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6 mistakes that are costly - part 2

This is the second article in a series on the psychology of the investor to set the picture type of the rational investor.

The text is excerpted from Mickael Mangot: "6 psychological errors that are costly.

" Portrait of rational investor

(...) Here is a picture of what could be the rational investor par excellence. Obviously, it is a chimera largely inaccessible to ordinary mortals. However, its usefulness is not zero. One can also use it as a model to which it would be wise to tender. We present its behavior in different situations.

2. The rational investor and the collection of information

The rational investor (IR) will seek information wherever he can find. He reads the press in-depth economic and financial analysts to notes provided by brokers, is trying to get others on the Internet, navigating the forums fellows ...

Especially, IR is not concerned that some values, it looks almost all! Small, large, cyclic, or technological performance, none is a priori unknown . "

Value and Profit: As we have seen previously, analysis of notes should not be the sole source of your research. They can refer you to an area, give you ideas ... but never buy a value of "only" because you read a positive analyst note on a particular title: you must do your homework and investigate yourself on the title.

Finally, we believe there are also some excellent blogs that can also be a good source of inspiration for the individual investor rationality.

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Moury Construct new Q3 2009

The second interim statement 2009 is available here .

What has happened since our last developed at June 30, 2009 ?

Few things to note. Everything seems to go perfectly for our small Belgian construction value.

Management is working on a policy to reduce costs and expand the activities of public-private partnership (PPP).

Thus, it was decided to simplify the group structure in order to optimize costs. The effect will be noticeable from 2010.

No more items on PPP activities. Perhaps news in the coming months?

We have no information on the share repurchase program. It was not until the 2009 Annual Report to learn a little more.

The results and prospects

The order book is identical to the same period the previous year and a contract is EUR 20 million in pipes.

Regarding the results:

"Although the Board expects a net profit of business continuity at 31 December 2009 below the exceptional result achieved at December 31, 2008, the year ended 31 December 2009 should allow the distribution of a dividend equivalent to that of the previous year, representing a gross ordinary dividend of 5.13 € per share. "

No worries not over on that side.


A little recovery ...

A course of 91.91 euros, the company EUR 36.4 million is recovered.

Equity at 30.06.09 were EUR 39.9 million (of which EUR 11.3 million of intangible assets and goodwill), or 71.7 euros per share after deducting intangible assets.

a reminder, the net cash per share at that date of 92 euros per share.

Regarding the results, they are in H1 2009 EUR 3.3 million. We conservatively estimated 2009 earnings on the same basis as those of 2008 - excluding non-recurring operating results (outsourcing buildings) for EUR 1.6 million - at least 5 million EUR.

The PEX 2009 can be estimated at:

Market Capitalization / earnings 2009 = 36.4 / 5 = 7.3

To summarize, Moury Construct has a backlog of 1 year of activity. The action is valued profits 7.3 x 2009 (conservative base) with a net cash of 92 EUR / share!

We also believe that management is up to the expectations of a value investor in the patient.

Indeed, either by successive buybacks, the dividend yield, outsourcing the operation of real estate in 2008, ... management has clearly demonstrated its ability to create value for shareholders. This is not surprising since interests of management and shareholders alike because of family structure group.

Ticker: MOUR

course the day of publication: € 91.91

gain since the first analysis: +14.9% (€ 80.00)

Council: PURCHASE

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6 errors psychological costly - part 1

Today, we present the first article of a series on the psychology of the investor to set the picture type of the rational investor.

The text is excerpted from Mickael Mangot: "6 psychological errors that are costly.

" Portrait of rational investor

(...) Here is a picture of what could be the rational investor par excellence. Obviously, this is a chimera largely inaccessible to ordinary mortals. Nevertheless, its usefulness is not zero. You can also use it as a model to which it would be wise to tender. We present its behavior in different situations.

1. The rational investor and the choice of broker

Before choosing a broker, investor rational (IR) compared all brokers that may be of interest based on two main criteria: rates (fees brokerage and custodial fees) and access information. The IR knows how a seemingly small difference in the amount of brokerage fee (say 0.4%) may result in the long term performance. He also knows how the information is important. It is therefore willing to pay extra to have a privileged access to quality information, such as recommendations of analysts. The IR can even have multiple accounts title only multiply its sources of information.

His choice is never final. On the contrary! The selected broker is constantly in competition with others and if he ceases to be competitive, the IR changes immediately. "