May 10, 2017

Les Nouveaux Constructeurs

We feel BEARISH on the markets.

“It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait.” – Charlie Munger
LNC.PA (FR0004023208)

Les Nouveaux Constructeurs SA is a France-based real estate development company that specializes in mid-range housing projects. The Company focuses on the development of new housing in France, Germany and Spain. The Company is present in France in cities, such as Paris, Lyon, Marseille, Cannes, Nice, Montpellier and Toulouse. In Germany, the Company’s operations are located in Munich metropolitan area. In Spain, the Company provides housing development services in Madrid and Barcelona.

Market: Euronext Paris

Gain over the last quarter: +10.1 % 

Fair value: 48 €
Discount: 10%
Average yearly return: 49%
Yield: 2.03%

March 30, 2017 Les Nouveaux Constructeurs: FY net profit group share EUR 47.5 million versus EUR 21.6 million year ago FY current operating profit EUR 90.3 million versus EUR 58.5 million year ago Proposes FY dividend of EUR 2.50 per share