INMOBILIARIA DEL SUR: 1Q’20 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÃLISIS BANCO SABADELL)
We place our T.P. Under Revision following the 1Q’20 results. BUY.The results showed a -10% drop in revenues, with EBITDA growing +12%. The improved margin is due to the greater weight of higher-margin businesses. Net Profit grew +46% thanks to lower financial costs. NFD reached € 208 M (vs. € 196 M in Dec’19), with LTV at 39% (+2pp vs. Dec’19). The economic crisis will undoubtedly have an impact on home sales (looking at data from other developers, we see that pre-sales in April would stand at between 10-30% of their normal levels). Insur is reviewing its business plan in order to adapt it to the new reality. We place our T.P. Under Revision (previously € 15.10/sh.), which we will update once we have the company’s new, revised targets.
Inmobiliaria del Sur SA (Insur) is a Spain-based company engaged in the real estate sector. The Company is primarily involved in the construction, acquisition, management, promotion, rental and sale of residential and non-residential properties, which are located in Cordoba, Malaga, Cadiz, Madrid, Huelva, and Seville, among others. Its main activities are divided into three areas: Housing, Offices & Commercials and Parking. Furthermore, the Company is a parent of Parking Insur SAU, Hacienda la Cartuja SA, Coopinsur SAU, Inversiones Sevillanas SAI, Bellasur Patrimonial SA, Innovacion en Desarrollos Urbanos del Sur SA, and Viasur Soluciones Inmobiliarias SLU, among others, which together form Insur Group.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.