Stonegate Capital Partners Initiates Coverage on Vinte Viviendas Integrales Following Strong Post-Acquisition Performance

Stonegate Capital Partners has initiated coverage on Vinte Viviendas Integrales (BMV: VINTE), providing investors with comprehensive analysis of the Mexican homebuilder's financial performance and strategic positioning following its acquisition of Javer. The coverage comes at a critical juncture for VINTE as it navigates post-merger integration while capitalizing on Mexico's structural housing undersupply and growing demand for sustainable construction.

The company reported total revenue of MXN 3.66 billion, representing a remarkable 211.3% year-over-year increase primarily driven by the Javer acquisition. However, when compared to pro forma second quarter 2024 revenue, VINTE experienced a 6.8% decrease, indicating the challenges of integration. Average selling prices showed strong momentum, increasing 11.8% to $975,000 from $872,000 in the previous year, reflecting the company's ability to command premium pricing in the market.

Consolidated EBITDA reached $647.6 million, up 124.7% year-over-year but down 16.4% on a pro forma basis, with an EBITDA margin of 17.7%. Stonegate analysts expect the year-over-year pro forma results to improve as the company continues to integrate Javer operations. The exceptionally strong second quarter 2024 results further impacted year-over-year comparisons due to challenging comps.

Operational metrics demonstrate VINTE's expanded scale, with the company titling 3,715 homes in second quarter 2025, more than doubling year-over-year with a 337.1% increase due to Javer's contribution. Infonavit remains the primary financing source at 48% of titled homes, with over 67% of mortgage volume funded through INFONAVIT and Unamos Créditos, VINTE's two most critical government-backed lending channels.

Beyond traditional homebuilding, VINTE's digital platforms show promising growth. Xante grew revenues and EBITDA by 49% and 135% respectively, driven by convertible financing from IDB Invest of up to 500 million pesos. This positions the company to increase capacity and consolidate its position as the group's used housing proptech platform.

VINTE maintains its leadership in Mexico's green-certified housing sector with over 23,112 EDGE certified homes, 25.2% of which are Edge Advanced homes. This represents significant growth from 20,723 EDGE certified homes at fourth quarter 2024, when 21.3% were EDGE Advanced certified. The 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 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 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, positioning VINTE to benefit from growing ESG capital inflows.

Management reiterated its 2025 guidance of 15,000 home deliveries including Javer, with continued emphasis on digital platforms including Xante, iVentas, and Emobel to drive efficiency and improve customer experience. The company continues to gain market share in the affordable and middle-income segments and is well-positioned to benefit from structural housing undersupply and rising household formation in Mexico.

Stonegate's valuation analysis employs both discounted cash flow modeling and EV/EBITDA comparable analysis. The DCF analysis produces a valuation range of $46.89 to $69.39 with a midpoint of $56.37, while the EV/EBITDA valuation results in a range of $42.31 to $64.95 with a midpoint of $53.63, providing investors with multiple frameworks for assessing the company's investment potential.