Short cuts: Installux, Maisons France, SIAS, EMAK
Installux
Installux reported 6m numbers. As they have already indicated, sales were down -10%. Interestingly, they managed to keep their EBIT margin at a constant 11%, despite higher depreciations.
This is very remarkable. The net result went down ~-11% mostly because taxes remained unchanged on absolute terms. At the end of the day, EPS for the first 6m was 13.80 EUR. If history is any guide, I would expect an additional 5 EUR EPS or so in the second 6m, resulting in 19 EUR EPs. Net cash went slightly down to around 16 mn EUR or ~53 EUR per share due to higher receivables which is normal for Installux in the first six months.
All in all, Installux is still one of the cheapest stocks around and the business seems to be surprisingly resilient and their cost base quite flexible.
Maisons France Confort
As expected, MFC is experiencing an even deeper decline in sales than Insatllux. Maybe it was also the weather, but sales are down -10.5%, excluding M&A by -15.4%. However they will publish results only in beginning of September. So lets wait and see. The stock price remained surprisingly resilient.
SIAS
SIAS released 6M numbers as well. Numbers were Ok. Traffic seemed to have picked up later in Q2. Overall, as now the “special” is gone, one of my lower conviction ideas. Good dividend and still below book value but that’s it.
EMAK
Finally, EMAK released the 6M report. Despite unchanged topline sales, they managed to significantly increase profitability which I find remarkable (profit margin 6.2% vs. 4.4%). Even moreinteresting, their European sales increased nicely despite the unfavourable weather and sales decreased mostly in Turkey. One more data point for my “gorilla theory”…. This is what they say:
In the “Asia, Africa and Oceania” the decline in sales is mostly due to the decrease in shipments to Turkey, tied to a moment of weakness of the local market.
They lowered slightly their guidance for 2013, but still the expect 38-40 mn EBITDA which would transale in somethin like 0.10 EUR profit per share.
Overall, EMAK in my opinion is on a very good way and has significant recovery potential from here.
value and opportunity 
Hello
Amiral Gestion has crossed the 10% treshold on Installux
http://inetbdif.amf-france.org/inetbdif/viewdoc/affiche.aspx?id=86329&txtsch=
A positive development.
Regards
Thank you for your comment.
However, Emak lowered the EBITDA guidance to 36-38 mn, from the mentioned range from 38-40 mn in march.
http://www.emakgroup.com/first-half-2013.html
With depreciation unchanged from 2012 and an also unchanged financial result (despite slightly lower net debt), I get around 20 mn pre-tax earnings with the mean of the guidance range, and with the normal 31,4% tax rate in Italy this would result in only 8,5 cents net earnings (minorities disregarded), which means a PE of 9.
Winter,
thnaks for the comment. In my estimation, I ignored the guidance and just calculated proportionally what they have earned last year for the second half of the year. Then you would end up near 10 cents. MAybe this is too optimistic.
mmi