Hexaom - The bad news keeps piling up, but profitability should improve in 2023
2022 results in freefall, but no major surprises, due to B2B renovation lossesMargins should recover in 2023, thanks in particular to the pass-through of construction cost increases to orders taken in 2022 in the building sector.A good Q1 2023, but performance is mainly due to delivery delays in CMI, and order intake is still in steep declineBad news on the regulatory front with the exclusion of single-family homes from the PTZ schemeADC subsidiary (B2B renovation) placed in receivership.We are again revising our forecast scenario downwards for 2023 and 2024E, but the current valuation already takes into account a lot ofMaisons 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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