AEDAS HOMES: FY2020 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'20 vs. 4Q'19 results:Sales: € 394.8 M.
EBITDA: € 89.1 M.
Net Profit: € 62.2 M.
FY2021/20 vs. FY2019 results:
Sales: € 671.9 M (+82.8% vs. +82.4% BS(e) and +83.5% consensus);
EBITDA: € 133.2 M (+99.7% vs. +91.9% BS(e) and +89.7% consensus);
Net Profit: € 85.1 M (+122.8% vs. +130.1% consensus);
The company has released a good set of results and positive pre-sales data in the latest quarter of its fiscal year (Jan-Mar’21). Although the number of deliveries was already known (1,963 units on the year), EBITDA came in above expectations: € 133 M vs. € 128 M BS(e) and € 126 M consensus.
NAV remained virtually flat (-0.1% vs. Sep’20, -3% vs. Dec’19) at € 33.68/sh., meaning that the stock is trading at a -36% discount to this level.
On the commercial side, we highlight the presales figure on the quarter, which reached 617 units. March was a very strong month (253 units), and if we were to extrapolate we would reach a presales figure on the year of >3,000 units (which we do not see as realistic).
The company has announced a higher DPS’20 than expected of € 1.40/sh. (vs. guidance and BS(e) of € 1.00/sh., 6.5% yield).
The stock has risen by +56% since 2020 lows and is trading at pre-Covid levels, but we believe there is still upside potential. BUY. T.P. € 25.10/sh. (upside +16.47%).
Aedas Homes is engaged in the housing development business in Spain. The company has a portfolio of approximately 1.5 million square meters of land that it develops for residential purpose. Co. develops multifamily homes for the housing market in Madrid, Catalonia, Levante and Majorca, Costa del Sol and Seville.
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