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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Metrovacesa S A : Q2 2021 – Results presentation (PDF)

07/27/2021 | 01:50am EST

Residencial Nereidas

(Torremolinos, Málaga)

Results 1H2021

July 27th, 2021


This Presentation neither constitutes nor forms part of any offer for sale or invitation to purchase or subscribe for, or request for an offer of purchase or subscription, of the shares belonging to Metrovacesa, SA ("Metrovacesa"). This Presentation, as well as the information included therein, neither constitutes nor forms part of (i) any contract or commitment of purchase or subscription of shares in accordance with the Securities Market Law, or (ii) an offer of purchase, sale or exchange of shares, or a solicitation of any type of voting rights in the jurisdiction of Spain, UK, USA or any other. "Presentation" refers to this document and any part or content of this document; any oral presentation, brainstorming session and written or audio material processed or distributed during the meeting related to the Presentation or in any way associated with the Presentation. The Presentation and the information contained in the Presentation may not be reproduced, used, distributed or published, in whole or in part, in any case, except with regard to the information extracted from the Presentation and used for the preparation of analysts' reports in accordance with the applicable regulations. The breach of this obligation may result in a violation of the legislation applying to the securities market and this may lead to civil, administrative or criminal liability. In addition to information related to historical facts, this Presentation may contain forward-looking statements relative to Metrovacesa's sales and results and to other issues such as industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital investment, own resources and other operational and financial information. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are not about historical facts. The terms "foresee", "expect", "anticipate", "estimate", "consider", "may" and other similar expressions may identify forward-looking statements. Other forward-looking statements can be identified based on their context. Forward-looking statements are based on numerous hypotheses and assumptions relating to Metrovacesa's present and future business strategy, as well as the environment in which Metrovacesa expects to operate in the future. Forward-looking statements include and involve known and unknown risks, uncertainties and other material factors that may affect the actual results and performance of Metrovacesa or the industry. Therefore, the result and the actual performance may differ materially from those expressed or implied in these statements. None of the forward-looking statements, expectations, or perspectives included in this Presentation should be construed as a prediction or a promise. Neither should it be understood that the forward-looking statements involve any demonstration, promise or warranty whatsoever of the accuracy or completeness of the assumptions or hypotheses which such forward-looking statements, expectations, estimates or forecasts are based on, or, in the case of the assumptions, their full inclusion in the Presentation. Numerous factors may cause Metrovacesa's results or actual performance to be materially different from any future results or performance expressly or implicitly included in any of the aforementioned forward-looking statements. In the event that one or several of the aforementioned risks or uncertainties were to materialise, or in the event that the assumptions prove incorrect, actual results may be materially different from those described, anticipated, expected or projected in the Presentation. Therefore, the recipient of this presentation should not unduly rely on these forward-looking statements and their ability to predict future outcomes. Present and future analysts, securities brokers and investors must operate based on their own judgement as to the suitability and adequacy of the securities in terms of the achievement of their particular goals, having taken into consideration what is specified in this notice and the public information available and having received all the professional advice, or of any other type, deemed necessary or merely convenient in these circumstances, without having relied solely on the information contained in the Presentation. The dissemination of this Presentation does not constitute advice or recommendation by Metrovacesa to buy, sell or trade with Metrovacesa shares, or with any other security. Analysts, securities brokers and investors should take into account that the estimates, projections and forecasts do not guarantee the performance, result, prices, margins, exchange rates and other facts relating to Metrovacesa, which are subject to risks, uncertainties or other variables that are not within Metrovacesa's control, in such a way that the future results and the actual performance could be materially different to that anticipated, projected and estimated. The information contained in this Presentation which is not intended to be all-inclusive, has not been verified by an independent third party and shall not be updated. The information of the Presentation, including the forward-looking statements, refers to the date of this document and does not imply any guarantee for future results. Metrovacesa expressly disclaims any obligation or undertaking to disseminate any updates or revisions of the information, including financial data and forward-looking statements. In this regard, Metrovacesa shall not publicly distribute any revision that may affect the information contained in the Presentation that is derived from changes in expectations, facts, conditions or circumstances on which is based the forward-looking statements, or any other change that occurred on the date of the Presentation or after this date. The data relating to the industry, the market and the competitive position of Metrovacesa contained in this Presentation that are not attributable to a specific source have been extracted from the analyses or estimates made by Metrovacesa and have not been independently verified. In addition, the Presentation may include information related to other companies operating in the same sector and industry. This information comes from public sources and Metrovacesa provides no express or implied representation or warranty, nor assumes any responsibility for the accuracy, completeness or verification of the aforementioned data. Certain statistical and financial information contained in the Presentation are subject to rounding adjustment. Therefore, any discrepancy between the total and the sum of the amounts reflected is due to this rounding off. Some of the indicators of financial and operational management included in this Presentation have not been subjected to a financial audit or verification by an independent third party. In addition, certain figures of the Presentation, which have not been subject to financial audit either, are pro forma figures. Metrovacesa and its employees, executives, directors, advisors, representatives, agents or affiliates assume no liability (for fault or negligence, direct or indirect, tort or contract) for damages that may arise from the use of this Presentation or its content or that, in any case, are related to this Presentation. The information contained in this Presentation does not constitute legal, accounting, regulatory, tax, financial or any other type of advice. The aforementioned information has not been prepared taking into consideration the needs or particular situations nor the investment, legal, accounting, regulatory, tax, or financial goals of the recipients of the information. Solely recipients shall be responsible for forming their own judgment and reaching their own opinions and conclusions with respect to these matters and the market, as well as for making an independent assessment of the information. Solely recipients shall be responsible for seeking independent professional advice in connection with the information contained in the Presentation and any action taken based on such information. No one takes responsibility for the information or for any actions taken by any recipient or any of its directors, executives, employees, agents or associates on the basis of the aforementioned information. Neither this presentation nor any part thereof are contractual in nature, and may not be used to form part of or constitute any kind of agreement. Upon receipt of or attendance to the Presentation, the recipient declares its conformity and, therefore, to be subject to the restrictions specified in the preceding paragraphs.



Table of Contents




Business Update

3. Financial Overview

4. Closing Remarks


Today's Presenters

Jorge Pérez de Leza

Borja Tejada

Juan Carlos Calvo



Strategy & IR


Novolérez (Pontevedra, Galicia)

1. Highlights


Continued recovery in housing demand

New record quarter in pre-sales: 1H already close to FY20

New Build to Rent agreement for 206 units

Deal signed with AEW in Valencia confirms interest outside Madrid

Stepping-up on our operating plans

On track to meet full-year targets and now intensifying volume of new launches and construction starts due to improved market conditions


This is an excerpt of the original content. To continue reading it, access the original document here.


Metrovacesa SA published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 05:49:07 UTC.

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Sales 2021 503 M 569 M 569 M
Net income 2021 18,3 M 20,7 M 20,7 M
Net Debt 2021 271 M 307 M 307 M
P/E ratio 2021 46,5x
Yield 2021 8,56%
Capitalization 1 118 M 1 265 M 1 265 M
EV / Sales 2021 2,76x
EV / Sales 2022 2,27x
Nbr of Employees 195
Free-Float 20,2%
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Income Statement Evolution
Mean consensus HOLD
Number of Analysts 6
Last Close Price 7,38 €
Average target price 8,25 €
Spread / Average Target 11,7%
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Managers and Directors
Jorge PÚrez de Leza Eguiguren Chief Executive Officer & Director
Borja Tejada Rendˇn-Luna Chief Financial Officer
Ignacio Moreno MartÝnez Chairman
Eduardo Carre˝o Chief Operating Officer
Beatriz Puente Ferreras Independent Director
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