Hexaom - The Group's critical mass and financial strength should enable it to strengthen its positions once the crisis is over
Encouraging half-year results on a proforma basis, thanks to the Group's diversified profileADC has been placed in compulsory liquidation and will be deconsolidated from the accounts (IFRS5), which automatically improves the Group's profitability and balance sheet.Good FCF generation and strengthened net cash positionPremiums for financial strength and size in a highly concentrated CMI marketAdd opinion renewed and slight increase in our target price to €30 (vs. €28 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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