Capelli stumbles from 4.7% to two euros in the first exchanges, culminating in the wake of the publication Friday of a sales below expectations.
The business volume of 2010/2011 real estate developer came to 43.2 million euros, in line with the objectives of the company but turnover down 2.8% to 42.2 million, below Pending Gilbert Dupont (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.
The fourth quarter 2010/2011, sales promotion reached a historic high of 5.8 million, a sequential growth of 49%.
Capelli claims a backlog (lots reserved and deeds) to 10 May 2011 about 43 million. The activity subdivision is 25.2 million and 17.5 million promotion (level doubled over the same period last year).
"Following this publication, we now incorporate a more conservative scenario for 2011/12, including the subdivision activity," says Gilbert Dupont, the forecast turnover of the Group for fiscal year 2011-2012 increases from 56 to 49,900,000 euros.
Given a potential rise as it considers now limited, the analyst adopts an opinion "accumulate," cons "buy" above, with a target price of 2.2 euros.
The business volume of 2010/2011 real estate developer came to 43.2 million euros, in line with the objectives of the company but turnover down 2.8% to 42.2 million, below Pending Gilbert Dupont (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.
The fourth quarter 2010/2011, sales promotion reached a historic high of 5.8 million, a sequential growth of 49%.
Capelli claims a backlog (lots reserved and deeds) to 10 May 2011 about 43 million. The activity subdivision is 25.2 million and 17.5 million promotion (level doubled over the same period last year).
"Following this publication, we now incorporate a more conservative scenario for 2011/12, including the subdivision activity," says Gilbert Dupont, the forecast turnover of the Group for fiscal year 2011-2012 increases from 56 to 49,900,000 euros.
Given a potential rise as it considers now limited, the analyst adopts an opinion "accumulate," cons "buy" above, with a target price of 2.2 euros.