Metrovacesa SA
MAD:MVC
Metrovacesa SA
Founded in 1918, Metrovacesa SA has traversed the landscape of Spain's real estate industry to become a pivotal player in the sector. Emerging from a lineage deeply rooted in property and construction, Metrovacesa has evolved through the decades by strategically pivoting towards prevailing market demands. The company has skillfully navigated the Spanish real estate booms and crises, reflecting both resilience and adaptability. Traditionally, Metrovacesa's core business focused on developing residential properties. However, the company expanded its portfolio to include the development and management of commercial real estate, capturing the growing demand for business spaces and retail complexes in urban centers. This dual approach has allowed it to diversify its revenue streams and mitigate risks inherent in the real estate market.
Metrovacesa's business model is anchored in the acquisition of strategic land parcels, where it leverages its development expertise to create highly attractive residential and commercial properties. Revenue generation flows primarily from the sale of these developed properties and the strategic leasing of commercial spaces. By investing in land assets and utilizing detailed market analysis to predict urban growth, Metrovacesa ensures not only the profitability of its developments but also the sustainable expansion of its offerings. The company's focus extends beyond immediate sales, incorporating long-term value creation through customer satisfaction and community impact. Through strategic alliances and a strong commitment to quality and innovation, Metrovacesa adeptly positions itself at the forefront of Spain's real estate development, continuously shaping the urban landscape with an eye for both profit and sustainability.
Strong Demand: Metrovacesa saw housing demand hold up well, with net presales rising to 425 units, outperforming the prior three quarters.
Backlog Milestone: The sales backlog exceeded €1 billion for the first time, providing strong visibility for 2023 and 2024 deliveries.
Stable Margins: Gross margin was 21.5%, in line with company guidance and recent quarters.
Dividend Policy: A €0.33 per share dividend was approved, representing an 85% payout of 2022 cash flow, to be paid on May 19.
Land Progress: Major progress was made at the 3 Chimneys project in Barcelona, with the master plan approved and significant land sales activity expected in upcoming quarters.
Financial Strength: Loan-to-value remained low at 11.5% and is expected to rise only modestly after dividend payment.
Guidance Reiterated: Full-year cash flow guidance of €100–150 million was reaffirmed, with project launches and construction starts on track.
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