Stonegate Capital Partners has updated its coverage on Vinte Viviendas Integrales (BMV: VINTE) following the company's announcement in October 2025 of its acquisition of Derex, a developer of sustainable housing communities in northwestern Mexico. This strategic move allows Vinte to enter high-growth markets such as Tijuana, Hermosillo, Nogales, and Mexicali, significantly expanding its geographic footprint. Derex brings a 26-year track record with over 23,000 homes delivered and currently operates four active developments with an average home price of MXN 870,000. The acquisition aligns with Vinte's goal of nationwide housing leadership and strengthens its presence in underserved regions.
Vinte reported strong third-quarter results on a pro forma basis that includes Javer, which was acquired earlier. Total revenue reached MXN 4.12 billion, up 17.5% year-over-year, driven by a 15.5% increase in average selling price to MXN 1.03 million. EBITDA grew 22.3% to MXN 773.9 million, representing an 18.8% margin, while net income rose 28.3% year-over-year. Management highlighted continued synergy capture from the Javer integration, positive operating cash generation of approximately MXN 207 million in the quarter, and a solid balance sheet with net leverage at 2.78x. The company titled 3,967 homes in the third quarter, up 4.5% on a pro forma basis. Mortgage funding sources remained stable, with Infonavit as the largest channel, supported by contributions from Unamos Créditos, banks, and Fovissste, reflecting the platform's diversified financing mix.
Vinte continues to lead Mexico in green-certified housing, with over 23,112 EDGE-certified homes as of the third quarter, of which 25.2% are EDGE Advanced. This compares to 20,723 EDGE-certified homes at the end of 2024, with 21.3% EDGE Advanced. EDGE certification demonstrates enhanced home efficiency, translating into lower utility bills for homeowners and providing Vinte access to green bond financing. The company has issued eight labeled bonds totaling MXN 6.4 billion. The acquisition of Derex and Javer, which historically did not certify homes, presents a significant opportunity for Vinte to certify a large portion of its expanded portfolio, further improving capital costs and adding value to these transactions.
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 is well-positioned to benefit from structural housing undersupply, rising household formation, and ESG capital inflows. Stonegate uses a DCF model and EV/EBITDA comp analysis for valuation, with the DCF producing a range of $43.67 to $66.32 (mid-point $53.21) and EV/EBITDA yielding a range of $42.99 to $65.94 (mid-point $54.46).
