Stonegate Capital Partners has updated its coverage on Vinte Viviendas Integrales (BMV: VINTE), focusing on the company's strategic acquisition of Derex and its third-quarter 2025 financial performance. The acquisition of Derex, a sustainable housing developer in northwestern Mexico, marks a significant geographic expansion for Vinte into high-growth markets such as Tijuana, Hermosillo, Nogales, and Mexicali. Derex, with a 26-year track record and over 23,000 homes delivered, currently operates four active developments with an average home price of MXN 870,000. This move aligns with Vinte's goal of nationwide housing leadership and strengthens its presence in underserved regions.
In the third quarter of 2025, Vinte reported total revenue of MXN 4.12 billion, a 17.5% year-over-year increase on a pro forma basis that includes the Javer acquisition. The average selling price rose 15.5% to MXN 1.03 million. EBITDA reached MXN 773.9 million, representing an 18.8% margin and a 22.3% increase year-over-year, while net income grew 28.3%. 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 Q3, up 4.5% on a pro forma basis, with mortgage funding sources remaining stable through the first nine months of 2025. Infonavit continued as the largest channel, with Unamos Créditos, banks, and Fovissste contributing to a diversified financing mix.
Vinte maintains its leadership in green-certified housing in Mexico, with over 23,112 EDGE certified homes, 25.2% of which are EDGE Advanced, up from 20,723 at the end of 2024. EDGE certification enhances home efficiency, leading to lower utility bills for homeowners and providing access to green bond financing for Vinte. The company has issued eight labeled bonds totaling MXN 6.4 billion. The acquisition of Derex and prior integration of Javer present significant opportunities for further certification, as neither company historically certified homes. This white space allows Vinte to improve capital costs and enhance the value of these transactions.
Management reiterated its 2025 guidance of 15,000 home deliveries (including Javer) and emphasized 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's valuation, using a DCF model and EV/EBITDA comp analysis, yields a valuation range of $43.67 to $66.32 with a midpoint of $53.21 from DCF, and $42.99 to $65.94 with a midpoint of $54.46 from EV/EBITDA.
