Neinor Homes has updated its business plan. It maintains guidance for 2026 and 2027 without significant changes and for the first time provides forecasts for 2028. These would imply maintaining the pace of deliveries, EBITDA and EPS for 2027 (1.65/1.75 euros/share). As a result, the company expects to reduce its net financial debt to 550/650 million euros in 2028 compared to the 1,000/1,100 million euros estimated at the end of 2026. Finally, it announces the dividend schedule. It will distribute 2.54 euros/share based on the results of 2026 and 2.58 euros/share based on 2027. The next payment will be 0.82 euros/share in December 2026.
Opinion of the Bankinter analysis team:
It is good news that the company provides more visibility about its business plan. However, it offers few new developments and will not result in significant changes to our estimates or target price. The dividend yield proposed is around 15%.
We maintain a Buy recommendation, with a target price of 21.1 euros/share. It offers potential for appreciation close to 30% and solid fundamentals, in an environment of clear supply scarcity and price increase capacity.
