(HOME) Neinor Homes SLU - MC
Sector: Real Estate | Industry: Real Estate - Development | Exchange: MC (Spain) | Market Cap: 1.594m EUR | Total Return: 2.3% in 12m
Avg Turnover: 7.78M
Warnings
Share dilution 25.4% YoY
Tailwinds
Confidence
Neinor Homes, S.A. is a Spanish real estate developer headquartered in Bilbao, operating through three primary segments: Development, Asset Management, and Rental. The company focuses on the full lifecycle of residential property, from the strategic acquisition of land to the construction and subsequent sale or leasing of residential units. This vertically integrated approach allows the firm to capture value across both the build-to-sell and build-to-rent markets.
The Spanish homebuilding sector is characterized by high barriers to entry due to complex local zoning regulations and the intensive capital required for land banking. Unlike traditional property managers, Neinor’s business model relies on the conversion of raw land into permitted residential assets, a process that typically involves long lead times and sensitivity to national interest rate environments. Investors can further examine these sector dynamics and specific valuation metrics on ValueRay.
Founded in 1988, the company maintains a diversified portfolio across Spain’s major metropolitan regions. By balancing its core development activities with a dedicated rental arm, Neinor aims to mitigate the cyclical volatility inherent in the residential construction industry while generating recurring cash flows from its managed assets.
- Spanish residential demand resilience sustains high absorption rates for new developments
- Strategic land bank acquisitions drive long-term revenue growth and project pipeline
- Rising interest rates impact mortgage affordability and buyer purchasing power
- Shift toward build-to-rent projects diversifies recurring income and rental yield
- Construction material inflation and labor shortages pressure development profit margins
| Net Income: 177.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -1.85 > 1.0 |
| NWC/Revenue: 161.0% < 20% (prev 114.0%; Δ 46.98% < -1%) |
| CFO/TA 0.07 > 3% & CFO 272.7m > Net Income 177.1m |
| Net Debt (735.2m) to EBITDA (130.0m): 5.65 < 3 |
| Current Ratio: 2.02 > 1.5 & < 3 |
| Outstanding Shares: last quarter (93.3m) vs 12m ago 25.38% < -2% |
| Gross Margin: 29.03% > 18% (prev 29.62%; Δ -0.60% > 0.5%) |
| Asset Turnover: 38.69% > 50% (prev 47.96%; Δ -9.27% > 0%) |
| Interest Coverage Ratio: 2.76 > 6 (EBIT TTM 124.6m / Interest Expense TTM 45.1m) |
| A: 0.45 (Total Current Assets 3.48b - Total Current Liabilities 1.72b) / Total Assets 3.93b |
| B: 0.03 (Retained Earnings 129.5m / Total Assets 3.93b) |
| C: 0.04 (EBIT TTM 124.6m / Avg Total Assets 2.83b) |
| D: 0.46 (Book Value of Equity 1.16b / Total Liabilities 2.55b) |
| Altman-Z'' = 3.82 = AA |
| DSRI: 0.99 (Receivables 130.7m/100.1m, Revenue 1.09b/827.4m) |
| GMI: 1.02 (GM 29.62% / 29.03%) |
| AQI: 0.66 (AQ_t 0.11 / AQ_t-1 0.17) |
| SGI: 1.32 (Revenue 1.09b / 827.4m) |
| TATA: -0.02 (NI 177.1m - CFO 272.7m) / TA 3.93b) |
| Beneish M = -2.99 (Cap -4..+1) = A |
As of June 19, 2026, the stock is trading at EUR 16.17 with a total of 302,875 shares traded.
Over the past week, the price has changed by +7.73%,
over one month by +0.92%,
over three months by -4.00% and
over the past year by +2.29%.
Neinor Homes SLU has no consensus analysts rating.
P/E Trailing = 11.0884
P/E Forward = 7.7399
P/S = 2.2628
P/B = 1.3625
Revenue TTM = 1.09b EUR
EBIT TTM = 124.6m EUR
EBITDA TTM = 130.0m EUR
Long Term Debt = 737.5m EUR (from longTermDebt, last quarter)
Short Term Debt = 796.5m EUR (from shortTermDebt, last quarter)
Debt = 1.54b EUR (from shortLongTermDebtTotal, last quarter) + Leases 6.07m
Net Debt = 735.2m EUR (calculated: Debt 1.54b - CCE 802.7m)
Enterprise Value = 2.33b EUR (1.59b + Debt 1.54b - CCE 802.7m)
Interest Coverage Ratio = 2.76 (Ebit TTM 124.6m / Interest Expense TTM 45.1m)
EV/FCF = 8.58x (Enterprise Value 2.33b / FCF TTM 271.4m)
FCF Yield = 11.65% (FCF TTM 271.4m / Enterprise Value 2.33b)
FCF Margin = 24.81% (FCF TTM 271.4m / Revenue TTM 1.09b)
Net Margin = 16.19% (Net Income TTM 177.1m / Revenue TTM 1.09b)
Gross Margin = 29.03% ((Revenue TTM 1.09b - Cost of Revenue TTM 776.5m) / Revenue TTM)
Gross Margin QoQ = 24.94% (prev 36.98%)
Tobins Q-Ratio = 0.59 (Enterprise Value 2.33b / Total Assets 3.93b)
Interest Expense / Debt = 2.93% (Interest Expense 45.1m / Debt 1.54b)
Taxrate = 15.63% (31.4m / 200.7m)
NOPAT = 105.1m (EBIT 124.6m * (1 - 15.63%))
Current Ratio = 2.02 (Total Current Assets 3.48b / Total Current Liabilities 1.72b)
Debt / Equity = 1.32 (Debt 1.54b / totalStockholderEquity, last quarter 1.16b)
Debt / EBITDA = 5.65 (Net Debt 735.2m / EBITDA 130.0m)
Debt / FCF = 2.71 (Net Debt 735.2m / FCF TTM 271.4m)
Total Stockholder Equity = 999.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 6.26% (Net Income 177.1m / Total Assets 3.93b)
RoE = 17.72% (Net Income TTM 177.1m / Total Stockholder Equity 999.8m)
RoCE = 7.17% (EBIT 124.6m / Capital Employed (Equity 999.8m + L.T.Debt 737.5m))
RoIC = 3.56% (NOPAT 105.1m / Invested Capital 2.95b)
WACC = 4.51% (E(1.59b)/V(3.13b) * Re(6.48%) + D(1.54b)/V(3.13b) * Rd(2.93%) * (1-Tc(0.16)))
Discount Rate = 6.48% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -9.20 | Cagr: 9.58%
[DCF] Terminal Value 77.97% ; FCFF base≈223.3m ; Y1≈256.0m ; Y5≈376.7m
[DCF] Fair Price = 50.43 (EV 5.67b - Net Debt 735.2m = Equity 4.93b / Shares 97.8m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: -67.95 | Revenue CAGR: -15.32% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=1.42 | Chg30d=-0.56% | Revisions=+33% | GrowthEPS=+102.2% | GrowthRev=+149.6%
EPS next Year (2027-12-31): EPS=1.69 | Chg30d=-1.24% | Revisions=+0% | GrowthEPS=+19.1% | GrowthRev=-11.0%
[Analyst] Revisions Ratio: +33%