2013 is a Tough Year for Installux SA

While I await Installux SA's 2013 semi-annual earnings report, I found this company report published in June. It is a message from the CEO regarding the company. I am going to paraphrase parts of the report it here in English because the report, like everything else from Installux, is in French. If you can read French, please disregard this post and read the report instead.

Revenue (2012)	€ 113 M
EBITDA	€ 13.6 M
Net income	€ 6.7 M
EV / EBITDA	2.1x
P/E	7.1x
Price shr	€ 156
Dividend yield	5.1%
Total shr outstanding	303k

In it, the CEO Christian Canty discusses how the company did quite well in 2012 despite the bad economic conditions in France. The company's sales has been flat for the last five years. And the CEO has been aggressively trying to take market share from competitors. However, the company cannot expand given the overall economic situation. So the company will wait for the European recession to pass, wait for better days.

Preliminary results for the first four months of 2013 are bad, but not unexpected given the economy. For the first four months ending in 30 April, 2013, the company's sales are down 10% and operating profit down 24% compared to a year ago.

My biggest worry with this company and my Japanese holdings is the difficulty of gathering information; I can only read English. But this report sooths my nerves a bit. Installux makes aluminum products for housing in France and some other countries. I feel this is a solid , boring, small company. The perfect type for a small-time value investor like me.

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Disclaimer: the information on this post was the result of Google Translate and my interpretation, neither is guaranteed to be accurate.