Stonegate Capital Partners Initiates Coverage on Vinte Viviendas Integrales Following Strong Growth and ESG Leadership

Stonegate Capital Partners has initiated coverage on Vinte Viviendas Integrales (BMV: VINTE), a Mexican housing developer showing substantial growth following strategic acquisitions and maintaining leadership in sustainable housing development. The company reported total revenue of MXN 3.66 billion, representing a 211.3% year-over-year increase primarily driven by the Javer acquisition. When compared to pro forma second quarter 2024 revenue, VINTE would have experienced a 6.8% decrease, indicating the significant impact of the acquisition on year-over-year comparisons.

The company's average selling prices increased 11.8% to $975,000, up from $872,000 during the same period last year, reflecting both market conditions and potential product mix changes. Consolidated EBITDA reached $647.6 million, showing a 124.7% year-over-year increase but a 16.4% decrease on a pro forma basis, with an EBITDA margin of 17.7%. Analysts expect the year-over-year pro forma results to improve as the company continues integrating Javer operations, though exceptionally strong second quarter 2024 results continue to impact current year comparisons.

VINTE titled 3,715 homes in the second quarter of 2025, more than doubling year-over-year figures with a 337.1% increase due to Javer's contribution to the portfolio. Infonavit remains the primary financing source, accounting for 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 that provide stability in housing finance.

Beyond traditional home titling, VINTE demonstrated growth through its Xante platform, which grew revenues and EBITDA by 49% and 135% respectively. This expansion was supported by convertible financing from IDB Invest of up to 500 million pesos, available at https://www.idbinvest.org. The company expects this funding to increase capacity and consolidate Xante's position as the group's used housing proptech platform, representing a strategic diversification beyond new construction.

VINTE maintains its position as Mexico's leader in green-certified housing, with over 23,112 EDGE certified homes, 25.2% of which are Edge Advanced certified. This represents growth from 20,723 EDGE certified homes at fourth quarter 2024, when 21.3% 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. The environmental impact is substantial, with estimated annual carbon savings from these homes reaching 26,519 tons, up from 22,754 tons at fourth quarter 2024.

The company has issued over MXN 2.5 billion in green bonds, supported by international financial institutions including IFC, IDB Invest, and DEG. This issuance is expected to support the construction and certification of over 14,800 EDGE certified homes and related infrastructure, demonstrating the scalability of VINTE's sustainable housing model. More information about EDGE certification standards can be found at https://edgebuildings.com.

Management reiterated its 2025 guidance of 15,000 home deliveries including Javer contributions, with continued emphasis on digital platforms including Xante, iVentas, and Emobel to drive operational efficiency and improve customer experience. The company continues gaining market share in affordable and middle-income housing segments and appears well-positioned to benefit from structural housing undersupply, rising household formation, and increasing ESG capital inflows into sustainable development projects.

Stonegate Capital Partners utilized both discounted cash flow analysis and EV/EBITDA comparable analysis to guide their valuation assessment. The DCF analysis produced a valuation range of $46.89 to $69.39 with a midpoint of $56.37, while the EV/EBITDA valuation resulted in a range of $42.31 to $64.95 with a midpoint of $53.63, indicating potential upside from current trading levels based on the company's growth trajectory and market position.