Buy Or Sell Opportunity • Jul 13
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.9% to €16.14. The fair value is estimated to be €21.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Board Change • Jul 07
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 29
Upcoming dividend of €0.78 per share Eligible shareholders must have bought the stock before 04 June 2026. Payment date: 08 June 2026. Trailing yield: 16%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (5.3%). Board Change • May 22
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Apr 01
Neinor Homes, S.A. (BME:HOME) announces an Equity Buyback for 3,000,000 shares, for €50 million. Neinor Homes, S.A. (BME:HOME) announces a share repurchase program. Under the program, the company will repurchase up to 3,000,000 shares for €50 million. The purpose of the program is to meet obligations arising from share-based remuneration plans and to reduce share capital through the cancellation of treasury shares, contributing to shareholder remuneration and enhancing earnings per share. The program forms part of shareholder remuneration plan for the 2026–2027 period. Ankündigung • Mar 09
Neinor Homes, S.A., Annual General Meeting, Apr 07, 2026 Neinor Homes, S.A., Annual General Meeting, Apr 07, 2026. Location: hotel nh collection villa de bilbao, gran via de don diego lopez de haro 87., bilbaoe Spain Ankündigung • Mar 06
Neinor Homes, S.A. (BME:HOME) completed the acquisition of an additional 17.63% stake in Aedas Homes, S.A. (BME:AEDAS) for approximately €183.56 million. Neinor Homes, S.A. (BME:HOME) proposed to acquire remaining 20.22% stake in Aedas Homes, S.A. (BME:AEDAS) for approximately €210 million on November 21, 2025. Under the terms of the acquisition, Neinor Homes, S.A. will pay €24 in cash per share. Upon completion, Neinor Homes, S.A. will own 100% stake in Aedas Homes, S.A. The transaction is subject to approval from Spanish Securities Market Commission (CNMV).
Neinor Homes, S.A. (BME:HOME) completed the acquisition of an additional 17.63% stake in Aedas Homes, S.A. (BME:AEDAS) for approximately €183.56 million on March 5, 2026. On completion, Neinor Homes, S.A. held increasing Neinor’s total ownership to 96.83%. This outcome reflects the strong support of AEDAS shareholders, initially Castlelake and subsequently a substantial majority of minority investors. Ankündigung • Jan 09
Neinor Homes, S.A. to Report Fiscal Year 2025 Results on Feb 26, 2026 Neinor Homes, S.A. announced that they will report fiscal year 2025 results on Feb 26, 2026 Ankündigung • Jul 25
Neinor Homes, S.A. Provides Earnings Guidance for the Full Year 2025 Neinor Homes, S.A. provided earnings guidance for the full year 2025. for the year, the company expects deliveries of c.2,000, Total Revenues in the range of €600 million–€700 million (ASP: €375,000–400,000 per unit). Ankündigung • Jun 17
Neinor Homes, S.A. (BME:HOME) proposed to acquire Aedas Homes, S.A. (BME:AEDAS) from Castlelake, L.P. and others for €1.1 billion. Neinor Homes, S.A. (BME:HOME) proposed to acquire Aedas Homes, S.A. (BME:AEDAS) from Castlelake, L.P. and others for €1.1 billion on June 16, 2025. A cash consideration €24.485 per shares will be paid by Neinor Homes, S.A. As part of the offer, Castlelake, owner of 79% of AEDAS, has entered into a hard irrevocable agreement to tender its entire stake in the tender offer, providing strong deal visibility and execution certainty. The offer price negotiated with Castlelake values AEDAS at €24.485/share (€1,070 million equity value), with an adjusted acquisition price of €21.335/share after accounting for the €136 million dividends recently announced by AEDAS to be paid in July 2025. The transaction is structured as a voluntary tender offer addressed to 100% AEDAS’s shareholders which will be submitted for authorization by the Comisión Nacional del Mercado de Valores (CNMV). This transaction takes Neinor to the next level, positioning the company as one of the leading European Homebuilders backed by a sizable, high quality land bank in one of the safest residential markets worldwide. The transaction has €1.25 billion in financing committed through an investment vehicle wholly owned by Neinor, which will contribute €500 million in equity (€275 million in cash and €225 million in a capital increase fully secured by Neinor main shareholders). Apollo is also participating in the transaction through a €750 million senior bond issue. The proceeds from the issue will be used to finance the takeover bid and partially refinance the Aedas group 's existing debt.
The transaction is subject to CNMV approval, obtaining all other relevant regulatory authorizations, and shareholder approval. The closing is expected in the fourth quarter of 2025. Ankündigung • May 28
Neinor in Talks to Buy Stake in Aedas Neinor Homes, S.A. (BME:HOME) is in talks to acquire a significant stake in rival Aedas Homes, S.A. (BME:AEDAS), a potential deal that could create Spain’s biggest developer with a combined market value of about $2.6 billion. Neinor said in a statement on May 27, 2025 that it’s in discussions with Aedas’ main shareholder Castlelake, L.P. over a possible purchase, confirming an earlier report by Bloomberg News. The private equity firm owns 79% of Aedas. Apollo Global Management Inc. is working with Neinor to provide funding for the deal, according to people familiar with the matter, who asked not to be identified as the details aren’t public. Ankündigung • May 13
An unknown company managed by Round Hill Capital LLC agreed to acquire Rental Homes Propco, S.L.U. from Neinor Homes, S.A. (BME:HOME). An unknown company managed by Round Hill Capital LLC agreed to acquire Rental Homes Propco, S.L.U. from Neinor Homes, S.A. (BME:HOME) on May 12, 2025. Ankündigung • Mar 03
Neinor Homes, S.A., Annual General Meeting, Mar 30, 2025 Neinor Homes, S.A., Annual General Meeting, Mar 30, 2025. Location: hotel mercure, calle san vicente 6, bilbao Spain Ankündigung • Feb 27
Neinor Homes, S.A. Proposes Distributions for Fiscal Year 2025 Neinor Homes, S.A. will submit to the next AGM the approval of €125 million in shareholder distributions for Fiscal Year 2025– aiming to distribute a total of €188 million for the following 12-months (16% yield). Ankündigung • Sep 23
Neinor Homes, S.A. (BME:HOME) entered into an agreement to acquire 10% stake in Habitat Grupo Inmobiliario, S.A. from Bain Capital Credit, Ltd. Neinor Homes, S.A. (BME:HOME) entered into an agreement to acquire 10% stake in Habitat Grupo Inmobiliario, S.A. from Bain Capital Credit, Ltd. on September 23, 2024. Neinor will provide development and management services to Habitat's ongoing developments and land bank. Ankündigung • Sep 13
Round Hill Capital LLC acquired 147 Units Parla Homes in Parla, Madrid from Neinor Homes, S.A. (BME:HOME) for €29 million. Round Hill Capital LLC agreed to acquire 147 Units Parla Homes in Parla, Madrid from Neinor Homes, S.A. (BME:HOME) for €29 million on September 12, 2024. Savills plc (LSE:SVS) acted as real estate advisor to Neinor Homes.
Round Hill Capital LLC completed the acquisition of 147 Units Parla Homes in Parla, Madrid from Neinor Homes, S.A. (BME:HOME) on September 12, 2024. Ankündigung • Jul 20
Neinor Homes, S.A. to Report First Half, 2024 Results on Jul 25, 2024 Neinor Homes, S.A. announced that they will report first half, 2024 results on Jul 25, 2024 Ankündigung • Mar 17
Neinor Homes, S.A., Annual General Meeting, Apr 16, 2024 Neinor Homes, S.A., Annual General Meeting, Apr 16, 2024, at 11:00 Central European Standard Time. Location: Hotel Mercure Jardines de Albia, calle San Vicente 6 Bilbao Spain Agenda: To approve the individual annual accounts of Neinor Homes, S.A. and the consolidated accounts including its subsidiaries, corresponding to the year ended 31 December 2023; to approve the individual and consolidated management reports of Neinor Homes, S.A. including its subsidiaries, corresponding to the year ended 31 December 2023; to approve the statement on non-financial information and sustainability memorandum included in the consolidated management report of Neinor Homes, S.A. including its subsidiaries for the year ended 31 December 2023; and to consider other matters if any. Ankündigung • Jan 17
Neinor Homes, S.A. to Report Fiscal Year 2023 Results on Feb 21, 2024 Neinor Homes, S.A. announced that they will report fiscal year 2023 results on Feb 21, 2024 Board Change • Oct 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. 4 independent directors (5 non-independent directors). Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Ankündigung • Jul 22
Neinor Homes, S.A. to Report Q2, 2023 Results on Jul 26, 2023 Neinor Homes, S.A. announced that they will report Q2, 2023 results After-Market on Jul 26, 2023 Ankündigung • Jun 22
Savills Investment Management LLP acquired Two newly built residential properties in Valencia, Spain from Neinor Homes, S.A. (BME:HOME) for €66 million. Savills Investment Management LLP acquired Two newly built residential properties in Valencia, Spain from Neinor Homes, S.A. (BME:HOME) for €66 million on June 20, 2023. The two properties in Valencia comprise a total of 209 residential units over 20 floors. The first tower has a total lettable area of 11,987 sqm with a total of 100 apartments. The second has 14,574 sqm of total lettable area distributed across a total of 109 apartments. Each tower also has 673 sqm of retail on the ground floor.
Savills Investment Management LLP completed the acquisition of Two newly built residential properties in Valencia, Spain from Neinor Homes, S.A. (BME:HOME) on June 20, 2023. Board Change • Apr 22
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: €1.59 (vs €1.35 in FY 2021) Full year 2022 results: EPS: €1.59. Revenue: €765.3m (down 16% from FY 2021). Net income: €96.3m (down 6.6% from FY 2021). Profit margin: 13% (up from 11% in FY 2021). The increase in margin was driven by lower expenses. Revenue is expected to fall by 3.9% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Consumer Durables industry in the United Kingdom. Board Change • Feb 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 28
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 25
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Sep 21
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 29
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €104.3m (down 53% from 2Q 2021). Net income: €3.89m (down 89% from 2Q 2021). Profit margin: 3.7% (down from 16% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is expected to shrink by 9.5% compared to a 12% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Jul 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 12
Upcoming dividend of €0.63 per share Eligible shareholders must have bought the stock before 19 July 2022. Payment date: 21 July 2022. Trailing yield: 5.5%. Within top quartile of British dividend payers (5.3%). Lower than average of industry peers (8.1%). Board Change • Jun 29
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 18
Inaugural dividend of €0.57 per share Eligible shareholders must have bought the stock before 25 May 2022. Payment date: 27 May 2022. This is the first dividend for Neinor Homes since going public. The average dividend yield among industry peers is 7.5%. Board Change • May 17
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Andreas Segal was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €1.35 (up from €0.95 in FY 2020). Revenue: €914.3m (up 60% from FY 2020). Net income: €103.0m (up 47% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue exceeded analyst estimates by 7.3%. Over the next year, revenue is expected to shrink by 6.6% compared to a 7.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Jul 29
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €219.8m (up 346% from 2Q 2020). Net income: €34.5m (up €31.6m from 2Q 2020). Profit margin: 16% (up from 5.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 09
New 90-day low: €9.84 The company is down 10.0% from its price of €10.99 on 10 September 2020. The British market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.31 per share. 
