Financials Inmobiliaria del Sur, S.A.

Equities

ISUR

ES0154653911

Real Estate Development & Operations

Market Closed - BME Other stock markets 11:35:26 2024-04-26 am EDT			5-day change	1st Jan Change
7.45 ^EUR	+2.05%		+3.47%	+6.43%

Mar. 01	Inmobiliaria del Sur, S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Inmobiliaria del Sur, S.A. Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	176.8	136.6	143.2	132.3	129.3	137.4	-
Enterprise Value (EV) ¹	348.9	334.6	368.2	379.6	369.8	392.4	348.7
P/E ratio	19.8 x	6.44 x	11.3 x	8.79 x	11.5 x	12.2 x	6.16 x
Yield	3.52%	4.93%	3.9%	-	4.14%	3.62%	1.88%
Capitalization / Revenue	1.45 x	1.03 x	1.36 x	1.14 x	0.94 x	0.67 x	0.76 x
EV / Revenue	2.87 x	2.52 x	3.49 x	3.26 x	2.68 x	1.91 x	1.94 x
EV / EBITDA	13.8 x	17 x	18.3 x	15.7 x	16.4 x	13.5 x	9.7 x
EV / FCF	-29.3 x	58.2 x	25.1 x	-159 x	32.9 x	4.56 x	12 x
FCF Yield	-3.41%	1.72%	3.98%	-0.63%	3.04%	21.9%	8.32%
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	16,839	16,826	18,594	18,586	18,475	18,447	-
Reference price ²	10.50	8.120	7.700	7.120	7.000	7.450	7.450
Announcement Date	2/27/20	2/26/21	2/24/22	2/28/23	3/1/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	121.6	132.8	105.4	116.5	138.2	206	180.1
EBITDA ¹	25.3	19.7	20.1	24.11	22.62	29	35.95
EBIT ¹	22.16	35.3	15.81	19.51	22.76	25	40.65
Operating Margin	18.22%	26.58%	15%	16.74%	16.47%	12.14%	22.57%
Earnings before Tax (EBT) ¹	-	26.2	14.97	16.4	15.34	14	29.55
Net income ¹	8.844	21.08	12.02	15.01	11.3	11	22.95
Net margin	7.27%	15.87%	11.4%	12.88%	8.18%	5.34%	12.74%
EPS ²	0.5300	1.260	0.6800	0.8100	0.6100	0.6100	1.210
Free Cash Flow ¹	-11.91	5.751	14.67	-2.382	11.25	86	29
FCF margin	-9.8%	4.33%	13.91%	-2.04%	8.14%	41.75%	16.1%
FCF Conversion (EBITDA)	-	29.19%	72.98%	-	49.74%	296.55%	80.67%
FCF Conversion (Net income)	-	27.28%	122.04%	-	99.52%	781.82%	126.36%
Dividend per Share ²	0.3700	0.4000	0.3000	-	0.2900	0.2700	0.1400
Announcement Date	2/27/20	2/26/21	2/24/22	2/28/23	3/1/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1	2022 Q4	2023 Q1	2023 Q2	2023 S1
Net sales ¹	-	46.83	-	33.45	48.95
EBITDA ¹	-	-	-	13.4	16.9
EBIT ¹	-	-	-	10.7	12.4
Operating Margin	-	-	-	31.98%	25.33%
Earnings before Tax (EBT) ¹	-	-	0.2	9.205	9.405
Net income ¹	11.49	-	0.2	6.839	7.039
Net margin	-	-	-	20.44%	14.38%
EPS	0.6200	-	-	-	-
Dividend per Share	-	-	-	-	-
Announcement Date	7/28/22	2/28/23	5/4/23	7/27/23	7/27/23

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	172	198	225	247	240	255	211
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.804 x	10.05 x	11.2 x	10.25 x	10.63 x	8.793 x	5.878 x
Free Cash Flow ¹	-11.9	5.75	14.7	-2.38	11.3	86	29
ROE (net income / shareholders' equity)	8.38%	18.4%	9.36%	11.3%	8.08%	7.6%	3.9%
ROA (Net income/ Total Assets)	-	-	-	3.12%	2.31%	2.1%	1.1%
Assets ¹	-	-	-	480.7	490.2	523.8	2,086
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	0.5300	0.6900	-	-	-	-	-
Capex ¹	20.7	11.6	-	2.43	5.22	53	18
Capex / Sales	17.04%	8.7%	-	2.08%	3.77%	25.73%	9.99%
Announcement Date	2/27/20	2/26/21	2/24/22	2/28/23	3/1/24	-	-

¹EUR in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Inmobiliaria del Sur, S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.45 EUR

Average target price

9.325 EUR

Spread / Average Target

+25.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
INMOBILIARIA DEL SUR, S.A.	+6.43%	147M
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B

Other Real Estate Development & Operations