peleg3
Nuovo forumer
Ho comprato BUL.FRA sulla base delle indicazioni di un mio amico che ci lavora. Sono partito da 0,41 ed ora è a 0,71. Sono diversi mesi che, seppur lentamente, il titolo cresce costantemente. I multipli rispetto al fatturato sono ridicoli rispetto a società analoghe italiane (es. Engineering o Datamat). Sino a qualche mese fa la società aveva problemi finanziari, poi è intervenuto il governo francese ed ora le cose sono abbastanza a posto. Recentemente ha presentato i risultati 2004 che hanno visto una leggera contrazione del fatturato ma un deciso incremento degli utili.
Vista la crescita se entrate su questo titolo fatelo con molta attenzione, però alcuni dicono che potrebbe arrivare fino a 0,8
2004 Results
The revenue, in line with expectations, reached € 1,139 million against € 1,265 million in 2003, showing a stabilisation of the turnover during the second year half compared to the first half of 2004. The gross margin1 amounted to € 315 million, representing 27.6% of revenues against 26.9% in 2003.
SG&A expenses reached € 220 against € 238.8 million in 2003, representing 19.3% of the revenues, R&D expenses having been maintained at 4.7% of the turnover.
Earnings before tax, financial expenses, goodwill amortization and exceptional items, (EBIT2) amount to € 41.1 million, i.e. 3.6% of the revenue. Bull confirms its profitability during five consecutive semesters.
Financial expenses amount to € 30.8 million, of which € 25.9 million are related to capitalised interest expenses on the French State loan.
The Group net result (excluding exceptional items related to the recapitalisation) is a profit of € 10.8 million to be compared to € 4.1 million in 2003.
Once taken into account the items related to the financial restructuring of the Group, the net profit is € 554,5 million.
After the completion of the recapitalisation process, Bull's net cash position amounts to € 237 million while the consolidated net equity reached € 58.4 million.
The free cash flow3 generated by Bull in 2004 amounts to € 67.8 million against 55.2 million in 2003
Andatevi a vedere le quotazioni su www.bull.com
Vista la crescita se entrate su questo titolo fatelo con molta attenzione, però alcuni dicono che potrebbe arrivare fino a 0,8
2004 Results
The revenue, in line with expectations, reached € 1,139 million against € 1,265 million in 2003, showing a stabilisation of the turnover during the second year half compared to the first half of 2004. The gross margin1 amounted to € 315 million, representing 27.6% of revenues against 26.9% in 2003.
SG&A expenses reached € 220 against € 238.8 million in 2003, representing 19.3% of the revenues, R&D expenses having been maintained at 4.7% of the turnover.
Earnings before tax, financial expenses, goodwill amortization and exceptional items, (EBIT2) amount to € 41.1 million, i.e. 3.6% of the revenue. Bull confirms its profitability during five consecutive semesters.
Financial expenses amount to € 30.8 million, of which € 25.9 million are related to capitalised interest expenses on the French State loan.
The Group net result (excluding exceptional items related to the recapitalisation) is a profit of € 10.8 million to be compared to € 4.1 million in 2003.
Once taken into account the items related to the financial restructuring of the Group, the net profit is € 554,5 million.
After the completion of the recapitalisation process, Bull's net cash position amounts to € 237 million while the consolidated net equity reached € 58.4 million.
The free cash flow3 generated by Bull in 2004 amounts to € 67.8 million against 55.2 million in 2003
Andatevi a vedere le quotazioni su www.bull.com
