NEINOR HOMES: 2Q17 results showed strong fundamentals

Neinor Homes reported revenues of €55.3Mn, EBITDA of €5.6Mn and a net profit of €3.9Mn in 2Q17. Development business contributed with €18.8Mn revenues in 2Q17 (vs. €8.6Mn in 1Q17). Pre-sales increased to 402 units or €135Mn in 2Q17 (vs. 319 units or €116Mn in 1Q17) and reached the 51% of the FY17 target in the weakest semester of the year. In addition, Neinor Homes captured 4.8% of HPA (Housing prices appreciation) in 1H17. Servicing performed totally in line with our estimates (€7.5Mn revenue...