Buy Or Sell Opportunity • Jul 08
Now 22% undervalued Over the last 90 days, the stock has risen 1.2% to €16.98. The fair value is estimated to be €21.76, 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. Upcoming Dividend • May 28
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 (5.7%). Higher than average of industry peers (5.4%). Buy Or Sell Opportunity • May 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €16.31. The fair value is estimated to be €20.51, 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 12% per annum. Earnings are also forecast to grow by 8.9% per annum over the same time period. Ankündigung • Apr 23
Neinor Homes, S.A. Announces CEO Changes The Board of Directors of Neinor Homes has approved an orderly succession plan under which the current CEO, Borja García-Egotxeaga, will step down at the end of 2026, after eight years leading the company. As part of this transition process, Jordi Argemí, current Deputy CEO and CFO, has been appointed Co-CEO and will assume the role of CEO from 1 January 2027, ensuring a smooth transition and full continuity in the execution of the company’s strategy. The aforementioned actions will be carried out through the corresponding corporate process. The appointment of Jordi Argemí as CEO reflects a natural evolution of the management team, given his central role in the definition and execution of Neinor’s strategy. Over recent years, Jordi Argemí has been directly involved in the company’s key strategic decisions, as well as in the corporate transactions that have driven its growth. These include the merger by absorption with Quabit, the partnership with Bain Capital for the development and management of Habitat, the growth and consolidation of the Asset Management business and, more recently, the acquisition of AEDAS Homes. His discipline in financial management and capital allocation, together with his leadership in executing the company’s business plans, have been instrumental in Neinor’s growth and in strengthening its position as a sector leader. Ankündigung • Apr 09
Neinor Homes, S.A. Reiterates Earnings Guidance for the Year 2026 and 2027 Neinor Homes, S.A. reiterated earnings guidance for the year 2026 and 2027. for the year 2026, the company expects to deliver 5,000 units to 7,000 units per year, total revenues of €1.6 billion to €1.8 billion in 2026, Net Income is forecast to increase from €120 million to €140 million in 2026, EPS is expected to reach €1.21 to €1.42 in 2026.
For the year 2027, the company expects total revenues of €1.5 billion to €1.6 billion, Net Income is forecast to increase from €120 million to €140 million in 2026 to €150 million to €170 million in 2027, mainly driven by strong underlying business margins and lower financial expenses. EPS is expected to reach €1.52 to €1.72 in 2027. 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 New Risk • Mar 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. 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. Reported Earnings • Feb 27
Full year 2025 earnings released Full year 2025 results: Revenue: €697.5m (up 43% from FY 2024). Net income: €123.4m (up 99% from FY 2024). Profit margin: 18% (up from 13% in FY 2024). Revenue is forecast to stay flat during the next 3 years compared to a 5.8% growth forecast for the Consumer Durables industry in the United Kingdom. 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 New Risk • Oct 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Oct 29
Now 20% undervalued Over the last 90 days, the stock has risen 1.4% to €17.34. The fair value is estimated to be €21.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Jul 31
First half 2025 earnings released First half 2025 results: Revenue: €148.0m (down 13% from 1H 2024). Net income: €3.30m (down 66% from 1H 2024). Profit margin: 2.2% (down from 5.7% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. 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). New Risk • Jun 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (20% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €16.73, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the Consumer Durables industry in the United Kingdom. Total returns to shareholders of 105% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.36 per share. 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. Upcoming Dividend • May 05
Upcoming dividend of €0.41 per share Eligible shareholders must have bought the stock before 12 May 2025. Payment date: 14 May 2025. Trailing yield: 11%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (3.9%). New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Mar 05
Upcoming dividend of €0.83 per share Eligible shareholders must have bought the stock before 12 March 2025. Payment date: 14 March 2025. Trailing yield: 6.6%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (4.3%). 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 New Risk • Mar 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 5x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: €0.83 (vs €1.22 in FY 2023) Full year 2024 results: EPS: €0.83 (down from €1.22 in FY 2023). Revenue: €486.7m (down 18% from FY 2023). Net income: €62.0m (down 32% from FY 2023). Profit margin: 13% (down from 15% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. 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). Upcoming Dividend • Jan 15
Upcoming dividend of €0.83 per share Eligible shareholders must have bought the stock before 22 January 2025. Payment date: 24 January 2025. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (4.6%). Buy Or Sell Opportunity • Oct 23
Now 21% undervalued Over the last 90 days, the stock has risen 7.9% to €14.74. The fair value is estimated to be €18.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 7.3%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are forecast to decline by 6.5% per annum over the same time period. Upcoming Dividend • Oct 04
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 11 October 2024. Payment date: 15 October 2024. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.5%). In line with average of industry peers (3.7%). 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. Reported Earnings • Jul 29
First half 2024 earnings released: EPS: €0.13 (vs €0.059 in 1H 2023) First half 2024 results: EPS: €0.13 (up from €0.059 in 1H 2023). Revenue: €170.4m (down 5.1% from 1H 2023). Net income: €9.71m (up 118% from 1H 2023). Profit margin: 5.7% (up from 2.5% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 22
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 29 July 2024. Payment date: 31 July 2024. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (4.4%). 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. Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: €1.32 (vs €1.59 in FY 2022) Full year 2023 results: EPS: €1.32 (down from €1.59 in FY 2022). Revenue: €594.0m (down 22% from FY 2022). Net income: €91.4m (down 5.1% from FY 2022). Profit margin: 15% (up from 13% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. 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 Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €10.78, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Consumer Durables industry in the United Kingdom. Total returns to shareholders of 17% over the past three years. Reported Earnings • Jul 28
First half 2023 earnings released: EPS: €0.06 (vs €0.47 in 1H 2022) First half 2023 results: EPS: €0.06 (down from €0.47 in 1H 2022). Revenue: €179.5m (down 54% from 1H 2022). Net income: €4.46m (down 88% from 1H 2022). Profit margin: 2.5% (down from 9.6% in 1H 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. 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 Buying Opportunity • Jul 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.2%. The fair value is estimated to be €11.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to decline by 2.0% per annum. Earnings is also forecast to decline by 10% per annum over the same time period. 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. Buying Opportunity • Jun 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.6%. The fair value is estimated to be €10.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to decline by 1.2% per annum. Earnings is also forecast to decline by 10% per annum over the same time period. 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 • Nov 16
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. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €7.73, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 22% over the past three years. 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 fallen by 2% per year, which means it is significantly lagging earnings. 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%). 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%. Buying Opportunity • May 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.1%. The fair value is estimated to be €13.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to decline by 2.2% per annum. Earnings is forecast to grow by 3.1% per annum over the same time period. Board Change • May 01
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 • Mar 18
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 only increased by 2% per year, which means it is significantly lagging earnings growth. 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 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 08
New 90-day high: €11.13 The company is up 5.0% from its price of €10.58 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.74 per share. Is New 90 Day High Low • Dec 09
New 90-day low: €9.82 The company is down 11% from its price of €11.06 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 €3.30 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of €60.2m, down 22% from the prior year. Total revenue was €442.7m over the last 12 months, down 5.0% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 17% at €96.0m. Revenue is forecast to grow 43% over the next year, compared to a 10% growth forecast for the Consumer Durables industry in the United Kingdom. 
