Even after practically doubled the price of its share in a year, Moura Dubeux () still believes it is cheap. And it seems to have reasons for that. Under the expectation of record results in the initial half of 2025, the developer has been able to navigate the rise cycle with growth in deliveries of enterprises and distributing profits.
“The first semester will come with the largest sales and launches in the company’s history,” says CEO of Moura Dubeux, Diego Villar, in an interview with Infomoney. The company should exceed R $ 1.5 billion in releases in the first quarter and there is a “reasonable” expectation of reaching R $ 3.5 billion in the year, with R $ 3 billion in sales.
It is a pace that should not slow down despite the. In fact, Villar explains, while the economy is growing and unemployment does not fire, Moura Dubeux’s business model has been a winner.
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Incorporator’s main line of business is the high standard segment, whose demand does not tend to be impacted by a Selic in 15%. “In three and a half years, a high -income client doubles his investment in Brazil today, without much effort, just buying government titles,” says the executive.
To give an idea of the type of high standard, Moura Dubeux bought this year the traditional Seara Hotel, on Avenida Beira-Mar, one of Fortaleza’s postcards, to demolish it and raise two 50-story buildings designed by architect Arthur Casas.
Moura Dubeux was born and specialized in the Northeast, where today has 54 construction sites. “When we look at the region, we see that vegetative demand is not 100% met; the stimulated demand is even less and basically what happens is: there are not many developers exploring the market,” says Villar.
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Although there are local competitors in some capitals, the executive says that Moura Dubeux is the only one focused on the whole region – The exceptions are Maranhão and Piauí –in capital and beaches. In the states that operates, its market share is around 22% which puts it in the lead in all the markets that operates.
Its growth is based on two major strategies: one, focused on the middle class, with the launch of two specific brands – Mood and Unique – and another, in the closed condominium model, in which there is prior funding with investors. With these two bases, the company can preserve cash and reduce the possibility of distracts.
Cheap action?
A low leverages and reinforced box formula, added to the growth in sales and launches, opened the eye of the market to Moura Dubeux. Until the closing of last Wednesday (2), a. Since the beginning of 2023, the growth has been almost 300%.
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“When I look at the developers listed in the bag and see the quality of the delivery we have been doing, versus our market cap, without changing anything in Brazil, I find cheap,” says Villar. The CEO argues that a 10% real interest scenario and a neutral spending policy would already position sector actions in multiples of 7 times the annual profit.
For Villar, the action went unnoticed by investors for a long time due to the distance from Faria Lima. “We were dropped. And it was natural, because we are not in the Southeast. We needed to prove that it has consistent demand, our ability to grow, not to leverage and generate results.”
The profit before interest, taxes, depreciation and amortization (EBITDA) of the company increased by 75% in the first quarter of 2025 compared to the same period of the previous year, to R $ 81 million, while the indebtedness was 7.8% of net equity.
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For now, however, Moura Dubeux executives continue to hit Faria Lima: “The work is folded at the end of the day because it is away from the financial center.”
Moura negotiates a daily volume close to $ 10 million today, which does not guarantee so much liquidity to the role in the market. Although it still does not think of a liquidity event, a possible equity It would just seek to bring new funds that today do not look at the company.
Two years ago, Moura Dubeux realized that she was losing a pocket until then: the middle class.
While inflation in construction measured by the National Construction Cost Index (INCC-M) rose 9.4% in the accumulated 2022 and 3.32% in 2023, Bolsa Familia included a new income range to gain access to benefits.
As the salary of middle class families in the range of $ 15,000 to $ 17,000 did not follow, it was too expensive to pay for the high standard property, but also could not finance the property for the government program. Moura Dubeux created Mood precisely to serve this audience.
“If we had to raise the price of the property to the value that closes our account, the family would no longer buy apartment,” explains Villar. “So we reinvent the product through the company’s engineering.”
The bet was in a more industrialized project, the style of enterprises such as the directional and tent, with concrete wall masonry in aluminum forms. The unit has a 50%supply sales index (VSO), similar to that of Moura Dubeux itself and launched 13 ventures since 2023 – The expectation is that two more will leave later this year.
From the mood came another brand, the only one, focusing on my house, my life. The idea was to reduce the footage and the format from three to two bedrooms for a cost consistent with the last range of the housing program, monthly income up to $ 8,000. Two projects will be launched in 2025, in Natal and Fortaleza, and there is a forecast of others in Salvador and Recife for next year.
