"After the going public of Braas Monier in June 2014 there is now a public interest concerning this company and its annual results as well as for the ways ahead. The company has now private shareholders who cover around 45% as 'free float' of the company capital. 7% of this free float is attributed to German shareholders says the Annual Report.
From consolidated results of Braas Monier Building Group for 2014:
Figures look not bad. Besides down slipping revenues since 2011 by 10%, gross profit stays stable and EBITDA has reached a new high with 195,4 Mio , representing 16% of revenues. The profit for 2014 has become positive, 40 Mio , for the first time since years. It represents 1,02 per share, whereof a Dividend of 30 Cents shall be paid. This corresponds to a pay out ratio of 29%.
The balance sheet shocked. Total equity, more commonly known as 'own capital' of the company, amounts to 93 Mio or only 6,3% of the volume of all assets. Liabilities, on the other hand, represent 93,7%.
All long term or non-current liabilities amount to more than 1 billion . This is 11 times of the equity. What a bad ratio! The current liabilities amount to 340 Mio and the Cash position of the Group is at 181 Mio . Also that is not the best.
The assets of the company. There we find a lot of 'Goodwill' and 'intangible assets', together 277 Mio or three times as much as the own capital. These assets, some analysts judge them as hot air, and therefore should not be higher as the equity on the other side of the balance sheet.
Conclusion: a shareholder could not be very happy with this Group Balance Sheet."
Ob da die derzeitige Kurshöhe noch angemessen ist? Die neuen Beteiligungszugänge kosten ja auch noch Geld. Und bringen sicherlich neuen "Goodwill" in die Bilanz.
Mal sehen, wie die Halbjahresergebnisse dann aussehen. Ob wirklich der Cashflow alleine die Finanzierung ermöglicht oder ob eine neue Kapitalmassnahme notwendig wird.
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