| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 146.67 | 4789 |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
Whiteni Rcajal Socimi, S.A. is a Spanish real estate investment trust (SOCIMI) specializing in the acquisition and management of commercial and industrial properties in Spain. Headquartered in Madrid, the company focuses on office buildings and industrial premises, with a portfolio covering approximately 14,000 square meters. Incorporated in 2017, Whiteni Rcajal Socimi operates in the competitive Spanish real estate market, targeting stable rental income and long-term capital appreciation. The company's business model aligns with the SOCIMI framework, which offers tax advantages for compliant real estate investment vehicles in Spain. Despite its relatively small scale, Whiteni Rcajal Socimi plays a niche role in Spain's commercial real estate sector, catering to local demand for office and industrial space. The company's performance reflects broader trends in the Spanish property market, including post-pandemic recovery in office occupancy and industrial real estate demand driven by e-commerce growth.
Whiteni Rcajal Socimi presents a high-risk, speculative investment opportunity in the Spanish real estate market. The company reported negative net income of €-1.78 million in FY2023, with negative operating cash flow of €-451k, indicating ongoing financial challenges. With a modest market capitalization of €22.1 million and low beta (0.07), the stock shows limited correlation to broader market movements but also suggests illiquidity risks. The absence of dividends (€0 dividend per share) reduces income appeal, while the company's small-scale operations make it vulnerable to local real estate market fluctuations. Potential investors should carefully evaluate Spain's commercial real estate outlook and the company's ability to improve occupancy rates and rental income. The SOCIMI structure provides tax benefits, but the company's financial performance raises concerns about its ability to capitalize on this advantage.
Whiteni Rcajal Socimi operates in a highly competitive segment of the Spanish real estate market, competing against larger SOCIMIs and property management firms. The company's competitive position is constrained by its small portfolio size (14,000 sqm) and limited geographical diversification within Spain. Unlike major Spanish SOCIMIs with diversified international portfolios, Whiteni Rcajal's focus on domestic office and industrial properties exposes it to concentrated market risks. The company's competitive advantage lies in its specialized local market knowledge and potentially more agile decision-making compared to larger competitors. However, its small scale limits bargaining power with tenants and access to premium properties. The negative financial metrics suggest operational inefficiencies or challenging lease terms compared to industry benchmarks. In the Spanish SOCIMI landscape, Whiteni Rcajal lacks the brand recognition and financial resources of market leaders, making it difficult to compete for prime assets or attract institutional tenants. The company's development activities represent a potential growth avenue but also increase risk exposure in Spain's cyclical property development sector.