Stonegate Capital Partners has initiated coverage on Vinte Viviendas Integrales (BMV: VINTE), a Mexican homebuilder focused on affordable and middle-income housing. The coverage comes as Vinte reports a transformative second quarter of 2025, driven largely by the acquisition of Javer, which significantly boosted revenues and home deliveries.
Vinte reported total revenue of MXN 3.66 billion for the second quarter, a 211.3% increase year-over-year, largely attributable to the Javer acquisition. However, on a pro forma basis—adjusting for the acquisition—revenue declined 6.8% compared to the same period in 2024. Average selling prices rose 11.8% to MXN 975,000, up from MXN 872,000 a year earlier. Consolidated EBITDA reached MXN 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 expects year-over-year pro forma results to improve as the company continues integrating Javer.
Home deliveries surged to 3,715 units in 2Q25, more than doubling year-over-year (+337.1%) due to Javer's contribution. Infonavit remains the primary financing source, accounting for 48% of titled homes. Notably, over 67% of mortgage volume was funded through INFONAVIT and Unamos Créditos, Vinte’s two most critical government-backed lending channels. The company also saw growth outside of titling: its proptech platform Xante grew revenues by 49% and EBITDA by 135%, supported by convertible financing from IDB Invest of up to MXN 500 million. This financing is expected to increase capacity and consolidate Xante’s position in the used housing market.
Vinte continues to lead Mexico in green-certified housing, with over 23,112 EDGE certified homes as of 2Q25, up from 20,723 at the end of 2024. Of these, 25.2% are EDGE Advanced certified, compared to 21.3% in 4Q24. EDGE certification enhances energy, water, and material efficiency, lowering utility bills for homeowners and enabling Vinte to access green bond financing. The company estimates that the annual tons of carbon saved from these homes stands at 26,519 tons, up from 22,754 tons in 4Q24. Vinte has issued over MXN 2.5 billion in green bonds, supported by the International Finance Corporation (IFC), IDB Invest, and DEG. This issuance is expected to support the construction and certification of over 14,800 EDGE certified homes and associated infrastructure.
Management reiterated its 2025 guidance of 15,000 home deliveries, including Javer, with continued emphasis on digital platforms such as 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, positioning itself to benefit from structural housing undersupply, rising household formation, and ESG capital inflows.
Stonegate uses a discounted cash flow (DCF) model and an EV/EBITDA comparable analysis to guide its valuation. The DCF analysis produces a valuation range of MXN 46.89 to MXN 69.39 per share, with a midpoint of MXN 56.37. The EV/EBITDA valuation results in a range of MXN 42.31 to MXN 64.95 per share, with a midpoint of MXN 53.63.
