Hornbach vinstvarnar - kursen rasar

Hornbach har tidigare prognostiserat oförändrad vinstnivå mot fjolåret men upplever nu en kraftig försämring av den tyska byggvarumarknaden. Hornbach estimerar att koncernens EBIT för sep-nov är 40% lägre än ifjol.

Som följd av vinstvarningen rasade Hornbach Baumarkt med ca 10% och Hornbach Holding med ca 20% (se tidigare inlägg för info kring koncernens uppbyggnad). Jag finner det mycket märkligt att kursen på holdingbolaget rasat mer än byggmarknaden. Holdingbolagets intjäning (med 50% fastighetsuthyrning) är rimligen säkrare än byggmarknadens.
 
Jag anser att Mr Market överreagerar och jag planerar öka i Hornbach Holding nästa vecka.
Med värdering av fastigheter enligt ursprunglig investering uppgår holdingbolagets P/B till 0,7.

Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

lthough the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf

Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin. - See more at: http://hornbach-holding.de/en/news/newsdetail_9728.html#sthash.JcHTZYul.dpuf