It is never comfortable to find between the hammer and the anvil. Jean-Paul Béchat, the rudder, even less can give satisfaction to the stock exchange that the State, its reference shareholder, him in leaves no latitude. But, all in their impatience to hear does not confirm what they are waiting for months the surrender of ex-Sagem mobile terminal division, fellows negligent more information which should be positivées. First, even a little higher that expected, the loads of the half remain modest proportions, and correspond to a cleaning of the balance which will no longer to do. Then, the performance of the heart of Saffron engines and aviation equipment remained well oriented, and the double-digit growth of its profits over the years 2005-2010 is more defining than any other factor on the value of the group. Finally, between higher objectives identified merger savings and a very healthy balance which would allow the external growth, Safran has before him more room for manoeuvre that the crisis of governance and its slowness to address mobile the leave thinking. The relapse of the course yesterday brought very capitalization below the value of the divisions without problems. This is a floor which seeks to turn into a springboard.
Achaque day sufficient sentence. If the first half is sometimes better than the second, investors who have too the nose on the handlebars of the results should be aware that the life is built in the period. And the success of a group as JCDecaux must appreciate year after year. If the figures of the six first months were pleasantly surprised, the maintains of an annual growth rate of 6 and the stability of the margin announced by the leaders have nothing to worry about. The important thing is not the doubling of the margin of the transport in the first half activity (9.6 instead of 4.8) has nothing of a straw fire, since the communication group now expects profitability at end of this activity between 10 and 12, instead of 8 to 10 above. This coup de pouce, resulting from the growth in the United States and in China, valid aggressive development strategy carried out in recent years, continues actively India and Central Asia. As the cash cow of the urban furniture, even if the margin of 42.7 should decrease in the second half is permanently assured of a return of at least 40, JCDecaux has still beautiful days ahead as it reduces its exposure to the mature markets of the old Europe.
You can see its value multiplied by ten in two years and remain cheap. It is quite common in the Internet, but Pierre Verluca, the Chairman of Vallourec universe, is not too much to force the argument to convince investors that such a feat is possible, and even sustainable, in the metallurgy. Half-year champion of the seamless steel tube are as good as possible, with worthy of the luxury industry margins, applied to sales increasing by 40. Blank stock of debts now allows Vallourec complete by acquisitions of capacity saturated by the request of the clients in the energy sector. Beyond their opportunities in a sector oil and gas in full boiling, Vallourec tubes are very present in electricity whose long-term prospects remain strong. Finally, the French group can take advantage of the tremendous current situation to focus its growth on products with higher added value and margin. The virtuous circle loop with favourable stock parameters. The recent output of the shareholder capital German Salzgitter has eliminated the risk of influx of paper and, despite his stunning rise, Vallourec maintains one of the lowest price/earnings per share of Paris. It is also less expensive that its competitor Tenaris, all conditions are met to maintain movement.