, formerly Metrovacesa Suelo y Promocion SA, is a Spain-based real estate developer. The Company specializes in construction and sale of sustainable housing, both single-family and multi-family residential properties. Its activities also include promotion, urbanization and parceling of real estate in general, as well as real estate management for own benefit or on behalf of third parties. Its asset portfolio includes more than 6 million square meters of building land across Spain, as well as already developed properties in cities, such as Malaga, Almeria, Cordoba, Barcelona and Madrid, among others.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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