Hexaom - A solid balance sheet that will see us through 2 complicated years
Improved annual results, in line with expectations and the Group's best ever in absolute termsGood FCF generation and strengthened net cash position2024 will obviously be a very poor year in terms of business, but the Group's essentially variable cost structure will enable it to maintain its margin rate and thus generate cash.The Group's financial strength and size will provide it with opportunities in a crisis-ridden and highly concentrated CMI market.Buy opinion (vs. Add previously) and increase in our target price to €35 (vs. €30 previously)Maisons France Confort sells and builds built-to-order detached family homes (with the land purchased separately by the customer). Co.'s houses are presented in a catalogue. The plans are adapted and personalized for each customer by means of CAD (Computer Assisted Design) applications. The catalogues are designed around a centralized concept, but include regional variants. As of Dec 31 2010, the retail prices, excluding the land, of Co.'s houses vary between Euro70,000 and Euro800,000 including taxes, with the average selling price being Euro116,000 including taxes for an average living area of 98 sq. m.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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