Some quick updates on French stocks:
Already some days ago, G. Perrier announced preliminary 2012 numbers.
– Sales up 7% (+4% without acquisitions)
– Profit up 13.2% to 7.94 mn or 4.02 EUR per share
In my opinion, this is an absolut outstanding result if one considers that G. Perrier is more or less a purely domestic French company and clearly shows the quality of the company and their business model. I am not sure when the annual report is out, but as discussed perviously, I will increase the position further, target is now a full position.
Maisons France Confort
Also already a few days ago, Maisons France Confort issued annual numbers including the annual report. As some readers might remeber, i had two posts about them (part 1 & part 2), but didn’t include them in the portfolio yet.
Looking at the stock price action, it seems to be that market participants had expected better numbers or a better outlooK:
Final numbers were 2.70 EUR EPS for 2012. With around 7 EUR net cash per share, this translates into a trailing P/E of ~5.9. Of course, 2013 will not be easy for them, i guess the late spring in Europe will not improve things and the business model of MFC has much more exposure to the weak French economy. Nevertheless it looks like a potentially interesting cyclical entry point into a real good business. I will have to follow up on that one.
Quite similar to MFC, April came out with its 2012 numbers and the stock got hammered quite significantly.
The company earned 1.31 EUR per share, additionally there were some positive effects in the other comprehensive income. April clearly has the same problem as any financial services company which is very low interest rates. Nevertheless it is not clear to me, why the share price has now decoupeled from peer company AXA.
I will clearly have to look at the annual report, but so far I don’t see any reasons to sell.