DALLAS, TX -- October 28th, 2025 -- Vinte Viviendas Integrales (BMV: VINTE): Stonegate Capital Partners updates their coverage on Vinte Viviendas Integrales (BMV: VINTE). In October 2025, VINTE announced the acquisition of Derex, a leading developer of sustainable housing communities in northwestern Mexico. This transaction marks a significant geographic expansion, enabling VINTE to enter high-growth markets such as Tijuana, Hermosillo, Nogales, and Mexicali. Derex has a 26-year track record, with over 23,000 homes delivered. The Company currently operates four active developments with an average home price of MXN 870,000. This acquisition strengthens VINTE’s presence in underserved regions, and supports its goal of nationwide housing leadership.
Company Updates:
Quarterly Results: VINTE reported total revenue of MXN 4.12B, up 17.5% y/y, on the pro forma base that includes Javer. Average selling price increased 15.5% to MXN 1.03M. EBITDA was MXN 773.9M (18.8% margin), up 22.3% y/y, while net income rose 28.3% y/y. Management highlighted continued synergy capture from the Javer integration, positive operating cash generation (~MXN 207M in 3Q), and a solid balance sheet with net leverage at 2.78x. We expect ongoing integration and pricing discipline to support year-over-year pro forma improvements into 4Q25 and 2026.
Home Deliveries and Mortgage Metrics: VINTE titled 3,967 homes in 3Q25, up 4.5% on a pro forma basis. Mortgage funding sources remained stable through 9M25, with Infonavit continuing as the largest channel and Unamos Créditos a meaningful contributor alongside banks and Fovissste, reflecting the platform’s diversified financing mix. Geographic and price-point diversification further supported flexibility across markets and segments.
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 proves the enhanced home efficiency, translating into lower utility bills for homeowners and access to green bond financing for VINTE. The Company has issued eight labeled bonds totaling MXN 6.4B. This capital structure, paired with long-standing EDGE practices across developments, underpins access to cheaper ESG capital. We expect these metrics to take another step up at year end as the Company certifies homes batches. We also note the whitespace in this area, accessed by the recent transactions. Historically, Javer and Derex did not certify homes, leaving VINTE with a significant portion of its portfolio that can be certified with relative ease, further improving capital costs and the value of these transactions.
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 $43.67 to $66.32 with a mid-point of $53.21. Our EV/EBITDA valuation results in a range of $42.99 to $65.94 with a mid-point of $54.46.
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