Kaufman & Broad: SG welcomes group's confidence.
(CercleFinance.com) - Société Générale (SG) analysts this morning welcome developer Kaufman & Broad's interim results (to end-May), which came in above expectations yesterday evening, in addition to the group improving its business outlook.
As such, analysts confirm their buy rating on the stock, in addition to a 12-month target price of 43 euros.
In detail, the group's interim revenues (627.7 million euros) outperformed SG's expectations (592 million euros) and those of the market, thanks to its Corporate Property division, where revenues (87 million euros, against 70 million euros expected), were boosted by an extraordinary transaction last year, with them falling less than expected. The same applies for net income group share (20.1 million euros, against 17.4 million euros expected).
Meanwhile, the group's backlog is healthy: housing orders rose by 16.6% over the period to 4,100 units: there was virtually identical growth in value terms (+16.5% to 784.8 million euros).
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
As such, analysts confirm their buy rating on the stock, in addition to a 12-month target price of 43 euros.
In detail, the group's interim revenues (627.7 million euros) outperformed SG's expectations (592 million euros) and those of the market, thanks to its Corporate Property division, where revenues (87 million euros, against 70 million euros expected), were boosted by an extraordinary transaction last year, with them falling less than expected. The same applies for net income group share (20.1 million euros, against 17.4 million euros expected).
Meanwhile, the group's backlog is healthy: housing orders rose by 16.6% over the period to 4,100 units: there was virtually identical growth in value terms (+16.5% to 784.8 million euros).
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.