DALLAS, TX -- October 15th, 2025 -- Vinte Viviendas Integrales (BMV: VINTE): Stonegate Capital Partners initiates their coverage on Vinte Viviendas Integrales (BMV: VINTE). VINTE reported total revenue of MXN 3.66B, up 211.3% y/y, driven by the Javer acquisition. Compared to pro forma 2Q24 revenue, VINTE would have seen a 6.8% decrease. Average selling prices increased 11.8% to $975,000, up from $872,000 last year. Consolidated EBITDA reached $647.6M, up 124.7% y/y and down 16.4% on a pro forma basis, with an EBITDA margin of 17.7%. We expect the year over year pro forma results to improve as the Company continues to integrate Javer. Lastly, we note the exceptionally strong 2Q24 results further impacting year over year results due to the strong comps.
Company Updates:
Home Deliveries and Mortgage Metrics: VINTE titled 3,715 homes in 2Q25, more than doubling year-over-year (+337.1%) due to Javer’s contribution. Infonavit remains the primary financing source at 48% of titled homes. Over 67% of mortgage volume was funded through INFONAVIT and Unamos Créditos, VINTE’s two most critical government-backed lending channels.
Revenue Drivers: VINTE saw year over year growth outside of titling as Xante grew revenues and EBITDA by 49% and 135%, respectively. This was driven by the convertible financing from IDB Invest of up to 500 million pesos. The expectation is that the Company will be able to increase capacity and consolidate its position as the group’s used housing proptech platform.
ESG Strategy: VINTE remains Mexico’s leader in green-certified housing, with over 23,112 EDGE certified homes, 25.2% of which are Edge Advanced homes. This is up from 20,723 EDGE certified homes at 4Q24, 21.3% of which were EDGE Advanced certified. EDGE certification enhances energy, water, and material efficiency, translating into lower utility bills for homeowners and access to green bond financing for VINTE. It is estimated that the annual tons of carbon saved from these homes stands at 26,519 tons, up from 22,754 tons at 4Q24. The Company has issued over MXN 2.5B in green bonds, supported by IFC, IDB Invest, and DEG. This issuance is expected to support the construction and certification of over 14,800 EDGE certified homes and the corollary infrastructure.
Outlook: Management reiterated its 2025 guidance of 15,000 home deliveries (incl. Javer), with continued emphasis on digital platforms (Xante, iVentas, Emobel) to drive efficiency and improve customer experience. The Company continues to gain share in the affordable and middle-income segments and is well-positioned to benefit from structural housing undersupply, rising household formation, and ESG capital inflows.
Valuation: We us a DCF Model and a EV/EBITDA comp analysis to guide our valuation. Our DCF analysis produces a valuation range of $46.89 to $69.39 with a mid-point of $56.37. Our EV/EBITDA valuation results in a range of $42.31 to $64.95 with a mid-point of $53.63.
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