(News Bulletin 247) – Oddo BHF maintains its ‘neutral’ rating on the Kaufman & Broad share with a price target reduced from 28 to 24.5 euros.
Yesterday evening, Kaufman & Broad published a turnover of 848.8 ME in the 1st half, compared to 574.5 ME a year earlier, an increase of 47.8%.
This development is in line with the analyst’s expectations (Oddo BHF was indeed counting on 846 ME) and is explained by a more sustained contribution from the Tertiary division with a turnover of 380.9 ME (87.3 ME in H1 2022) due to the impact of the Austerlitz project, indicates Oddo BHF.
On the other hand, the analyst indicates that the MOP came out slightly lower than expected, at 8% against 8.2% expected.
In addition, the management of Kaufman & Broad has adjusted its objectives downwards and expects in particular an increase in turnover of 6% to 10% (or approximately -5% compared to the previous estimate). The ROC should remain unchanged, around 8%.
Consequently, Oddo BHF is adjusting its 2023 revenue and operating profit estimates downwards by around -5%.
‘In the end, following this publication, our EPS 2023e are lowered by 11%’, indicates the broker who nevertheless recalls that ‘the Austerlitz project constitutes an important support factor.’
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