Anutan: tomorrow who will sing again?

Emplette. Despite the economic slowdown ambient Manutan has just concluded a transaction external growth to complete the offer by the group held by the family Guichard. It is a British company that specializes in remote sales of storage solutions. The total turnover is around 18 million pounds, while the operating margin target appears beyond 9%. Funding for this acquisition poses no problem, because Manutan has a wide net cash. This windfall is a good use here while the return on cash remains low.

Activity. The activity of Manutan seems to be starting to suffer from an unfavourable economic climate which makes the management caution about its estimates of activity on the current vintage. The family firm also feels the need to breathe and to consolidate its positions after two vintages marked by strong growth in key financial indicators. In fiscal year 2006/2007, turnover has thus gained 15%, while net profit improved by 45%. Effective control operating expenses and the rise of sales through the Internet support such buoyant profitability. However, investments should climb to power on the new vintage which will weigh on the accounts.

Segment. We have already had the opportunity to repeatedly highlight the mistrust which currently suffers excessively mean values. The shareholder with this scarce commodity exchange that patience will not fail to see the positions it took at this time will enhance significantly over time ... provided that placing on the right horse. Manutan is the epitome of a well-managed company with average Moreover, speculative dimension related to a possible sale of the control block held by the family shareholders. We therefore believe that we can put down on the record in the area of 45 euros.