INMOBILIARIA DEL SUR: FY2020 RESULTS (ANÁLISIS BANCO SABADELL)
The FY2020 results showed sharp growth in Residential development and lower revenues from Rental locations in a very complicated year due to the pandemic. Turnover grew +8%, while EBITDA dropped by -35% (+8% adjusted for asset sales and a lower level of stock). We also highlight: (i) the value of assets decreased by €-14 M on the year; (ii) the positive impact from the mark-to-market accounting of its stake in Rio-55 (€ 22 M); and (iii) the financial result improved notably (by €-6 M vs. €-12 M in 2019) due to additional costs on the year. Thus, Net Profit increased by +139% to € 21 M. BUY. T.P. € 9.90/sh.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.
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