RESIDENTIAL PROPERTY DEVELOPERS SECTOR REPORT: WELL POSITIONED TO CAPITALISE ON THE CYCLE (ANÁLISIS BANCO SABADELL)
Well positioned to capitalise on the cycle. BUY.We are releasing a report with a BUY recommendation on all three of the residential property developers in our coverage universe because we believe that the new housing segment is entering a bull cycle driven by favourable demand & supply dynamics, and market valuations are appealing, with dividend yields >5% (and with a growing dividend). In this report, we raise our T.P. for AEDAS by +23%. (+17% upside), our T.P. for MVC by +13% (+51% upside) and that for HOME by +14% (+20% upside). In all three cases, the increases are due to an improving outlook for sales and deliveries. We have a positive stance on all three, although we believe that Aedas and Neinor have better prospects in the short-term, whereas Metrovacesa has a weaker momentum in the short-term and a more deep-value profile.
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, 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, 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.
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