Ibi Lion Socimi, S.A. (YIBI.MC) fair value

ACCE thesis

Ibi Lion Socimi is a small Spanish listed REIT (SOCIMI) that owns and manages a diversified property portfolio, with a market capitalisation of about €102M and no index membership, which keeps it off most institutional screens. Its structural appeal rests on the SOCIMI regime itself, which exempts qualifying rental income from corporate tax provided the company distributes most of its profits, so operating cash flow passes through to shareholders rather than being taxed at the entity level. Revenue grew 16.6% over the last year and the operating margin of 49.8% suggests the rental base carries little cost beyond debt service, but the 3.4% ROE shows how thin the equity base is relative to the assets and how little of that profitability reaches common shareholders. A trailing P/E of 33.5 with no forward estimate available means the earnings base is not yet well anchored, so the first question is whether the 16.6% top-line growth comes from acquisitions, indexation or occupancy gains, and how it is funded. That is the work to do before deciding whether the name merits a deeper look.