Neinor Homes SLU (HOME) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Neinor Homes SLU stock €22.56, price €18.44, upside +22.3%, quality 44 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range €5.13 – €18.80 · fair‑value band €15.92 – €29.56 · the €18.44 price screens below the €22.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Neinor Homes, S.A., together with its subsidiaries, develops, promotes, rental, and manages real estate properties in Spain. It operates through Development, Assets Management, and Rental segments. The company is involved in the acquisition of residential land for subsequent development.
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Neinor Homes, S.A. was founded in 1988 and is based in Bilbao, Spain.
Stock analysis
Neinor Homes SLU (HOME) currently trades at €18.44, while our model-based Fair Value estimate is €22.56, implying the stock looks roughly 18% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €32.37 per share, and 15 of the 26 models we run sit above the €18.44 price.
Bear case: the Multiples group reads lowest at €7.48, and 11 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €15.92 (bear) to €29.56 (bull), the price of €18.44 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 44/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Neinor Homes SLU reported revenue of €709M in FY2025 versus €914M in FY2021, a compound −6.2%/yr. Reported net income was €123M in FY2025, compounding +4.6%/yr from FY2021.
Key figures
Market cap €1.8B Small · P/E ratio 13.9 · P/S ratio 1.45 · EPS (TTM) €1.33 · Dividend yield 9.6% · Net margin 10.7% · Return on equity 12.8% · Return on assets (EBIT) 5.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 25% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 33% fair-value upside, at 22%, HOME screens richer than that median.
Fair Value models
Bear€15.92Fair Value €22.56Bull€29.56
Price €18.44 · Upside +22.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€1.14 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF€26.91€46.05€76.3376
Growth DCF€26.33€42.74€66.8975
EPV€5.48€6.13€6.6874
All 26 models by family
DCF Models
FCF DCF€26.91€46.05€76.3376
Owner Earnings€24.99€42.73€70.8072
5Y Revenue Exit€14.14€20.41€28.2871
5Y EBITDA Exit€14.52€21.22€29.1473
5Y P/E Exit€22.66€38.42€56.5668
10Y Revenue Exit€18.54€25.99€36.4365
10Y EBITDA Exit€18.96€26.54€37.1067
10Y P/E Exit€23.93€38.19€58.5361
Earnings-Based
Graham-Dodd€8.77€44.34€61.2362
Lynch FV€12.04€17.20€22.3559
PEG = 1.0€12.04€17.20€22.3555
EPV€5.48€6.13€6.6874
Dividend Discount
Gordon GGM€12.52€22.51€30.9166
DDM Multi-Stage€12.52€20.59€24.0565
Multiples
P/E Multiple€21.27€28.36€35.4563
P/S Multiple€6.68€8.90€11.1358
P/B Multiple€9.65€12.87€16.0955
EV/EBIT€2.62€6.06€9.4962
EV/EBITDAn/a€2.10€4.5462
EV/Revenuen/a€1.22€3.8950
Asset-Based
NCAV (Graham)€5.97€8.00€11.9454
Growth DCF
Growth DCF€26.33€42.74€66.8975
Rev-Margin DCF€14.14€20.62€29.2770
Economic Profit
Residual Income€10.31€11.30€13.0374
ROIC Compounder€5.48€6.13€6.6870
Growth Earnings
Growth-Adj P/E€18.73€26.75€34.7865
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+45.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Start year 2020 (pandemic). Over 10 years: +10.7% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+18.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)9.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9.1% vs 60.0%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.17% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +1.1% a year for the price and +10.3% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate - Development · 489 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside+22.3% · Below median
Profitability
Return on equity (12 months)12.8% · Top 25%
Return on assets3.1% · Above median
Net margin (12 months)10.7% · Above median
Operating margin (12 months)9.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)362.8% · Top 25%
Dividend yield (12 months)9.6% · Top 25%
Balance sheet
Debt / equity0.64× · Above median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
P/E (12 months)13.9× · Pricier than median
P/B1.55× · Priciest 25%
P/S (12 months)1.45× · Cheaper than median
Price / free cash flow (fiscal year)8.6× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Neinor Homes SLU Fair Value". https://www.fairvalue-calculator.com/stock/HOME
Frequently asked questions
Is Neinor Homes SLU (HOME) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €22.56 versus a price of €18.44, about +22% upside (undervalued).
What is the fair value of HOME?
Our model-based fair value for Neinor Homes SLU is €22.56 (as of Nov 6, 2026), built from audited fundamentals. The current price: €18.44.
What is the quality score of HOME?
Neinor Homes SLU has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Neinor Homes SLU (HOME)?
Our model-based price target is the fair value of €22.56 (as of Nov 6, 2026) from 26 valuation models. Cautious scenario €15.92, optimistic scenario €29.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Neinor Homes SLU stock forecast for 2026?
Our models put fair value at €22.56, about +22% upside versus a price of €18.44 (undervalued). Cautious scenario €15.92, optimistic scenario €29.56. The calculation is refreshed regularly with new filings.
What is the revenue of Neinor Homes SLU (HOME)?
Neinor Homes SLU reported trailing-twelve-month revenue of about €1.2B (latest available figure, as of Nov 6, 2026).
Does Neinor Homes SLU pay a dividend?
Neinor Homes SLU currently shows a dividend yield of 9.63% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Neinor Homes SLU (HOME)?
Neinor Homes SLU has a dividend yield of 9.6%.
What growth is priced into Neinor Homes SLU (HOME)?
For today's price to be fair in a discounted-cash-flow model, Neinor Homes SLU would have to grow free cash flow by +3.3 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.4 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of HOME use?
Our models discount Neinor Homes SLU at 11.1 %: a base by market capitalisation (small), damped by beta 0.28, country premium for Spain. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Neinor Homes SLU that is +3.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has Neinor Homes SLU (HOME) delivered so far?
Over the past 5 years revenue at Neinor Homes SLU grew +4.4 % a year. The price currently implies free-cash-flow growth of +3.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Neinor Homes SLU (HOME) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Neinor Homes SLU (+3.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Neinor Homes SLU (HOME)?
The free-cash-flow yield on the price is 11.64 %: that much free cash flow Neinor Homes SLU produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Neinor Homes SLU (HOME)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Neinor Homes SLU it is €22.56 per share (as of Nov 6, 2026), against a price of €18.44. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Neinor Homes SLU stock overvalued or undervalued in 2026?
As of Nov 6, 2026, HOME trades below its calculated fair value: price €18.44, fair value €22.56, a gap of about +22% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HOME?
No. The price is what the market pays today (€18.44); the fair value is what the company's own numbers justify (€22.56). For Neinor Homes SLU the two are €4.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Neinor Homes SLU worth?
The market values Neinor Homes SLU at about €1.8B (market capitalisation, as of Nov 6, 2026). Per share that is €18.44; our models calculate a fair value of €22.56 per share.
What do the bullish and bearish scenarios say about HOME?
Our models span a range for Neinor Homes SLU: cautious scenario €15.92, base €22.56, optimistic €29.56 per share (as of Nov 6, 2026, price €18.44). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HOME?
Neinor Homes SLU trades at a price-to-earnings ratio of 13.9 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €22.56 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 26.3 (reported for FY2025: 14.0). Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings, FY2025 ex one-offs: 12.3. Other multiples: P/B 1.6, P/S 1.5, EV/EBITDA 13.6.
How solid is the balance sheet of Neinor Homes SLU (HOME)?
Balance-sheet figures for Neinor Homes SLU (as of Nov 6, 2026): return on equity 12.8%, debt of 0.64 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is HOME from its 52-week high?
Neinor Homes SLU trades at €18.44, about 2% below its 52-week high of €18.80 and 25% above the low of €14.73 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €22.56 is for.
Which stocks are comparable to Neinor Homes SLU?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, CK Asset Holdings, DLF Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Neinor Homes SLU stock attractive at the current price?
The data as of Nov 6, 2026: price €18.44, calculated fair value €22.56 (+22%), Quality Score 44/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HOME calculated?
We run Neinor Homes SLU through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €22.56 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Neinor Homes SLU currently trades 18% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Neinor Homes SLU (HOME)?
The closing price on Nov 6, 2026 was €18.44. Our model-based fair value is €22.56, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Neinor Homes SLU right now?
A fairly wide model range (€15.92 to €29.56) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Neinor Homes SLU
How large is the market capitalisation of Neinor Homes SLU (HOME)?
The market capitalisation of Neinor Homes SLU is €1.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Neinor Homes SLU (HOME)?
The price-to-sales ratio of Neinor Homes SLU is 1.45 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Neinor Homes SLU (HOME)?
Earnings per share at Neinor Homes SLU are €1.33 (price ÷ EPS = P/E 13.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Neinor Homes SLU (HOME)?
The dividend yield of Neinor Homes SLU is 9.6% (payout 134%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Neinor Homes SLU (HOME)?
The net margin of Neinor Homes SLU is 10.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Neinor Homes SLU (HOME)?
The return on equity (ROE) of Neinor Homes SLU is 12.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Neinor Homes SLU (HOME)?
On an EBIT basis the return on assets of Neinor Homes SLU is 5.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Neinor Homes SLU (HOME)?
The operating margin of Neinor Homes SLU is 9.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Neinor Homes SLU (HOME)?
Revenue at Neinor Homes SLU is growing +363% versus a year earlier (3y avg −2.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Neinor Homes SLU (HOME)?
Earnings per share at Neinor Homes SLU are growing +198% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Neinor Homes SLU (HOME) carry?
The net debt of Neinor Homes SLU is €734M (fiscal year 2025, ≈ 3.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 6, 2026