Banc Sabadell | The National Securities Market Commission (CNMV) board has approved Neinor Homes’ (HOME) mandatory takeover bid for Aedas Homes (AEDAS) (‘the second takeover bid’). It considers the price to be fair. We note that Neinor is offering €24.00 per share in cash in an offer for the 20.80% of Aedas shares it does not already own. The acceptance period will run from 30 January to 27 February, inclusive….
Renta 4 | According to the company’s communication to the National Securities Market Commission (CNMV), Neinor Homes has released its preliminary results for the 2025 financial year. Neinor forecasts deliveries of approximately 2,900 units (including all business lines; versus Renta 4 estimate of 1,700 units for the BTS business alone). According to the statement, Neinor Homes would have met the upper range of its annual revenue targets (€600-700 million; versus…
Renta 4 | According to information from the National Securities Market Commission (CNMV), the Board of Directors of AEDAS Homes has published its mandatory report on the takeover bid launched by Neinor Homes, with an unfavourable opinion on the same. Similarly, the report includes the opinion issued by Goldman Sachs Bank Europe (financial advisor to AEDAS Homes) on the adequacy of the takeover bid price from a financial point of…
Bankinter | The National Securities Market Commission (CNMV) has approved Neinor’s voluntary takeover bid for Aedas at a price of €21.335 per share, although this is conditional on the price having been agreed in advance with Aedas’ main shareholder (Castlelake, 79% of the capital). If 50% of the minority shareholders do not accept the offer, a mandatory takeover bid will have to be launched. Neinor has already announced that this…
Link Securities | In connection with the completion of the private placement of new shares among institutional shareholders carried out in the context of the cash capital increase approved by the Board of Directors of Neinor Homes (HOME) on 23 October 2025, HOME reports that the increase has been closed on the following terms: The increase has been subscribed for the maximum effective amount of €140 million approved by the…
Renta 4 | On Monday, Neinor Homes held its extraordinary AGM to obtain approval for the takeover bid for AEDAS Homes. The company also took advantage of the AGM to reiterate its 2025 guidance and provide operational visibility, highlighting: 1) having received the Final Works Certificate (FWC) for 100% of the developments scheduled for delivery in 2025; 2) a 2025 pre-sale coverage ratio of close to 97% and 75% for…
Link Securities | The socimi informed the CNMV that on February 21, 2024, the public deed to reduce its share capital by €39.73 million by reducing the par value of the company’s shares by €0.53 was registered in the Vizcaya Mercantile Registry. As a result, the share capital of Neinor Homes has been set at €615.49 million divided into 74.96 ordinary shares with a par value of €8.21 each, which…
Bankinter | At this point of the cycle is it more attractive to invert in real estate through traded companies than real estate assets.
Sabadell | Neinor 8 April´s profit warning was undoubtedly a bucket of cold water, not just because it was unexpected (the consensus expected a lowering of targets), but also because of the scale of the cut (-50% of the Ebitda accumulated in 2019 and 2020). In this note we downgrade our objective price 13% to 13.86 euros/share because of the delay in the delivery plan and because of more conservative profitability hypotheses in the long term. Despite the cut in our O.P. we continue to see value in the share and maintain or recommendation of BUY.
Mari Pinardo | Neinor Homes is the first housing promotor to return to the stock market 10 years after the crisis. Its CEO, Juan Velayos, recognises that many things have improved since then: Four years ago no housing was being built, and now 90,000 units are being built”. But he admits there are deep rooted problems in the sector: “Spain is seriously bad at generating supply, we are paying far more for apartments than we could do if there were transparent criteria.”