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Kaufman & Broad: SG still a buyer

(CercleFinance.com) - Société Générale (SG) has confirmed its buy rating on the Kaufman & Broad share, with its research report highlighting "a pure property development group".
SG also maintains its 12-month target price of 45.9 euros for the share.

"With an order book of E1.7bn representing 15.4 months of revenue, the group has good visibility on earnings and is trading at attractive multiples," SG says in its report on the stock. SG also underlines that the "take-up rate" of Kaufman & Broad's programs of 6.1 months is less than at competitors (between 9 and 10 months).

With a national market share of 6.7% that is centered on Ile-de-France, the Toulouse region and Aquitaine, Kaufman & Broad, which is number three in its sector in France, is still largely unrepresented in the North and East of France. However, it could round out its geographical presence, SG says.

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