Adriano Care SOCIMI, S.A. (YADR.MC) fair value

ACCE thesis

Adriano Care is a Spanish SOCIMI that owns and leases healthcare real estate, mainly care homes and medical facilities let to operators on long-term triple-net style leases, which is why its gross margin sits near 97% and its operating margin near 47%. The structural appeal is the rent roll itself: contracted, inflation-linked income from operators with an ageing Spanish population as a steady demand base, paired with the SOCIMI tax regime, which requires distributing most profits. Revenue is flat to slightly down (-0.1%), so the investment case rests on rent escalation and occupancy holding, not on top-line expansion, and the data here does not show a specific acquisition pipeline or near-term catalyst to point to. At 9.3 times trailing earnings and a 9.5% return on equity, the stock screens cheap against its own cash generation, but with a market cap of about 119M EUR, no index membership and a missing forward multiple, liquidity and coverage are thin, which is a reason to check the lease maturity profile and tenant concentration before going further.