(AOF) – Kaufman and Broad shares gained 5.05% to 29.15 euros after once again providing proof of their ability to outperform the market. TP Icap Midap thus highlights the very positive surprise in terms of commercial activity, with a rebound in reservations in the first quarter. Over this period, they increased by 10% in volume to 1,123 housing units and by 7.9% in value to 252.7 million euros. For its part, Invest Securities recalls that the market fell by 50% over this period.
The analyst attributes this outperformance to the group’s great responsiveness (it reoriented its offer towards block sales from the start of 2023) which, coupled with increased selectivity, allows it to display a sales lead time. of its programs at only 4.1 months compared to more than 20 months for the market.
Regarding its results over the first three months of the year, Nexity’s competitor revealed a group share of net income of 11 million euros compared to 31.6 million euros a year earlier for the same period. . Current operating profit fell 66% to 16.8 million euros for turnover down 61% to 228 million euros.
The latter “is down significantly compared to last year given the basis of comparison in Austerlitz and the drop in reservations”, explains TP Icap Midcap.
The current operating profit rate thus stood at 7.4% compared to 8.4% in the first quarter of 2023. According to TP Icap Midcap, margins are still well under control.
This better-than-expected publication is accompanied by the confirmation of the 2024 objectives. The current operating profit rate should be between 7% and 7.5% for a turnover of around 1.1 billion euros. The difference compared to 2023 is explained by the base effect of Operation Austerlitz. “The contrast is strong with the marked drops in margins that we expect for Icade and Altarea,” notes Invest Securities.
The group should remain in a positive net cash position while this amounted to 190.2 million euros at the end of March. For Invest Securities, “it is clear that not all promoters will survive this crisis”. He judges that thanks to its balance sheet, “K&B is best placed to acquire failing competitors or their programs.” TP Icap Midcap also emphasizes that the financial structure is still very solid.
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