ENXTPA:KOF

Stock Analysis Report

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Executive Summary

Kaufman & Broad S.A. operates as a property developer and builder in France. More Details


Snowflake Analysis

Exceptional growth potential and fair value.


Similar Companies

Share Price & News

How has Kaufman & Broad's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: KOF is not significantly more volatile than the rest of French stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: KOF's weekly volatility (7%) has been stable over the past year.


Market Performance


7 Day Return

-1.1%

KOF

0.4%

FR Consumer Durables

1.5%

FR Market


1 Year Return

-0.3%

KOF

5.5%

FR Consumer Durables

-1.8%

FR Market

Return vs Industry: KOF underperformed the French Consumer Durables industry which returned 5.5% over the past year.

Return vs Market: KOF exceeded the French Market which returned -1.9% over the past year.


Shareholder returns

KOFIndustryMarket
7 Day-1.1%0.4%1.5%
30 Day16.4%8.7%19.8%
90 Day6.7%3.9%12.3%
1 Year5.2%-0.3%7.2%5.5%0.2%-1.8%
3 Year13.3%-5.3%0.4%-4.7%18.8%8.9%
5 Year83.9%30.5%65.8%51.2%50.4%30.0%

Long-Term Price Volatility Vs. Market

How volatile is Kaufman & Broad's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Kaufman & Broad undervalued compared to its fair value and its price relative to the market?

9.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: KOF (€36.55) is trading below our estimate of fair value (€40.55)

Significantly Below Fair Value: KOF is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: KOF is good value based on its PE Ratio (25.2x) compared to the FR Consumer Durables industry average (26.3x).

PE vs Market: KOF is poor value based on its PE Ratio (25.2x) compared to the French market (21.1x).


Price to Earnings Growth Ratio

PEG Ratio: KOF is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: KOF is overvalued based on its PB Ratio (3.3x) compared to the FR Consumer Durables industry average (2.6x).


Next Steps

Future Growth

How is Kaufman & Broad forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

51.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KOF's forecast earnings growth (51.6% per year) is above the savings rate (0.6%).

Earnings vs Market: KOF's earnings (51.6% per year) are forecast to grow faster than the French market (25.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: KOF's revenue (22.4% per year) is forecast to grow faster than the French market (7.3% per year).

High Growth Revenue: KOF's revenue (22.4% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KOF's Return on Equity is forecast to be high in 3 years time (28.6%)


Next Steps

Past Performance

How has Kaufman & Broad performed over the past 5 years?

8.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KOF has high quality earnings.

Growing Profit Margin: KOF's current net profit margins (2.9%) are lower than last year (5%).


Past Earnings Growth Analysis

Earnings Trend: KOF's earnings have grown by 8.8% per year over the past 5 years.

Accelerating Growth: KOF's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: KOF had negative earnings growth (-58%) over the past year, making it difficult to compare to the Consumer Durables industry average (-11.7%).


Return on Equity

High ROE: KOF's Return on Equity (18%) is considered low.


Next Steps

Financial Health

How is Kaufman & Broad's financial position?


Financial Position Analysis

Short Term Liabilities: KOF's short term assets (€1.2B) exceed its short term liabilities (€865.7M).

Long Term Liabilities: KOF's short term assets (€1.2B) exceed its long term liabilities (€252.0M).


Debt to Equity History and Analysis

Debt Level: KOF's debt to equity ratio (73.7%) is considered high.

Reducing Debt: KOF's debt to equity ratio has increased from 69.7% to 73.7% over the past 5 years.

Debt Coverage: KOF's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: KOF's interest payments on its debt are well covered by EBIT (12.8x coverage).


Balance Sheet


Next Steps

Dividend

What is Kaufman & Broad current dividend yield, its reliability and sustainability?

4.79%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: KOF's dividend (4.79%) is higher than the bottom 25% of dividend payers in the French market (1.37%).

High Dividend: KOF's dividend (4.79%) is in the top 25% of dividend payers in the French market (4.68%)


Stability and Growth of Payments

Stable Dividend: KOF has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: KOF has only been paying a dividend for 8 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (120.4%), KOF's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: KOF's dividends in 3 years are forecast to be covered by earnings (76.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.4yrs

Average management tenure


CEO

Nordine Hachemi (59 yo)

7.33yrs

Tenure

€1,927,268

Compensation

Mr. Nordine Hachemi has been the Chairman of Kaufman & Broad SA since January 24, 2014 and serves as its Senior Vice President of Île-De-France. Mr. Hachemi serves as Chief Executive Officer at Chief Exec...


CEO Compensation Analysis

Compensation vs Market: Nordine's total compensation ($USD2.30M) is above average for companies of similar size in the French market ($USD745.29K).

Compensation vs Earnings: Nordine's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Nordine Hachemi
Chairman & CEO7.33yrs€1.93m0.27%
€ 2.2m
Karine Normand
Accounting & Consolidation Director and Director2.5yrsno data0.056%
€ 441.5k
Bruno Coche
CFO & Senior VP of Finance10.92yrsno datano data
William Truchy
General Manager of Salesno datano datano data
Sophie Letierce
Human Resources Director2.83yrsno datano data
Jacques Rubio
Managing Director of Regions & Managed Residences0.83yrno datano data
Marc Vettraino
Deputy Chief Executive Officer Ile-de-France Petite Couronne1.33yrsno datano data
Christophe Court
Head of Residential Property Marketing3.42yrsno datano data
Thierry Bruneau
Chief Executive Officer of Property Logistics - Commercial Property3.83yrsno datano data

3.4yrs

Average Tenure

Experienced Management: KOF's management team is considered experienced (3.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Nordine Hachemi
Chairman & CEO7.33yrs€1.93m0.27%
€ 2.2m
Karine Normand
Accounting & Consolidation Director and Director2.5yrsno data0.056%
€ 441.5k
Michel Paris
Director5.33yrs€26.80k0.0059%
€ 47.1k
Jean-Louis Chaussade
Independent Director3.83yrs€15.31k0.0013%
€ 10.2k
Yves Gabriel
Independent Lead Director1.83yrs€64.80kno data
Sophie Lombard
Independent Director13.33yrs€47.80k0.0013%
€ 10.3k
Lucile Ribot
Independent Director2.5yrs€41.80k0.0012%
€ 9.8k
Sylvie Charles
Independent Director8.75yrs€54.80k0.0011%
€ 9.1k
Catherine Puechoultres
Independent Director6.17yrs€19.14k0.0011%
€ 9.1k
Andre Martinez
Independent Director0.83yrno data0.0021%
€ 16.4k

4.6yrs

Average Tenure

60yo

Average Age

Experienced Board: KOF's board of directors are considered experienced (4.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.1%.


Top Shareholders

Company Information

Kaufman & Broad S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Kaufman & Broad S.A.
  • Ticker: KOF
  • Exchange: ENXTPA
  • Founded: 1968
  • Industry: Homebuilding
  • Sector: Consumer Durables
  • Market Cap: €793.511m
  • Shares outstanding: 21.71m
  • Website: https://www.kaufmanbroad.fr

Number of Employees


Location

  • Kaufman & Broad S.A.
  • 127, avenue Charles-de-Gaulle
  • Cedex
  • Neuilly-sur-Seine
  • Ile-de-France
  • 92207
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KOFENXTPA (Euronext Paris)YesOrdinary SharesFREURFeb 2000
0F07LSE (London Stock Exchange)YesOrdinary SharesGBEURFeb 2000
3GHDB (Deutsche Boerse AG)YesOrdinary SharesDEEURFeb 2000
KFMN.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDFeb 2000
KOFPBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURFeb 2000

Biography

Kaufman & Broad S.A. operates as a property developer and builder in France. It develops and builds single-family homes and apartments, as well as offices, hotels, retail spaces, business premises, and log...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/28 19:24
End of Day Share Price2020/11/27 00:00
Earnings2020/08/31
Annual Earnings2019/11/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.