Neinor Homes, S.A. (HOME.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+207.0%

€54.59

vs €17.78 price

Levered DCF

€35.26

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.97

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.93×	20.36×	8.62×	6.34×	7.81×	11.47×	13.1×	22.03×
P/B	1.38×	1.47×	0.8×	0.66×	0.86×	0.94×	1.06×	1.31×
P/S	2.25×	2.59×	1.33×	0.8×	0.88×	1.41×	1.71×	2.67×
EV / EBITDA	13.77×	13.55×	7.41×	7.06×	7.36×	8.56×	10.95×	24.57×
Gross margin	27.9%	31.5%	31.5%	27.3%	26.6%	27.2%	32.4%	31.4%
Operating margin	10.3%	13.7%	18.8%	18.2%	15.5%	16.9%	18.5%	13.4%
Net margin	17.4%	12.7%	15.3%	12.6%	11.3%	12.2%	13.0%	12.1%
Current ratio	4.41×	2.93×	2.75×	3.04×	2.56×	2.43×	2.28×	2.15×
Debt / equity	1.32×	0.6×	0.4×	0.51×	0.59×	0.39×	0.47×	0.49×
Interest coverage	2.69×	2.9×	4.33×	6.19×	6.84×	15.25×	8.77×	4.33×
Dividend yield	9.7%	9.0%	4.5%	15.6%	4.6%	0.0%	0.0%	0.0%
Payout ratio	125.5%	184.0%	38.6%	98.7%	36.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.6%	7.2%	9.3%	10.4%	10.9%	8.1%	8.1%	6.0%
Return on invested capital	1.6%	3.9%	7.4%	7.9%	7.8%	6.2%	6.1%	4.4%
Return on assets	3.1%	3.6%	5.5%	5.4%	5.2%	4.5%	4.3%	3.2%
Free cash flow yield	13.1%	8.0%	1.3%	24.4%	27.8%	16.6%	17.2%	8.3%
Earnings yield	7.7%	4.9%	11.6%	15.8%	12.8%	8.7%	7.6%	4.5%
Enterprise value	€2.3B	€1.4B	€983.4M	€851.6M	€1.1B	€872.4M	€1B	€1.3B
Net debt / EBITDA	4.34×	1.44×	1.5×	2.01×	1.93×	0.65×	2.08×	5.12×
Cash conversion cycle (days)	1,604	963	846	709	697	993	1,277	1,642