- Market bottlenecks limiting momentum
Helma’s H117 results confirmed the anticipated slowdown in the German residential market associated with longer project turnaround time in the construction planning and contracting stages. The company’s order intake showed some signs of moderation as it declined 3.6% y-o-y to €116.3m due to the already expected weaker order inflow in HELMA Wohnungsbau. However, management reiterated its recent guidance and forecasts a considerably higher order intake in H217 compared with H117. Helma’s current premium to peers of c 15% on FY17e P/E reverses to a 5% discount in FY18e based on consensus expectations of 27% EPS growth.HELMA Eigenheimbau AG is a Germany-based company that specializes in design and construction of new private residential buildings and houses. The Company diversifies its activities into three business segments: building services business; property development business, and Other. The main area of operations of the building services business encompasses the planning and construction management of detached and semi-detached houses on the basis of customer orders. In the property development business, constructions are realized and marketed on the Company's own land. The Other business segment comprises the broking business for building-related financing and insurance. As of December 31, 2011, the Company had three wholly-owned subsidiaries: Hausbau Finanz GmbH, HELMA LUX SA, and HELMA Ferienimmobilien GmbH. It also held a 93.95-stake in HELMA Wohnungsbau GmbH.
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