the Elimination of odours tobacco benzene ammoniaEven if democracy is still far from perfectIt is looking the best cost per hour of R DThis year the grant that provide MPM will reach EUR 151 million 275 billion of writedowns in the fourth quarterFinally it must be temporary which is often ignoredThe opinion of the central bankers reassure notAdmittedly at first it is a little surprisedOn the week the Paris Stock Exchange has lost 5It seems difficult loose close to Nicolas SarkozyPierre Puybasset
(Financial of the Exchequer)
KESA: This company seems to offer a unique investment opportunity. It occupies very strong positions and seems to take sound steps on the difficult market, seeking to develop the services on the model of Darty. We believe that the title is low. While we always expect confirmation of the assignment of purpose, but nothing does suggests that problems could arise.
Douglas: This German group is one of the main actors in the distribution of cosmetics and perfumes. The company is also developing a library activity, less substantial, but characterized by rapid rotation of the assets, which allows creation of interesting value. Currently managed with some caution by the son of its founder, the company operates primarily on the German market. The current valuation level is attractive.
Teleperformance: Management teams have real skills and master the cycle of their activity. The company appears to be managed with any required caution, if not more. Capital had thus been lifted by anticipation about a year ago; they are progressively used since then. Society should be able to perform at a good price of sound external growth operations.
Cyril Charlot
(Sycamore)
HRC: even if the Irish manufacturer of construction materials still more than a third of its turnover in the United States, its results are good. Operating income, already published, thus rose by 15 in 2007, while the downturn had already begun in the United States. In Europe, the result has grown 35 in this area, the impact of the slowdown will be especially in 2008. The title is currently cheap. Indeed, if the PER has fluctuated between 9 and 20 over the last decade, it is now 9. In addition, the history of external growth of the group is satisfactory, insofar as the acquisitions are well integrated.
STADA: This German company specializes in generic medicines. It occupies the third position in this market. These past three years, the group experienced a growth of 22 of the turnover, including 15 on an organic. The levers of growth sought seem relevant: the development of generic drugs in Western countries. a catch-up in this area in Eastern Europe; arrival at maturity of many patents of major laboratories. I will then tell you the level of recovery but the floating is 100. Therefore, the management of quality.
Nexans: I do not understand its upgrading, currently less than own funds. The Group has changed significantly. In the past, it did not value. In the meantime, the company is restructured. Acquisitions were conducted to increase exposure to emerging countries. Slowdowns can be felt, but the course of the title dropped 135 euros to 65 euros, or a ratio of valorisation of less than 7 times.
Emmanuel Morano
(The French investments)
Wärtsilä: The Finnish company manufactures turbines. The performance of the company amounts to 5.5.
Cairn Energy: Up the oil sector, this small exploration and production company has proven reserves and production growth profile.
GSA Geophysics: The company enjoys a highly visible and it revised its Outlook on the rise.
Laurent Dobler
(Comgest)
H & M: The course lost about 20 since the beginning of the year and performance rises to about 5 level at which it should remain, unless a very strong reduction of consumption. Moreover, the Group should continue to increase its surface from 12 to 15 and the crisis could offer him the opportunity to invest in new stores in the downtown.
Rock: The prospects for growth are always very satisfactory and is very low. This value should withstand the vagaries of the economy.
Danone: Integration of Numico, specialist materné milk, should not pose difficulties, so it will be still necessary to feed the babies. Also on products subject to competition from brands, note even these prices increased significantly.
