In terms of the arbitrations carried out at the start of 2022, Manitou Group and Derichebourg are entering while Exel and SII are leaving the High Five. There remain Bastide, Ekinops and Fountaine Pagot. (Photo credits: Adobe Stock -)
New year, new challenges for small and medium-sized companies. The analysis company Portzamparc therefore publishes its first High Five list (previously known as the short list). It has a fairly impressive performance history with a gain of nearly 140% over one year, compared to + 17.8% for the CAC Mid & Small index. Something to inspire individual investors who lack ideas on the theme of small and mid cap
As its name suggests, this selection from Portzamparc includes five values. It is equally weighted and reviewed monthly. Securities are chosen using a dual approach: excellent fundamentals and short-term stock market potential. The free float must be greater than 10 million euros.
In terms of the arbitrations carried out at the start of 2022, Manitou Group and Derichebourg are entering while Exel and SII are leaving the High Five. There remain Bastide, Ekinops and Fountaine Pagot. The analysis office has reviewed the 5 values.
Bastide: buy with a price target of 58 euros
No real change compared to the last High Five, the course objective remains the same and Portzamparc continues to consider that the current course is “a good entry point” for the specialist in the sale and rental of medical equipment for Home Care. We await the imminent presentation of the new strategic plan with a target of 500 million euros in turnover within two years.
Next event: publication of second quarter sales on February 28
Derichebourg: buy with a target price of 12.70 euros
“More potential,” says Nicolas Montel, the analyst who monitors the business and environmental services operator. He welcomes the continued solid results and the finalization of the acquisition of Ecore, which should result in commercial and cost synergies. The valuation remains attractive at 4.5 times the estimated gross operating surplus (Ebitda) 2021/2022 once morest a historical five-year average of 5.1 times.
Next event: General Assembly on January 27
Ekinops: buy with a price target of 9.20 euros
Discarded in November, Ekinops had made his return to the High Five selection in December at Portzamparc. No change in the price target which remains set at 9.20 euros. Augustin Socié is still betting on long-term double-digit growth and the potential for improving the margins of the supplier of solutions dedicated to telecommunications operators and businesses. Especially since the title still has a discount of 47% compared to its peers in terms of EV / Ebit 2022, 2023 estimated.
Next event: Q4 sales on January 12
Fountaine Pajot: buy with a target price of 168 euros
The takeover of the manufacturer of cruising catamarans is “still little valued”, writes the analyst from Portzamparc who follows the value. The title has nevertheless progressed by more than 15% in one month, which leads to an increase in the price target from 144 to 168 euros. The recovery in demand is confirmed among rental companies and the order book shows double-digit growth “with a product & customer mix favorable to margins”.
Next event: SFAF meeting on January 13
Manitou: buy with a target price of 35 euros
Portzamparc expects a turnover of 428 million in the 4th quarter, down 1.1% contained, penalized by shortages. Moreover, the analyst specifies that for the specialist in handling equipment, the problem is more on the supply side than on the demand side with an order book provided, to the tune of 2.3 billion euros and therefore a very good visibility for 2022. For the analysis office, the group is demonstrating its “pricing power” with “the impact of price increases in invoicing”. Add to that a balance sheet “extremely healthy, almost without debt” and all the conditions are met for the group to make its entry into the High Five.
Next event: publication of fourth quarter sales on January 27
LG ([email protected])
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