Kaufman & Broad : Q1 2020 results a shade below expectations. 2020 guidance logically suspended. Target price adjusted to € 26 vs € 39
>Q1 results slightly below expectations. Housing reservations down 16.3% - For Q1 2020, the K&B group published ahead of schedule (initially expected on 10 April) results that slightly undershot expectations. These results reflected, notably: 1/ an 8.8% decline in sales to € 299.2m, which is below our expectations (€ 310m), bearing in mind that the group suffered a loss of around € 15m over the period due to the transport strikes. 2/ Operating profitability, which was...Kaufman & Broad SA is a France-based property developer and builder. The Company is principally engaged in the development of single family homes and apartments, commercial real estate activity, as well as the provision of residence services for business tourists and students. The Company is involved in all stages of implementation of a development program, land research to commercialization of housing through project design, the filing of a building permit and after-sales service. The Company has operations in numerous cities in France, such as Bayonne, Bordeaux, Grenoble, Lille, Lyon, Marseille, Montpellier, Nantes, Nice, Paris, Rouen, Strasbourg, Toulon and Toulouse, among others. Furthermore, the Company provides construction of logistics platforms and warehouses. It is also operational through a number of subsidiaries, including Kaufman & Broad Pyrenees-Atlantiques, Kaufman & Broad Homes SAS, SM2I and Residences Bernard Teillaud SARL, among others.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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