Report
Ignacio Romero
EUR 400.00 For Business Accounts Only

INFORME SECTORIAL PROMOTORAS: BIEN POSICIONADAS PARA APROVECHAR EL CICLO (ANÁLISIS BANCO SABADELL)

Bien posicionadas para aprovechar el ciclo. COMPRAR.
Hoy publicamos informe en el que recomendamos COMPRAR las 3 promotoras porque creemos que tienen por delante un ciclo alcista residencial, gracias a una dinámica de oferta y demanda favorable, mientras que las valoraciones son atractivas, con rentabilidades por dividendo >5% (y con dividendo creciente). Elevamos P.O de Aedas un +23% (potencial +17%), el de Metrovacesa un +13% (potencial +51%) y el de Neinor un +14% (potencial +20%). El incremento es debido a la mejora de las perspectivas de ingresos tras un primer semestre muy positivo en preventas. Nos gustan todas pero creemos que Aedas y Neinor tiene mejores perspectivas bursátiles a corto plazo mientras que Metrovacesa tiene peor inercia a corto y un perfil más “deep value”.
Underlyings
AEDAS Homes SA

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.

Metrovacesa SA

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.

Neinor Homes SA

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.

Provider
Sabadell
Sabadell

Analysts
Ignacio Romero

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