Stonegate Capital Partners has initiated coverage on Vinte Viviendas Integrales following the Mexican homebuilder's substantial growth and market expansion driven by strategic acquisition. The company reported total revenue of MXN 3.66 billion, representing a 211.3% year-over-year increase primarily attributed to the acquisition of Javer. This revenue surge establishes Vinte as a major player in Mexico's housing sector, though pro forma second quarter 2024 comparisons show a 6.8% decrease, indicating integration challenges that Stonegate expects to resolve as operations consolidate.
Financial performance showed consolidated EBITDA reaching $647.6 million, up 124.7% year-over-year with an EBITDA margin of 17.7%. However, on a pro forma basis, EBITDA decreased by 16.4%, reflecting the ongoing integration process. The exceptionally strong second quarter 2024 results created challenging comparisons that impacted year-over-year metrics. Operational growth was substantial, with 3,715 homes titled in second quarter 2025, more than doubling year-over-year figures with a 337.1% increase attributed to Javer's contribution.
Infonavit remains the primary financing source, accounting for 48% of titled homes. Over 67% of mortgage volume was funded through INFONAVIT and Unamos Créditos, Vinte's two most critical government-backed lending channels, providing stable financing access for affordable housing. The company's growth extended beyond traditional home titling, with Xante growing revenues and EBITDA by 49% and 135% respectively. This expansion was driven by convertible financing from IDB Invest of up to 500 million pesos, available at https://www.idbinvest.org. The expectation is that the company will increase capacity and consolidate its position as the group's used housing proptech platform.
Vinte maintains its leadership in Mexico's green-certified housing market, with over 23,112 EDGE certified homes, 25.2% of which are Edge Advanced certified. This represents growth from 20,723 EDGE certified homes at fourth quarter 2024, when 21.3% were EDGE Advanced certified. EDGE certification enhances energy, water, and material efficiency, translating into lower utility bills for homeowners and access to green bond financing for Vinte. The annual carbon savings from these homes stands at 26,519 tons, up from 22,754 tons at fourth quarter 2024.
The company has issued over MXN 2.5 billion in green bonds, supported by international financial institutions including IFC, IDB Invest, and DEG. This substantial green bond issuance, detailed at https://www.ifc.org, is expected to support the construction and certification of over 14,800 EDGE certified homes and related infrastructure. Management reiterated its 2025 guidance of 15,000 home deliveries including Javer properties, with continued emphasis on digital platforms such as Xante, iVentas, and Emobel to drive operational efficiency and improve customer experience.
The company continues to gain market share in the affordable and middle-income segments and appears well-positioned to benefit from structural housing undersupply, rising household formation, and increasing ESG capital inflows into sustainable development projects. Stonegate Capital Partners utilized both discounted cash flow modeling and EV/EBITDA comparative analysis to guide their valuation assessment. The DCF analysis produced a valuation range of $46.89 to $69.39 with a midpoint of $56.37, while the EV/EBITDA valuation resulted in a range of $42.31 to $64.95 with a midpoint of $53.63, indicating potential upside from current trading levels.
