New Risk • Jun 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.0% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (7.0% net profit margin). New Risk • Jun 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. Minor Risks High level of debt (42% net debt to equity). Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • May 28
Aedas Homes, S.A., Annual General Meeting, Jul 08, 2026 Aedas Homes, S.A., Annual General Meeting, Jul 08, 2026. Location: hotel fenix gran melia, calle hermosilla 2, madrid, Spain Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Board Director Milagros Mendez Urena 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. Announcement • May 19
Aedas Homes, S.A. to Report Fiscal Year 2026 Results on May 28, 2026 Aedas Homes, S.A. announced that they will report fiscal year 2026 results on May 28, 2026 Announcement • 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. Announcement • 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. Announcement • Jun 02
Aedas Homes, S.A., Annual General Meeting, Jul 03, 2025 Aedas Homes, S.A., Annual General Meeting, Jul 03, 2025. Location: calle principe de vergara 187, plaza de rodrigo uria., madrid Spain Announcement • 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. Announcement • Apr 28
Aedas Homes, S.A. to Report Fiscal Year 2025 Results on May 28, 2025 Aedas Homes, S.A. announced that they will report fiscal year 2025 results on May 28, 2025 New Risk • Nov 08
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 58% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks High level of debt (58% net debt to equity). Dividend is not well covered by earnings (99% payout ratio). Reported Earnings • Nov 08
First half 2025 earnings released First half 2025 results: Revenue: €306.6m (up 33% from 1H 2024). Net income: €24.7m (up €21.1m from 1H 2024). Profit margin: 8.0% (up from 1.6% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is expected to fall by 7.8% p.a. on average during the next 3 years compared to a 15% decline forecast for the Real Estate industry in Germany. Announcement • Oct 23
Aedas Homes, S.A. to Report First Half, 2025 Results on Nov 06, 2024 Aedas Homes, S.A. announced that they will report first half, 2025 results on Nov 06, 2024 Buy Or Sell Opportunity • Sep 11
Now 22% undervalued Over the last 90 days, the stock has risen 7.0% to €23.00. The fair value is estimated to be €29.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 5.1%. For the next 3 years, revenue is forecast to decline by 5.8% per annum. Earnings are also forecast to decline by 4.5% per annum over the same time period. Buy Or Sell Opportunity • Aug 21
Now 21% undervalued Over the last 90 days, the stock has risen 18% to €23.30. The fair value is estimated to be €29.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 5.1%. For the next 3 years, revenue is forecast to decline by 5.8% per annum. Earnings are also forecast to decline by 4.5% per annum over the same time period. Announcement • Aug 16
Aedas Homes, S.A. (BME:AEDAS) acquired Inmobiliaria Espacio S.A. from Grupo Villar Mir, S.A.U. for €50 million. Aedas Homes, S.A. (BME:AEDAS) acquired Inmobiliaria Espacio S.A. from Grupo Villar Mir, S.A.U. for €50 million on August 14, 2024.
Aedas Homes, S.A. (BME:AEDAS) completed the acquisition of Inmobiliaria Espacio S.A. from Grupo Villar Mir, S.A.U. on August 14, 2024. Upcoming Dividend • Jul 23
Upcoming dividend of €1.30 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 01 August 2024. Payout ratio is on the higher end at 99%, however this is supported by cash flows. Trailing yield: 11%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.9%). Announcement • Jun 22
Aedas Homes, S.A., Annual General Meeting, Jul 24, 2024 Aedas Homes, S.A., Annual General Meeting, Jul 24, 2024. Location: calle principe de vergara 187, plaza de rodrigo uria, madrid Spain Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: €2.53 (vs €2.42 in FY 2023) Full year 2024 results: EPS: €2.53 (up from €2.42 in FY 2023). Revenue: €1.14b (up 24% from FY 2023). Net income: €108.9m (up 3.6% from FY 2023). Profit margin: 9.5% (down from 11% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 7.9% p.a. on average during the next 3 years compared to a 17% decline forecast for the Real Estate industry in Germany. 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 2% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to €19.86. The fair value is estimated to be €16.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 5.8%. For the next 3 years, revenue is forecast to decline by 2.5% per annum. Earnings are also forecast to decline by 11% per annum over the same time period. Announcement • Apr 28
Aedas Homes, S.A. to Report Fiscal Year 2024 Results on May 29, 2024 Aedas Homes, S.A. announced that they will report fiscal year 2024 results After-Market on May 29, 2024 Board Change • Apr 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Director Javier Barcelo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €20.10. The fair value is estimated to be €16.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 5.8%. For the next 3 years, revenue is forecast to decline by 1.9% per annum. Earnings are also forecast to decline by 9.1% per annum over the same time period. Reported Earnings • Feb 16
Third quarter 2024 earnings released: EPS: €0.42 (vs €1.13 in 3Q 2023) Third quarter 2024 results: EPS: €0.42 (down from €1.13 in 3Q 2023). Revenue: €214.4m (down 39% from 3Q 2023). Net income: €18.2m (down 63% from 3Q 2023). Profit margin: 8.5% (down from 14% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 13% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Feb 07
Aedas Homes, S.A. to Report Nine Months, 2024 Results on Feb 14, 2024 Aedas Homes, S.A. announced that they will report nine months, 2024 results on Feb 14, 2024 New Risk • Dec 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 6.0% per year for the foreseeable future. Announcement • Jul 24
Aedas Homes, S.A., Annual General Meeting, Jul 21, 2023 Aedas Homes, S.A., Annual General Meeting, Jul 21, 2023. Agenda: To approve the individual and consolidated annual accounts corresponding to the financial year ended 31 March 2023; to approve the individual and consolidated management reports, except for non-financial information, corresponding to the financial year ended 31 March 2023; to approve the consolidated non-financial information of the Company, included in the consolidated management report for the year ended 31 March 2023; to approve of the Board of Directors' management and actions during the financial year ended 31 March 2023; to approve the proposed application of results for the financial year ended 31 March 2023; and to transact such other business. Upcoming Dividend • Jul 20
Upcoming dividend of €0.93 per share at 13% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 31 July 2023. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 13%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.3%). Reported Earnings • Jun 02
Full year 2023 earnings released Full year 2023 results: Revenue: €919.9m (up 20% from FY 2022). Net income: €105.1m (up 13% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 22% decline forecast for the Real Estate industry in Germany. Board Change • Apr 21
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Independent Director Javier Barcelo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 13
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Independent Director Javier Barcelo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 19
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Independent Director Javier Barcelo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 01
First half 2023 earnings released First half 2023 results: EPS: €0.15. Revenue: €214.5m (down 9.3% from 1H 2022). Net income: €7.06m (down 71% from 1H 2022). Profit margin: 3.3% (down from 10% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 8.7% p.a. on average during the next 3 years compared to a 13% decline forecast for the Real Estate industry in Germany. Board Change • Nov 17
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Independent Director Javier Barcelo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €18.14, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Real Estate industry in Germany. Total returns to shareholders of 1.8% over the past three years. Upcoming Dividend • Jun 29
Upcoming dividend of €1.09 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (4.5%). Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Independent Director Javier Barcelo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 28
Full year 2022 earnings released Full year 2022 results: Revenue: €765.6m (up 14% from FY 2021). Net income: €93.1m (up 9.4% from FY 2021). Profit margin: 12% (in line with FY 2021). Over the next year, revenue is forecast to grow 30% compared to a 43% decline forecast for the industry in Germany. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Independent Director Javier Barcelo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 27
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: €0.52 (up from €0.17 loss in 1H 2021). Revenue: €236.4m (up 257% from 1H 2021). Net income: €24.5m (up €32.8m from 1H 2021). Profit margin: 10% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 26%. Over the next year, revenue is forecast to grow 2.6% compared to a 37% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jun 25
Aedas Homes, S.A. (BME:AEDAS) acquired Aurea Home SL from Navarrese group ACR. Aedas Homes, S.A. (BME:AEDAS) acquired Aurea Home SL from Navarrese group ACR on June 23, 2021.
Aedas Homes, S.A. (BME:AEDAS) completed the acquisition of Aurea Home SL from Navarrese group ACR on June 23, 2021. Reported Earnings • May 15
Full year 2021 earnings released: EPS €1.77 (vs €0.26 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: €674.3m (up 140% from FY 2020). Net income: €85.1m (up €72.5m from FY 2020). Profit margin: 13% (up from 4.5% in FY 2020). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Mar 02
New 90-day low: €18.56 The company is down 1.0% from its price of €18.72 on 02 December 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Real Estate industry, which is also down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.93 per share. Reported Earnings • Feb 07
Third quarter 2021 earnings released: EPS €0.68 (vs €0.97 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €211.0m (down 16% from 3Q 2020). Net income: €31.2m (down 31% from 3Q 2020). Profit margin: 15% (down from 18% in 3Q 2020). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Jan 06
New 90-day high: €22.70 The company is up 26% from its price of €18.08 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €21.24 per share. Is New 90 Day High Low • Dec 18
New 90-day high: €20.60 The company is up 11% from its price of €18.48 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €64.59 per share. Is New 90 Day High Low • Dec 03
New 90-day high: €18.86 The company is up 6.0% from its price of €17.86 on 04 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €55.35 per share. Is New 90 Day High Low • Oct 30
New 90-day low: €16.56 The company is down 6.0% from its price of €17.64 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €55.22 per share. Announcement • Jul 31
Ares Management Corporation (NYSE:ARES) cancelled the acquisition of 103 housing units building in Los Fresnos, Torrejon de Ardoz from Aedas Homes, S.A.U. (BME:AEDAS). Ares Management Corporation (NYSE:ARES) signed an agreement to acquire 103 housing units building in Los Fresnos, Torrejon de Ardoz from Aedas Homes, S.A.U. (BME:AEDAS) on April 11, 2019.
Ares Management Corporation (NYSE:ARES) cancelled the acquisition of 103 housing units building in Los Fresnos, Torrejon de Ardoz from Aedas Homes, S.A.U. (BME:AEDAS) on April 11, 2020. 
