Neinor Homes (HOME.MC) fair value

ACCE thesis

Neinor Homes is a Spanish residential developer that builds and sells apartments and houses for the mid-market, mostly in Madrid, Barcelona and other major Spanish cities, and it also runs a build-to-rent platform. Its edge is scale in a market where land and permitting are the bottleneck, so a developer with a deep land bank and a repeatable pipeline can keep delivering while smaller players stall. Revenue growth of 362.8% reflects a sharp step-up in deliveries from a small base rather than a sustained run rate, so the trajectory matters more than the headline figure. At a trailing P/E of 12.6 and a forward P/E of 7.7, the market is pricing in a meaningful earnings rise, which makes the delivery schedule the number to check. Gross margin of 24.6% against an operating margin of 9.3% shows how much of the profit pool goes to overheads and financing, so margin durability is the first thing to test before a deeper look.