In our ticket December 4, 2009, we wrote: " if you are serene with the current family-run, you can keep your line or even strengthened in the medium / long term. Most tanks will go their way. "
We did not then we would book the surprise 2009 results ...
You will find the 2009 results here .
IF we were ready to accept "blunders" management from a poor management that has prevailed in the past, far from us was the idea of such a capability to destroy value!
Luciani, despite the dividends received from the French Games, managed to show a loss of EUR 4.8 million for capitalization of 25.5 million euros (closing price on 16.04.10). The assets are certainly quality, but poor management encourages us to sell the title. They are capable of the worst!
For proof, loss of EUR 5.4 million generated by "the occurrence at the end of the year, local events disturbing the bank financing plan initially agreed" on the company which was to launch YOUWIN LOTTERY activity games in Cameroon. What a fiasco!
The wait for a possible IPO of French Games - IDSUD which is one of the founding shareholders - and a potential redistribution of cash to shareholders seems to be a gamble in the light of recent developments. The probability that this title continues to lose money to its shareholders seems more important than the probability of a positive surprise in the short term and long term.
We sell so IDSUD over € 25.75.
Ticker: IDSU
loss since the first analysis: -18.9% (purchase to 31.75 EUR)
loss since the first analysis: -18.9% (purchase to 31.75 EUR)
dividend of EUR 0.60 included: -17.3%
Tip: SALE
Tip: SALE
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