Hexaom - Downbeat start to the year in line with forecasts
Significant downturn in CMI activity in Q1 in line with our expectations, while renovation logically shows greater resilience2024 guidance confirmed, and a low point in sales seems to have been definitively reached last yearOur forecasts for 2024 and beyond are maintainedValuation multiples still low despite the nearly 15% YTD rebound in the share priceBUY opinion and target price of €35/share maintainedMaisons 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.
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