Gilbert Dupont adopts an opinion "accumulate" on Capelli, cons "buy" previously given an upside he considers now limited, with a price target reduced from 2.4 to 2.2 euros.
The real estate group unveiled Friday evening's annual revenues declined 2.8% to 42.2 million, below the expectation of the design office (44.1 million) and consensus (44.5 million).
The analyst explained this difference by one million euros of turnover related to the sale of a property that had been recorded as investment property and the sale of which will be integrated directly in profit and sales serviced lots (counted once only) a little late in the fourth quarter on its estimates.
Capelli said that if he has to end in April from 59.3 million euros in prizes compromise land purchases, the consultancy believes that the backlog (lots reserved and acts) is more disappointing for its part .
"Following this publication, we now incorporate a more conservative scenario for 2011/12, including the subdivision activity," says Gilbert Dupont. It reduces its forecast for sales of the group for the current year from 56 to 49.9 million euros, and its estimated EPS of 18-15 cents.
The real estate group unveiled Friday evening's annual revenues declined 2.8% to 42.2 million, below the expectation of the design office (44.1 million) and consensus (44.5 million).
The analyst explained this difference by one million euros of turnover related to the sale of a property that had been recorded as investment property and the sale of which will be integrated directly in profit and sales serviced lots (counted once only) a little late in the fourth quarter on its estimates.
Capelli said that if he has to end in April from 59.3 million euros in prizes compromise land purchases, the consultancy believes that the backlog (lots reserved and acts) is more disappointing for its part .
"Following this publication, we now incorporate a more conservative scenario for 2011/12, including the subdivision activity," says Gilbert Dupont. It reduces its forecast for sales of the group for the current year from 56 to 49.9 million euros, and its estimated EPS of 18-15 cents.