Moury Construct and NCI published their 2009 annual accounts. You will find these publications here:
- Accounts 2009, NCI: here
- Accounts 2009 to Moury: here
As we explained in a previous article, we Investors believe that the value has an interest in thinking on . Below we have summarized the main information of interest for each Title: equity, PER, net cash, backlog and ROE.
For information, reference courses selected for this analysis are as of Thursday 13.05.10 at closing.
What can we learn from these figures?
In terms of profitability, companies have both a PER less than 9, which is a good level. The NCI ROE is relatively higher than Moury to 14% against 11%. However, given the sector, these levels are exceptionally high!
In terms of asset valuation, we see that tangible equity per share are higher for NCI (taking into account a valuation of property in the United States at fair value and not at cost history). Moury is penalized by intangible assets consist solely of goodwill.
Regarding cash per share, again the two companies are at near: over 90% of market capitalization is covered by the cash net of debt! And as we have seen in a previous article , companies that have a gold mine and continue to generate positive cash flows are likely to bring surprises to their shareholders.
Finally, visibility. This time it Moury Construct which takes the lead with an activity level that allows him to see the year 2010 with serenity.
Conclusion
Both companies are still in excellent financial shape.
From a purely "value", NCI has a higher discount to its tangible assets. Nevertheless, Moury has greater visibility due to a backlog filled for the entire year.
Note nonetheless that NCI could book of surprises by the end of the year with the unwinding on the record of the airport Nantes and medium term, a positive output of the real estate business in Romania.
The liquidity of both titles is still very low, we recommend extreme caution if you want to buy these securities. However as part of a long-term investment, we believe that buying the shares of these two companies represents limited risks to a potential gain important.
Since purchasing our advice dated 24.4.2009, NCI conducted a performance of 68.2% (dividend included) and Construct Moury since we reported 20/06/2009 +27.5%.
Which of these two titles do you prefer? Which do you have in the portfolio?
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