Board Change • Jun 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Deputy CEO & Director David Laurent was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • May 07
Kaufman & Broad S.A. (ENXTPA:KOF) commences an Equity Buyback for 1,742,082 shares, representing 8.77% of its issued share capital, under the authorization approved on May 5, 2026. Kaufman & Broad S.A. (ENXTPA:KOF) commences a share repurchases on May 5, 2026, under the program mandated by the shareholders in the Annual General Meeting held on May 5, 2026. As per the mandate, the company is authorized to repurchase up to will repurchase up to for 1,742,082 shares, representing 8.77% of its issued share capital. The maximum purchase price should not exceed €50 per share. The purpose of the program is to acquire shares to be held and subsequently delivered in payment or exchanged as part of corporate acquisition transactions. The repurchased shares will be cancelled. The program is valid for 18 months. Aankondiging • Mar 30
Kaufman & Broad S.A., Annual General Meeting, May 05, 2026 Kaufman & Broad S.A., Annual General Meeting, May 05, 2026. Location: 17 quai du president paul doumer, courbevoie France Aankondiging • Oct 03
Kaufman & Broad S.A. to Report Fiscal Year 2025 Results on Jan 28, 2026 Kaufman & Broad S.A. announced that they will report fiscal year 2025 results After-Market on Jan 28, 2026 Aankondiging • Jul 13
Kaufman & Broad S.A. Reaffirms Earnings Guidance for the Full Year 2025 Kaufman & Broad S.A. reaffirmed earnings guidance for the full year 2025. The guidance given in January for the full 2025 financial year remains unchanged: sales should grow by around 5%. Operating profit or EBIT ratio should be between 7.5% and 8%. Aankondiging • Apr 14
Kaufman & Broad S.A. Maintains Earnings Guidance for the Year 2025 Kaufman & Broad S.A. maintained earnings guidance for the year 2025. For the year, the company sales are expected to increase by around 5%. The Operating Margin rate or EBIT rate is expected to be between 7.5% and 8%. Aankondiging • Feb 01
Kaufman & Broad S.A., Annual General Meeting, May 06, 2025 Kaufman & Broad S.A., Annual General Meeting, May 06, 2025. New Risk • Jul 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (110% payout ratio). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €31.95, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Consumer Durables industry in Europe. Total returns to shareholders of 3.0% over the past three years. Reported Earnings • Jul 12
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €224.5m (down 14% from 2Q 2023). Net income: €10.0m (up 44% from 2Q 2023). Profit margin: 4.5% (up from 2.6% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Consumer Durables industry in Europe. Reported Earnings • Apr 10
First quarter 2024 earnings released First quarter 2024 results: Revenue: €228.0m (down 61% from 1Q 2023). Net income: €11.0m (down 65% from 1Q 2023). Profit margin: 4.8% (down from 5.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Aankondiging • Feb 02
Kaufman & Broad S.A., Annual General Meeting, May 06, 2024 Kaufman & Broad S.A., Annual General Meeting, May 06, 2024. Reported Earnings • Feb 01
Full year 2023 earnings released Full year 2023 results: Revenue: €1.41b (up 7.2% from FY 2022). Net income: €60.2m (up 23% from FY 2022). Profit margin: 4.3% (up from 3.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.5% p.a. on average during the next 2 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 5.7%. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. Director Michel Giannuzzi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buying Opportunity • Oct 20
Now 20% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be €32.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to decline by 13% in 2 years. Earnings is forecast to decline by 10% in the next 2 years. Reported Earnings • Oct 05
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.34. Revenue: €235.1m (down 25% from 3Q 2022). Net income: €6.98m (down 24% from 3Q 2022). Profit margin: 3.0% (in line with 3Q 2022). Revenue is expected to decline by 5.7% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 6.5%. Buying Opportunity • Sep 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be €32.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to decline by 17% in 2 years. Earnings is forecast to decline by 13% in the next 2 years. Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: €0.33 (vs €0.51 in 2Q 2022) Second quarter 2023 results: EPS: €0.33 (down from €0.51 in 2Q 2022). Revenue: €262.3m (down 11% from 2Q 2022). Net income: €6.95m (down 36% from 2Q 2022). Profit margin: 2.6% (down from 3.7% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Germany are expected to grow by 6.6%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • Jul 13
Kaufman & Broad S.A. Provides Earnings Guidance for the Year 2023 Kaufman & Broad S.A. provided earnings guidance for the year 2023. For the year, the company’s attributable net income is expected to increase by around 20%, the current operating income (COI) rate is expected to be around 8%, revenue is expected to grow by 6 to 10%. New Risk • Jul 06
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 103% Dividend per share is over 6x cash flows per share. Dividend yield: 9.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Dividend per share is over 6x cash flows per share. Earnings are forecast to decline by an average of 6.2% per year for the foreseeable future. Reported Earnings • Apr 15
First quarter 2023 earnings released: EPS: €1.50 (vs €0.55 in 1Q 2022) First quarter 2023 results: EPS: €1.50 (up from €0.55 in 1Q 2022). Revenue: €586.5m (up 110% from 1Q 2022). Net income: €31.6m (up 167% from 1Q 2022). Profit margin: 5.4% (up from 4.2% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.0% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 31
Full year 2022 earnings released Full year 2022 results: Revenue: €1.31b (up 2.6% from FY 2021). Net income: €49.0m (up 12% from FY 2021). Profit margin: 3.7% (up from 3.4% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Oct 04
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.44. Revenue: €311.4m (up 9.8% from 3Q 2021). Net income: €9.20m (up 2.4% from 3Q 2021). Profit margin: 3.0% (down from 3.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Durables industry in Germany. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 15% per year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €18.28, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Consumer Durables industry in Germany. Total loss to shareholders of 40% over the past three years. Reported Earnings • Jul 13
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €295.4m (down 7.7% from 2Q 2021). Net income: €10.9m (flat on 2Q 2021). Profit margin: 3.7% (up from 3.4% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 23%, compared to a 4.4% growth forecast for the industry in Germany. Upcoming Dividend • May 25
Upcoming dividend of €1.95 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 03 June 2022. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 7.4%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (3.0%). Reported Earnings • Apr 16
First quarter 2022 earnings released: EPS: €0.58 (vs €0.54 in 1Q 2021) First quarter 2022 results: EPS: €0.58 (up from €0.54 in 1Q 2021). Revenue: €279.0m (down 2.4% from 1Q 2021). Net income: €11.8m (flat on 1Q 2021). Profit margin: 4.2% (up from 4.1% in 1Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 13%, compared to a 9.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Aankondiging • Apr 16
Kaufman & Broad S.A., Annual General Meeting, May 05, 2022 Kaufman & Broad S.A., Annual General Meeting, May 05, 2022, at 09:00 Central European Standard Time. Location: At the headquarters of the company 127, avenue Charles de Gaulle Neuilly-sur-Seine France Buying Opportunity • Apr 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €37.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 23% per annum over the same time period. Buying Opportunity • Mar 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €37.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% per annum over the last 3 years. Earnings per share has grown by 51% over the last year. Reported Earnings • Jan 30
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €1.28b (up 10% from FY 2020). Net income: €43.9m (up 9.3% from FY 2020). Profit margin: 3.4% (down from 3.5% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 20%, compared to a 7.1% growth forecast for the industry in Germany. Reported Earnings • Oct 03
Third quarter 2021 earnings released: EPS €0.42 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €283.5m (up 4.1% from 3Q 2020). Net income: €8.98m (up 5.6% from 3Q 2020). Profit margin: 3.2% (up from 3.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 14
Second quarter 2021 earnings released: EPS €0.50 (vs €0.51 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €319.9m (up 273% from 2Q 2020). Net income: €10.9m (up €22.0m from 2Q 2020). Profit margin: 3.4% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 26
Upcoming dividend of €1.85 per share Eligible shareholders must have bought the stock before 02 June 2021. Payment date: 04 June 2021. Trailing yield: 4.9%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.3%). Reported Earnings • Apr 17
First quarter 2021 earnings released: EPS €0.54 The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: €285.9m (down 4.4% from 1Q 2020). Net income: €11.8m (down 11% from 1Q 2020). Profit margin: 4.1% (down from 4.4% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 16% share price gain to €43.45, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Consumer Durables industry in Germany. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €54.63 per share. Reported Earnings • Jan 30
Full year 2020 earnings released: EPS €1.85 (vs €3.55 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.16b (down 21% from FY 2019). Net income: €40.1m (down 47% from FY 2019). Profit margin: 3.5% (down from 5.2% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Jan 30
Revenue beats expectations Revenue exceeded analyst estimates by 14%. Over the next year, revenue is forecast to grow 33%, compared to a 6.9% growth forecast for the Consumer Durables industry in Germany. Is New 90 Day High Low • Jan 09
New 90-day high: €39.25 The company is up 17% from its price of €33.60 on 09 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Consumer Durables industry, which is also up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €49.97 per share. Is New 90 Day High Low • Dec 17
New 90-day high: €38.05 The company is up 18% from its price of €32.25 on 18 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €48.79 per share. Is New 90 Day High Low • Oct 29
New 90-day low: €29.75 The company is down 19% from its price of €36.75 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €41.25 per share. Analyst Estimate Surprise Post Earnings • Oct 08
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 2.5% at €272.4m. Revenue is forecast to grow 27% over the next year, compared to a 1.9% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Oct 08
Third quarter earnings released Over the last 12 months the company has reported total profits of €31.6m, down 58% from the prior year. Total revenue was €1.10b over the last 12 months, down 26% from the prior year. Aankondiging • Oct 08
Kaufman & Broad S.A. to Report Q1, 2021 Results on Apr 15, 2021 Kaufman & Broad S.A. announced that they will report Q1, 2021 results at 5:00 PM, Romance Standard Time on Apr 15, 2021 Aankondiging • Sep 17
PAI Partners completed the acquisition of 49% stake in Kaufman & Broad SA from KB Home. PAI Partners made an offer to acquire 49% stake in Kaufman & Broad SA (ENXTPA:KOF) from KB Home (NYSE:KBH) for a reported consideration of €580.28 million on May 11, 2007. PAI will pay €53.13 per share for 10.92195 million shares, representing 49% stake in Kaufman & Broad SA. A Letter of intent was signed on May 17, 2007.
PAI Partners entered into an agreement to acquire 49% stake in Kaufman & Broad SA from KB Home for a reported deal value of €547.94 million on May 22, 2007. The consideration is payable in cash at €50.17 per share. The shareholders will also receive an interim dividend of €4.83 per share. The dividend is subject to approval by the Board of Directors of Kaufman and to be paid by Kaufman & Broad SA. The termination fee is €12.5 million to be paid by the terminating party. The deal is subject to customary terms and conditions, including regulatory and anti trust approval. PAI will also acquire 1.01% stake from Guy Nafilyan, Kaufman et Broad's chairman. The transaction is expected to close by August 31, 2007. Upon closing, PAI will make an offer to the minority shareholders for the remaining shares at the same price. On July 6, 2007, the European Commission cleared the acquisition.
HSBC and Francois Kayat, Ludovic Jacquat and Cyrill Moulin of Calyon acted as financial advisors to Kaufman & Broad SA. Merrill Lynch & Co. Inc. acted as the financial advisor to KB Home. Thomas Forschbach of Latham and Watkins and Andrew A. Bernstein, Anne-Sophie Coustel, and Pierre Yves Chabert of Cleary Gottlieb Steen & Hamilton were the legal advisors for Kaufman and Broad. Marc Vermeulen, Charles Saiag and Alexandra Bault of BNP Paribas was the financial advisor for PAI. Didier Martin of Gide Loyrette Nouel was the legal advisor while Michael Sandler of Hudson Sandler and Valerie Cope of Solange Stricker &Associes were the PR firms for PAI. Hawkpoint Partners Limited acted as financial advisor for Kaufman & Broad. François Vigneron, Christophe Frionnet and Bruno Gouthiere of CMS Bureau Francis Lefebvre acted as legal advisors to KB Home.
PAI Partners completed the acquisition of 49% stake in Kaufman & Broad SA from KB Home on July 10, 2007. Aankondiging • Jul 21
Promogim Groupe S.A. acquired an additional unknown stake in Kaufman & Broad S.A. (ENXTPA:KOF). Promogim Groupe S.A. acquired an additional unknown stake in Kaufman & Broad S.A. (ENXTPA:KOF) on July 17, 2020. As a result, Promogim's stake increased to 13.41%. The Board of Kaufman therefore denounces a creeping takeover attempt at a value that does not in any way reflect Kaufman & Broad's fundamentals and is therefore totally contrary to the interests of all of its shareholders.
Promogim Groupe S.A. completed the acquisition of an additional unknown stake in Kaufman & Broad S.A. (ENXTPA:KOF) on July 17, 2020.