CA S1 2016/17 : Supérieur à nos attentes mais la dette est un sujet
​Pour son S1, Capelli affiche un CA de 49 M€ en progression de 62%, supérieur à notre attente de 46,9 M€. La Promotion est bien entendu le moteur de la croissance avec 45,5 M€, +78%. Le Lotissement accentue sa décrue avec une baisse de -26,3% (3,5 M€).
Le backlog, qui peut être vu comme l’indicateur avancé de l’activité à venir, est nettement supérieur à notre estimation et ressort à 234,4 M€ vs 199,1 M€, soit une progression 28% (Promotion +29% à 224,6 M€). Pour mémoire au T1 il progressait de 22,2%.
Sans surprise le groupe affiche de la croissance sur l’ensemble des zones où il est présent, l’international représentant désormais 17 M€ (35% du CA) vs 6,2 M€ (20,5% du CA) l’an dernier à la même période.
Capelli. Capelli SA is a France-based company engaged in the real estate development sector. The Company focuses on the property development and real estate promotion. The Company, along with its subsidiaries, is active in the provision of housing construction (group and individual) and carrying out the development of land areas (plot of building land). The Company operates in three countries, including France, Switzerland and Luxembourg. The Company holds stakes in various entities, including SAS 2C AMENAGEMENT, SAS CAPELLI PROMOTION, CAPELLI LUX SA, SNC LES COTEAUX DE LOGRAS, SCI LES JARDINS DE LEANE, SNC CAPELLI B1, SNC CAPELLI B2, SNC CAPELLI B3, SNC ORANGE and SAS CAPELLI FINANCEMENT, among others.
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