Some half year updates – Poujoulat, Total Produce, Dart Group, Installux


Quite surprisingly, Poujoulat announced a stock split 1:4,, this is the release from Poujoulat:

En date du 21 juin 2012, l’Assemblée Générale de la société POUJOULAT a décidé la division par 4 de la valeur nominale de l’action POUJOULAT négociée sur le marché ALTERNEXT Paris. Cette mesure permettra de fluidifier les échanges et de rendre le titre POUJOULAT plus accessible (son cours étant actuellement supérieur à 130€) En pratique, l’opération de division par 4 sera réalisée sur les soldes EUROCLEAR du vendredi 7 septembre prochain et sera effective le lundi 10 septembre à l’ouverture du marché. Les détenteurs d’actions POUJOULAT se verront attribuer automatiquement 4 actions nouvelles pour une ancienne.
Les droits antérieurs rattachés aux actions ne seront pas modifiés, notamment le bénéficie du droit de vote double pour toute action gérée au nominatif pur depuis plus de 24 mois. Le nombre d’actions POUJOULAT en circulation sur ALTERNEXT Paris sera ainsi porté de 489 750 à 1 959 000.

Let’s wait and see if this somehow helps the stock or not.

Total Produce

TP released half year results a couple of days ago. For me, the results are a “mixed bag”. Although “adjusted earnings” are up.s real earnings are down and cashflow was quite negative due to acquisitions and working capital increases.

The stock is still very cheap but one has to keep an eye on TP on what they are doing with all the cash they receive.

Dart Group

Dart Group made a relatively encouraging statement at their AGM a couple of days ago:

Commenting on current trading, Philip Meeson, Group Chairman and Chief Executive, said:

“Summer 2012 trading in our leisure travel businesses has been encouraging. Our Leisure Airline business,, has achieved higher yields and load factors than Summer 2011, despite continued expansion of its flying programme, although operating margins remain under pressure. Our Package Holidays business, Jet2holidays, continues to meet its substantial passenger growth targets. With limited opportunity for revenue growth in the Winter months, our leisure travel operations are becoming increasingly seasonal.

Fowler Welch, our Distribution & Logistics business, continues its careful delivery of revenue growth in a sector continuing to experience tight margins. The business continues to trade in line with expectations.

The Board is mindful of the current economic climate and remains cautious about profit growth. However, it is confident of meeting market expectations for the current year.”

According to Bloomberg, the market expects 0.16 GBP earnings per share, so we are talking about a P/E of < 5 (ex fuel hedges). I think I might increase Dart to a full position at some point in time.


Installux reported first half results a couple of weeks ago. They earned 15.57 EUR per share in the frist half which is an increase of almost 18% against 2011. This is far beyond my expectation. Cash remains at around ~54 EUR per share. Receivables have increased but the conmpany still managed to produce solid cashflow to comepensate the dividend payment.

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