Yellow Cervical Mucus Late Period

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